UPDATE: Big Lots Reports FQ2 Profit of $35.7M

Big Lots Inc (NYSE: BIG) released its results for the fiscal second-quarter on Thursday.

Big Lots' net profit for the period came in at $35.7 million, or $0.50 per share, versus $38.9 million, or $0.48 per share, in the year-ago period. Its net sales climbed 2.2% to $1.17 billion. However, analysts were expecting earnings of $0.44 per share on revenue of $1.16 billion.

Big Lots revised its fiscal 2011 earnings outlook to $2.80 to $2.90 per share, from $2.75 to $2.90 per share.

Big Lots shares gained 1.03% to close at $32.38 yesterday.