Big Lots shares plummet 10% after earnings disappoint

Emile Wamsteker | Bloomberg | Getty Images

A customer exits a Big Lots store in Clifton, New Jersey.

Shares of Big Lots plunged in premarket trading Friday after the discount retailer reported second-quarter earnings that fell short of Wall Street expectations.

The company’s stock dropped more than 10 percent before the opening bell, set to add to its 14.7 percent decline so far this year.

The Columbus, Ohio-based company reported quarterly net income of $24.2 million, or 59 cents per share, missing analyst projections of 67 cents per share. It also posted revenue of $1.22 billion in the period, which fell just shy of expectations.

For the current quarter ending in November, Big Lots sees its earnings per share in a range from a loss of 6 cents per share to a gain of 4 cents per share.

The financial results come just days after Big Lots announced that Bruce Thorn, 51, will take the helm as the company’s next chief executive officer. Thorn, who is expected to formally take the reins in September, was most recently president the chief operating officer at Tailored Brands, a specialty retailer of men’s clothing.