August 23, 2012 / 11:16 AM / 5 years ago

Big Lots cuts FY profit forecast; results miss estimates

Aug 23 (Reuters) - Big Lots Inc reported a lower-than-expected quarterly profit on higher costs and a loss at its Canadian operations, and the close-out retailer cut its full-year adjusted earnings forecast.

Shares of the company, which stocks products that have been overproduced, discontinued, or rejected by other retailers, fell 15 percent to $32.90 premarket on Thursday. They closed at $38.84 on Wednesday on the New York Stock Exchange.

Big Lots now expects fiscal 2012 adjusted earnings of $2.80 to $2.95 per share, lower than its previous forecast of $3.25 to $3.40 per share.

Analysts on average were expecting a profit of $3.29 per share, according to Thomson Reuters I/B/E/S.

On an adjusted basis loss at the company’s Canadian operations widened to 5 cents per share in the second quarter, from 2 cents per share, a year earlier.

The company’s second-quarter profit from continuing operations fell to $22.1 million, or 36 cents per share, from $35.7 million, or 50 cents per share, a year earlier.

Revenue rose 4 percent to $1.22 billion.

Analysts on average had expected earnings of 41 cents per share on revenue of $1.24 billion.

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