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Big Lots raises FY guidance on 2Q performance

COLUMBUS, Ohio — Despite a comps dip during its second quarter, Big Lots performance was enough for the company to raise its fiscal 2011 guidance.

Big Lots reported net income of $35.7 million, or 50 cents per diluted share, for the second quarter of fiscal 2011 ended July 30.  This compares with net income of $38.9 million, or 48 cents per diluted share, for the second quarter of fiscal 2010. 

The company reported that net sales for the second quarter of fiscal 2011 increased 2.2% to $1.17 billion, compared with $1.14 billion for the same period in fiscal 2010. Comparable-store sales for U.S. stores decreased 1.5% for the quarter.

During the quarter, Big Lots opened 15 new stores.

The company said it is updating its fiscal 2011 earnings per share guidance to $2.80 to $2.90 per diluted share compared with prior guidance which called for $2.75 to $2.90 per diluted share, to reflect the Big Lots' outperformance during the second quarter.