Big Lots Net Falls 22.3 Percent in First Quarter

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.

Net sales gained 5.5 percent to $1.3 billion in the quarter, which ended on April 28. This included a 2.8 percent pickup in sales for Big Lots' U.S. operations, which in itself included a 0.8 percent drop in same-store sales. Its Canadian operations, which opened last July 18 when Big Lots completed its acquisition of Liquidation World, reported a net loss of $6.1 million in the first quarter.

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.

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

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