UPDATE: Big Lots Reports 6% Drop In Q1 Profit, Lowers Forecast

Big Lots Inc BIG reported a 6% decline in its fiscal first-quarter profit and lowered its earnings guidance for the year on Thursday. Big Lots reported its quarterly profit at $52.5 million, down from $55.9 million, in the year-earlier period. Its sales dropped 0.6% to $1.23 billion. The retailer's earnings per share rose to $0.70 from $0.68. However, analysts were expecting earnings of $0.69 per share on sales of $1.22 billion. Big Lots projects FQ2 earnings from continuing operations between $0.38 and $0.48 per share. The retailer also lowered its earnings forecast from continuing operations for the year to a range of $2.75 to $2.90 per share, versus a range of $3.05 to $3.15 per share. However, analysts expected earnings of $0.53 per share for the second quarter and $3.03 per share for the year. Big Lots shares gained 0.68% to $32.55 in after-hours trading. Read more from Benzinga's Company news.