Big changes and growth for Big Lots
The turnaround plan at Big Lots, which is helping the retailer grow profit and same store sales, is also prompting some management changes.
For the second quarter ended Aug. 1, same store sales increased 2.8%. Net sales increased 1.2% to $1,209.7 million. Big Lots reported a profit of $17.6 million, or 34 cents a share, down from $19.9 million, or 36 cents, a year earlier. Excluding certain items, per-share profit rose to 40 cents from 31 cents. Revenue edged 1.2% higher to $1.21 billion.
David Campisi, CEO and president of Big Lots, said: "I'm pleased with our second quarter results. Despite unseasonable weather conditions, Q2 comps increased 2.8% reflecting strength in our winnable and ownable categories and improved consistency in all aspects of our operations. Jennifer continues to respond positively to our strategic improvements in merchandising, marketing, and in-store execution resulting in our sixth consecutive quarter of comp sales growth. Healthy comp sales growth and consistent execution across the business enabled us to exceed earnings expectations for Q2."
Big Lots also announced that Lisa Bachmann, a 13-year veteran and chief operating officer, will assume the role of chief marketing officer. Chief Financial Officer Timothy Johnson was also named chief administrative officer, responsible for distribution centers and global logistics. Michael Schlonsky will lead store operations in addition to heading human resources.
Looking ahead, the company expects to earn $2.90 to $3 this year, up from an earlier range of $2.80 to $2.90 a share. Same-store sales will grow in the low-single digits, the company said.
The discount retailer operates 1,463 Big Lots stores in 47 states.
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