Big Lots says '09 outlook to rise from prior year

COLUMBUS, Ohio (AP) — Discount retailer Big Lots Inc. on Tuesday estimated its full-year outlook for income from continuing operations between $1.92 per share and $2.02 per share, up from last year's level of $1.89 per share.

In May, the company forecast full-year earnings per share in a range of $1.85 to $1.95.

Analysts surveyed by Thomson Reuters forecast on average a full-year profit of $1.93 per share.

Big Lots credited its higher outlook to results in the quarter ended in August. Its second-quarter profit rose 9 percent, beating analyst expectations, driven by lower expenses related to distribution, transportation, advertising and payroll.

Comparable-store sales, or sales in stores open at least two years at the beginning of the fiscal year, decreased 2.4 percent for the quarter.

Shares of Big Lots rose $2.10, or 8.7 percent, to $26.13 in morning trading.