Big Lots Net Falls 8.2 Percent in Second Quarter
August 25, 2011,
COLUMBUS, Ohio-A decrease in gross margin, along with increases in depreciation and interest expenses, offset a modest sales gain to slim down the bottom line for Big Lots in its fiscal second quarter, ending on July 30.
Net income totaled $35.7 million, down 8.2 percent from the second quarter of last year, on an increase in net sales of 2.2 percent, to $1.2 billion. Same-store sales decreased 1.5 percent in the quarter. Gross margin fell 100 basis points to 39.5 percent. Interest expense was 165 percent, while depreciation expense rose 14 percent.