Earnings fall at discounter Big Lots

Big Lots, the US discount store chain, said yesterday its second-quarter earnings fell 8.2 per cent. Revenue increased slightly, beating Wall Street expectations on strong demand for the company's discounted products, which encouraged the retailer to raised the low-end of its full-year earnings guidance. Net income fell to £21.8m from £23.8m at the same time the previous year. Big Lots decided in May not to sell itself after bids from private equity firms came in below the company's expectations.