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

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 May digital issue

    HFN's DIGITAL EDITION

    May 2017


    COVER STORY: HFN Turns 90

    We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.


    ALSO IN THIS ISSUE:

    • Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
    • Omnichannel Retailing - In the Mobile App World, Time is Money