Big Lots posts 2Q EPS growth, raises outlook

COLUMBUS, Ohio Big Lots reported net income of $38.9 million, or 48 cents per diluted share, for the second quarter of fiscal 2010 ended July 31. This compares with net income of $28.4 million, or 34 cents per diluted share, for the second quarter of fiscal 2009.

Net sales for the second quarter of fiscal 2010 increased 5.1% to $1.14 billion, compared with $1.09 billion for the same period in fiscal 2009.  Comparable-store sales for stores open at least two years at the beginning of the fiscal year increased 3.8% for the quarter.    

Big Lots announced that it has increased its guidance for fiscal 2010 income from continuing operations to $2.82 to $2.90 per diluted share, compared with its prior guidance of $2.75 to $2.85 per diluted share.  This EPS guidance is based on estimated fiscal 2010 comparable-store sales in the range of 3.5% to 4.5%.