Shares of Big Lots Inc. soared 7.5% toward a 2 1/2-month high in premarket trade Friday, after the discount retailer beat fiscal first-quarter profit expectations and provided an upbeat outlook. Net income rose to $51.5 million, or $1.15 a share, from $38.7 million, or 79 cents a share, in the same period a year ago, compared with the FactSet consensus for earnings per share of 99 cents. Revenue slipped to $1.30 billion from $1.31 billion, just missing the FactSet consensus of $1.31 billion, as the same-store sales decline of 0.9% missed expectations of a 0.9% increase. The company expects second-quarter EPS of 58 cents to 63 cents, above the FactSet consensus of 57 cents, with same-store sales growth in the low single-digit percentage range, compared with expectations of 1.8% growth. The company increased its 2017 EPS outlook to $4.05 to $4.20 from $3.95 to $4.10. The stock, which changed hands premarket at the highest level seen during regular session hours since March 8, has slipped 3.7% year to date through Thursday, while the SPDR S&P Retail ETF has declined 7.4% and the S&P 500 has gained 7.9%.
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