Big Lots Inc. (NYSE: BIG) reported first-quarter 2014 results before markets opened Friday. The discount retailer reported diluted earnings per share (EPS) of $0.50 and $1.28 billion in revenues. In the same period a year ago, Big Lots reported adjusted EPS of $0.70 on revenue of $1.27 billion. First-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.44 and $1.26 billion in revenue.

Big Lots closed its Canadian stores in the first quarter and recorded a loss of $0.44 per share for discontinued operations. The company had estimated a loss of $0.64 to $0.71 from the closure and attributes the lower actual loss to a deferred tax benefit and favorable lease terminations.

Same-store sales in the United States rose 0.9% in the first quarter, compared with the first quarter of 2013, and in line with the company’s guidance.

Big Lots’ initial guidance for the second quarter estimates profit of $0.24 to $0.30 per share, compared with EPS of $0.37 in the second quarter a year ago. The current consensus estimate calls for EPS of $0.28 on revenues of $1.18 billion.

The company’s 2014 adjusted EPS guidance has been increased from a previous estimate of $2.25 to $2.45 to a new range of $2.35 to $2.45. Same-store sales are now forecast to rise in the range of 1% to 2%. Big Lots said it would open 30 new stores in the United States and close 50 during the year, generating positive cash flow of $165 million.

Big Lots in March announced a share repurchase program of up to $125 million, of which the company spent $82.5 million in the first quarter to acquire 2.2 million shares (3.8%) of the company’s outstanding shares. Since the quarter’s end, the company has spent the remaining funds in its repurchase program and has repurchased a total of 3.3 million shares.

The company’s shares jumped 20% after it reported fourth-quarter results back in March, and its overall share price appreciation since announcing its share buyback program is nearly 26%.

Big Lots shares were up about 6.3% at $39.86 in premarket trading Friday morning, just inside a 52-week range of $25.50 to $40.24. Thomson Reuters had a consensus analyst price target of around $42.60 before the results were announced.

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