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The retailer, which specializes in sales of excess inventory, also cut its earnings forecast for the crucial current quarter, saying it expects sales at existing stores to fall.
Net income fell to $12.25 million in the third quarter ended Nov. 1 from $14.3 million a year earlier. Earnings on a per-share basis rose to 15 cents from 14 cents because the company had less outstanding stock in the latest quarter.
Analysts on average had been expecting profit of 14 cents per share, according to Reuters Estimates.
Last month, Big Lots said third-quarter sales at its stores open at least two years decreased 0.2 percent as shoppers refrained from buying toys and home goods.
With sales trending below expectations, Big Lots said at the time that third-quarter earnings would be near or slightly below its forecast range of 15 cents to 19 cents per share.
Net sales for the third quarter fell almost 1 percent to $1.02 billion from $1.03 billion.
For the fourth quarter, which includes the busy holiday shopping season, Big Lots expects same-store sales to fall 2 percent to 4 percent.
The company now expects fourth-quarter earnings of 90 cents to 99 cents per share from continuing operations, down from its forecast in August of $1.02 to $1.09.
(Reporting by Nicole Maestri; Editing by Lisa Von Ahn) See http://blogs.reuters.com/category/themes/shop-talk/ for "Shop Talk" -- Reuters' retail and consumer blog. Keywords: BIGLOTS/ (nicole.maestri@thomsonreuters.com, +1 646 223-6173; Reuters Messaging: nicole.maestri.reuters.com@reuters.net;)
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