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Big Lots lowers comps guidance

COLUMBUS, Ohio — Big Lots has lowered its comparable-store guidance for its first quarter, and now expects them to be slightly negative compared with its prior guidance issued on March 2. The company's prior guidance estimated first-quarter comps would be up 2% to 4%.

According to the company, same-store sales were on track to reach the initial guidance early in the quarter, butt began to slow late into March and through April. Big Lots said its best performing categories were furniture, hardlines, and seasonal, particularly lawn and garden, whereas, consumables and play n' wear, particularly electronics, are currently below expectations for the quarter.

Big Lots will release its first quarter sales and earnings results on May 23.