Big Lots tightens expense to boost profit, beats Street

Columbus, Ohio Big Lots said Tuesday it posted a higher-than-expected second-quarter profit on trimmed expense, and the company forecast a full-year profit that might exceed Wall Street estimates.

Net income for the second quarter ended Aug. 1 rose to $28.4 million from $26 million a year earlier.

Excluding items, earnings exceeded Wall Street estimates.

Net sales fell 1.7% to $1.09 billion, and same-store sales fell 2.4%.

The retailer said its results were aided by improved efficiencies in distribution and transportation, lower advertising expenses and smaller payroll costs.