RTTNews | Aug 27, 2021 10:08AM EDT

10:08 Friday, August 27, 2021 (RTTNews.com) - Shares of discount stores chain Big Lots, Inc. (BIG) are down more than 6% on Friday morning after the company's second quarter results missed view. Third quarter and full-year outlook also came in lower than the consensus estimate.

The company reported net income of $37.7 million, or $1.09 per share, for the second quarter compared with $452.0 million, or $11.29 per share in the same quarter a year ago. On average, 8 analyst polled by Thomson Reuters expected the company to report earnings of $1.13 per share.

Net sales for the quarter increased 11.4% to $1.457 billion from $1.644 billion last year. The consensus estimate was for $1.48 billion.

"Our results for the quarter were tempered by continued supply chain and freight headwinds, as well as other inflationary pressures," said Bruce Thorn, President and CEO of Big Lots." "We know that the supply chain headwinds will continue into Fall and Holiday, and the situation remains fluid," he added.

Looking forward to the third quarter, the company expects loss per share of $0.10 - $0.20. Analysts see earnings of $0.09 per share for the quarter.

Full-year earnings per share are expected between $5.90 and $6.05. The consensus estimate stands at $6.74 per share.

Big Lots stock, currently at $50.52, has traded in the range of $42.05- $73.23 in the past 52 weeks.

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