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.