Big Lots Net Drops 20.6 Percent in Q1

COLUMBUS, Ohio-Increased expenses and falling margins offset a slight uptick in sales to cut 20.6 percent away from Big Lots first-quarter net income, which tallied $32.3 million.

Selling, general and administrative expenses were up 3.4 percent in dollars and 70 basis points as a percentage of sales, to 33 percent. Gross margin dropped 20 basis points to 39.4 percent.

Consolidated net sales in the quarter, which ended on May 4, were up 1.3 percent to $1.3 billion. This included a decline of 2.5 percent in consolidated same-store sales. Sales for Big Lots' U.S. operations were up 1 percent, while same-store sales for the U.S. stores fell 2.9 percent. In the company's Canadian operations, total sales jumped 13.5 percent, and same-store sales increased 13.2 percent.

Based on these results, Big Lots said it expects its second-quarter sales to range between a decrease of 1 percent to a gain of 1 percent. Same-store sales should fall by between 2 and 4 percent in the quarter, the company said.

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.

Videos

  • Patti Carpenter Talks Color and its Importance in the Home

    Camera Icon   More Videos

Subscribe to
HFN Omnichannel
Receive the news you need to know about the trends in the industry delivered right to your inbox.

Current Issue

  • HFN August 2017 cover

    HFN's DIGITAL EDITION

    August 2017


    COVER STORY: Sharpening the Focus on Millennials

    Find out what makes Millennials tick when it comes to home decorating, shopping and at-home entertaining with HFN's annual consumer study. Turns out, Millennials favor the in-store shopping experience.


    ALSO IN THIS ISSUE:

    • Power of the People - Crowdfunding campaigns provide needed capital, feedback for home and housewares product launches.
    •  Omnichannel Retailing: Visual Search Takes Off - Learn how voice and visual search are revolutionizing product discovery.