Big Lots, which has more than 1,400 discount stores that sell everything from groceries to furniture, said inflation is taking the biggest toll on its lower-income shoppers, who are cutting back sharply on everything aside from necessities.

“We are now in a new chapter where high inflation is greatly limiting the ability of customers to make discretionary purchases, especially of high ticket items,” Chief Executive

Bruce Thorn

said on a call with analysts. “We know that many Americans now are once again living paycheck-to-paycheck.”

Big Lots posted a 17% decline in same-store sales in the first quarter, where the company swung to a loss. The decline came after strong sales last year, which was boosted by government stimulus funds.

It plans to increase promotional activity going ahead, including lowering some opening price points to attract shoppers, that will eat into profit margins. It’s also targeting more than $70 million in additional overhead cost cuts this year.

Hibbett similarly pointed to the lack of stimulus money as pushing same-store sales in the latest period down 19% from year-earlier levels. Profit was cut by more than half to $39.3 million. The company also said inventory levels were being hampered by an uneven flow of goods due to supply-chain disruptions.

Hibbett CEO

Michael Longo

painted a stronger picture of the consumer, saying that higher wages and strong employment levels are taking a bit of the sting out of higher prices for things like food and rent.

“So the consumer, at least so far, is in a pretty good place,” Mr. Longo said on a call with analysts.

Hibbett provided a more promising view of the consumer, causing shares to gain 3% in Friday trading. Shares of Big Lots, meanwhile, fell 10%.

The reports from the two companies come after others showed resilient customers this week.

Macy’s Inc.

and

Dollar Tree Inc.

both posted higher sales in their recent quarters, as shoppers spent more on clothing for work and special occasions, while turning to discount chains to look for bargains amid higher prices elsewhere.

Cosmetics retailer

Ulta Beauty Inc.

on Thursday also reported a better-than-expected 21% increase in sales for its April quarter and raised its outlook for the year. Its shares rose nearly 10% Friday.

Meanwhile,

Gap Inc.

on Thursday reported a big sales decline and swung to a net loss, calling out macroeconomic conditions that hurt its low-income shopper, as well as size and assortment imbalances at its Old Navy chain, which has been offering a wide range of sizes for all body types.

Write to Dean Seal at dean.seal@wsj.com