Big Lots sales, net income set record

Big Lots capped a good week in retail by outperforming everyone’s expectations and reporting record secondquarter earnings.

The Columbus-based discount and closeout retailer reported sales of $1.22 billion, up from $1.2 billion a year ago. That beat Wall Street expectations by $10 million.

Net income for the quarter was $29.1 million, or 67 cents per share, a record for the second quarter, Big Lots officials said. That was up from $22.7 million, or 50 cents per share, a year ago and better than analysts’ prediction of 62 cents per share.

Comparable-store sales, a key indicator of a retailer’s health, rose by 1.8 percent.

CEO and President David Campisi said he was pleased with the results, especially considering the “challenging retail environment with the pressures of online competitors and changing consumer shopping behaviors.”

“Our strategy is working,” he said in a conference call with analysts. “We are controlling what we can control, and our teams are energized and excited as our new fall merchandise has begun to arrive in stores.”

Big Lots has been focusing on “ownable and winnable merchandise categories,” in particular furniture, a leading performer in the past several quarters. Sales have been aided by a financing program.

Shares closed the day down 48 cents, or 1 percent, at $49.61.