Big Lots Lifts Guidance After Profit Jumps 37%

LONDON -- Retailer Big Lots Inc. said Tuesday that its fiscal second-quarter net profit rose 37% to $38.9 million, or 48 cents a share, from $28.4 million, or 34 cents a share, a year earlier, as it also raised its guidance for the year. Revenue for the three months to July 31 grew 5.1% to $1.14 billion, while comparable store sales were up 3.8%. Big Lots said its gross margin improved by half a percentage point, helped by lower markdowns, which more than offset rising freight costs. Analysts polled by FactSet Research had expected earnings of 47 cents a