Discount retailer Big Lots Inc (NYSE:BIG) was the top performer on the Big Board on Friday morning after it lifted earnings guidance.
It now expects adjusted income from continuing operations this fiscal year to be in the range of $3.35 to $3.50 a share, up from its previous guidance range of $3.20 to $3.25.
The upgrade came after a strong first quarter that saw the end-of-line specialist report a 3% increase in like-for-like sales, representing the chain's fastest sales growth in four years.
Net income in the 13 weeks to the end of April clocked in at $38.6mln, or 80 cents a share, up from $32.2mln, or 60 cents a share.
"I'm very pleased with our first quarter results. Q1 comps increased for the 9th consecutive quarter and were at the high end of our guidance range,” said David Campisi, chief executive officer and president of Big Lots.
“Jennifer [Farrell] continues to respond positively to our strategic focus on ownable and winnable merchandise categories, improved merchandise presentations and more consistent in-store execution," he added.
Shares were up 8% at $48.26 after half an hour of trading.