Big Lots profit slips in 1Q
May 26, 2011-- Home Textiles Today,
Columbus, Ohio - The home department produced comps in the low single-digit rate at Big Lots during the fist quarter, going up against a strong same-store sales performance in the year-ago period.
The off-pricer's net income from continuing operations for the period ended April 30 was $52.5 million, or 70 cents per share, down 6.25%. The company's gross margin rate contracted by 30 basis points ask consumers pivoted toward lower-margin consumables and Big Lots experienced higher freight costs.
Sales were flattish - down 0.6% to $1.2 billion - with comps down 3.6%.
Chairman and ceo Steve Fishman said of the home department: "We can execute better and we believe this could be one of the better growth opportunities for us."
Related Content By Author
Online Moves From Afterthought To Main Thought For Textiles Suppliers