Big Lots Q1 profit misses

Columbus, Ohio -- Big Lots Inc. posted a lower-than-expected adjusted profit for the first quarter and cuts its full-year earnings outlook.



Big Lots' first-quarter earnings fell 22% to $40.7 million, from $52.5 million a year ago. Sales increased 5.4% to $1.29 billion. Same-store sales edged down 0.8%.



Net profit margin declined to 3.1% from 4.3% a year ago.