Big Lots earnings take a dive in 3Q
Home & Textiles Today Staff -- Home Textiles Today, December 2, 2011
Columbus, Ohio - Big Lots net income fell 76.3% during the third quarter, coming in at $4.2 million, or 6 cents per share - but results were consistent with the company's guidance.
For the quarter ended Oct. 29, Big Lots reported a loss from continuing operations of $7.1 million, or 11 cents per share related to the Canadian operation it acquired from Liquidation World Inc. this past July 18. Excluding the impact of the new Canadian operations, income from continuing operations was $11.4 million, or 17 cents per share.
U.S. sales rose 5.8% to $1.11 billion, and comps for U.S. stores open at least two years increased 1.7%.
The Canadian operation, now called Big Lots Canada, reported sales of $21.5 million and an operating loss of $6.9 million.
Year to date, consolidated net income fell 18% to $92.3 million, or $1.30 per share. U.S. sales for the 39 weeks were up 2% to $3.5 billion. Sales at Big Lots Canada came in at $25.5 million, with an operating loss of $7.3 million.