Big Lots Q4, FY Net Falls; CFO Johnson Upped to EVP

Big LotsCOLUMBUS, Ohio-Big Lots reported steep declines in net income for its fourth quarter and fiscal year, which ended on Feb. 1.

Along with releasing its financial results, the retailer said Timothy Johnson, its senior vice president and chief financial officer has been promoted to executive vice president and chief financial officer.

Net income for the quarter dropped 30 percent to $84.4 million, bringing its bottom-line total for the year to $125.3 million, down 29.3 percent from the prior year. Net sales in the quarter declined by 6.2 percent to $1.6 billion, including a same-store sales decrease of 3 percent. For the fiscal year, net sales were down 1.2 percent to $5.3 billion.

A drop in gross margin and a heavier expense load combined to hurt Big Lots' bottom line in the quarter. Gross margin fell 150 basis points to 38.2 percent. Selling, general and administrative expenses rose 3.8 percent in dollars and 290 basis points as a percentage of sales, to 29.8 percent.

Johnson, who joined Big Lots in 2000, was named chief financial officer in 2012. In announcing his new role, the company said his responsibilities have expanded in recent months to include real-estate strategy and administration, along with the asset protection of its stores, distribution centers and offices.

Johnson will continue his oversight of these areas and over the retailer's financial reporting and controls, treasury, risk management, tax, internal audit, financial planning and analysis, and investor relations. He will continue to report to CEO David Campisi.

For the new fiscal year, Big Lots said it expects same-store sales to range from flat to 2 percent above same-store sales for the fiscal year just ended.

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

  • Von Tobel Cites Brass Textures Among Top Trends

    Camera Icon   More 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 cover for September 2017

    HFN's DIGITAL EDITION

    September 2017


    COVER STORY:

    2017 State of the Industry Report
    Cautious Optimism, Mixed Results

    Many expected 2016 would be a banner year, but the political and economic climate softened consumer confidence. It was also a year consumers spent more lavishly on home remodeling rather than decorating.


    ALSO IN THIS ISSUE:

    •  TJX Unveils First U.S. Homesense Store - In a time when retailers are reducing store counts, TJX continues to get physical.
    •   Ikea’s Fluid Spaces - The retailer’s new intros reflect multifunctional rooms.
    •  N.Y. Home Fashions Market Preview - Textile textures get soft and cozy, colors warmer.