Discount retailer, Big Lots Inc has reported a fall of 38 percent in second-quarter net income and the company reduced its profit prediction for the full year.The Columbus-based company said that it generated $22.1 million compared to $35.7 million the same quarter of the previous year. Total revenues increased 4.4 percent to $1.22 billion from $1.17 billion. The company said that sales from its US operations rose 1.7 percent to $1.18 billion, while Canadian sales jumped to $35 million.

The company said that it now expects a profit of between $2.80 and $2.95 per share compared to an earlier prediction of $3.25 to $3.45 per share. Analysts expect the company to earn a whole year profit of profit of $3.30 per share.

Meanwhile, the company has said that it has promoted Lisa Bachmann to the job of executive vice president and chief operating officer. She will continue to serve as the company's chief information officer. The company named Charles Haubiel II as its executive vice president and chief administrative officer. Big Lots also promoted John Martin to the post of executive vice president and chief merchandising officer.

It also named Timothy Johnson as its new vice president and chief financial officer Michael Schlonsky as its new senior vice president of human resources.