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Big Lots Gains 6% As Q2 Loss Narrower Than Street Estimates

Shares of discount retailer Big Lots, Inc. (BIG) are up more than 6% Tuesday morning at $22.93, after reporting better-than-expected second-quarter results.

Excluding one-time items, Big Lots reported adjusted loss of $66.0 million, or $2.28 per share for the second quarter, that beat the average estimate of analysts polled by Thomson-Reuters of $2.47 loss per share.

Net loss was $84.2 million, or $2.91 per share, wider than $37.7 million, or $1.09 per share loss in the same quarter a year ago.

Net sales for the second quarter of totaled $1.35 billion, a 7.6% decrease compared to $1.46 billion for the same period last year. The consensus estimate was for $1.34 billion.

BIG has traded in the range of $18.16- $52.09 in the past 52 weeks.

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