Big Lots Net Drops 20.6 Percent in Q1
May 30, 2013,
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.
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.
Other Articles By Author
Von Tobel Cites Brass Textures Among Top Trends
HFN's DIGITAL EDITION
2017 State of the Industry Report
Cautious Optimism, Mixed Results
Many expected 2016 would be a banner year, but the political and economic climate softened consumer confidence. It was also a year consumers spent more lavishly on home remodeling rather than decorating.
ALSO IN THIS ISSUE:
- TJX Unveils First U.S. Homesense Store - In a time when retailers are reducing store counts, TJX continues to get physical.
- Ikea’s Fluid Spaces - The retailer’s new intros reflect multifunctional rooms.
- N.Y. Home Fashions Market Preview - Textile textures get soft and cozy, colors warmer.