Big Lots Net Falls 22.3 Percent in First Quarter
May 23, 2012,
COLUMBUS, Ohio-Rising expenses offset a gain in sales to reduce Big Lots' first-quarter net income by 22.3 percent, to $40.7 million.
An increase in cost of goods sold slimmed gross margin by 70 basis points to 39.6 percent. Selling, general and administrative expenses rose 8 percent in dollars and 80 basis points as a percentage of sales, to 32.3 percent.
Based on the first-quarter numbers, Big Lots said it anticipates same-store sales in the second quarter to range from slightly negative to slightly positive. For the fiscal year as a whole, it expects same-store sales to range from flat to up 1 percent.