Big Lots: Soft lines a leader during Q1
Jennifer Marks -- Home Textiles Today, May 30, 2014
Brands such as Lush Decor are helping to spur sales in soft home.
Total sales were led by food, with consumables third and furniture fourth. Along with soft home, these were the four categories that generated positive same-store sales in the first quarter.
“It’s still very early in the process,” said ceo David Campisi, who joined Big Lots a little over a year ago. “I’m confident the content and process will get better and better, especially in the Back-to-School season and on into holiday.”
Sales of soft home were driven by value, fashion and brand, he added.
In hard home, on the other hand, Big Lots stores already have or are in the process of exiting tools, paint, auto and some other hardlines. The company continues to stock tabletop, cookware and related categories.
Big Lots beat earnings estimates during the first quarter ended May 3. Income from continuing operations (less the Canadian and wholesale divisions, which have been discontinued) was $28.6 million, or 50 cents per share, compared to adjusted income from continuing U.S. operations of $40.3 million, or 70 per share in the year-ago quarter.
Sales in the U.S. bumped up 1.1% to $1.28 billion, with same-store sales for stores open at least 15 months up 0.9%.