Big Lots ceo sees 1,800 stores
June 11, 2008,
New York – Closeout retailer Big Lots, now operating more than 1,350 stores in 47 states, could reach 1,800 stores, said chairman and ceo Steve Fishman, speaking at the Piper Jaffray Consumer Conference here today.
“We believe we are in the perfect position to capitalize on real estate opportunities,” said Fishman. “We’ve streamlined our business – and are ready to grow. We’re highly motivated to open more stores at the right price.”
Fishman said the current Big Lots distribution infrastructure can support one-third more stores. He emphasized that better management of distribution centers and transport has helped push down overhead costs.
At Big Lots, SG&A as a percentage of sales has dropped from 38.5% in 2005 to 34.7% in 2007, and is projected at 34.4% this year.
With a record year under its belt in 2007 and a good start with a 75% upswing in quarterly profit for 1Q 08, Big Lots may be poised for growth, and home can be part of that. Home textiles and home décor combine for 15% of volume at Big Lots – and furniture is another 15%. In home, dedicated agents overseas are the key resource, Fishman noted.
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