BANGALORE (Reuters) - Big Lots Inc's second-quarter earnings marginally beat market expectations, helped by lower markdowns and a favorable merchandise mix, and the closeout retailer raised its forecast for 2010 earnings for the second time.
Big Lots, which specializes in sales of excess inventory raised its 2010 outlook for earnings from continuing operations to $2.82 to $2.90 a share, from its prior view of $2.75 to $2.85 a share.
For the second quarter ended July 31, Big Lots posted net income of $38.9 million, or 48 cents a share, up from $28.4 million, or 34 cents a share, a year earlier.
Analysts were expecting it to earn 47 cents a share, according to Thomson Reuters I/B/E/S.
Net sales rose 5 percent to $1.14 billion, in line with Wall Street estimates.
Big Lots sells everything from home appliances to toys at its stores. The company buys extra inventory from manufacturers and sells them at discounted rates. Big Lots' shares, which have risen 38 percent in the last one year, closed at $31.75 Monday on the New York Stock Exchange.
(Reporting by Shradhha Sharma in Bangalore; Editing by Aradhana Aravindan)