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Retailer lowers outlook but shares rise

The chain sells overstocked and discounted items.
The chain sells overstocked and discounted items.Toby Talbot/AP/File

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Big Lots Inc. downgraded its earnings outlook on Friday, as fiscal second-quarter earnings fell 18% due to higher expenses that masked a slight edge up in revenue.

The second-quarter results nonetheless surpassed the company’s previous expectations.

Big Lots lowered its full-year earnings outlook to a range of $2.80 to $3.05 a share on flat-to-1% growth in sales, versus its May guidance of $2.87 to $3.12 a share profit on a 1%-to-2% sales increase.

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