Cool weather dampens sales at Big Lots
Big Lots fell short of analysts’ first-quarter expectations as a delayed spring cut into seasonal sales.
The close-out retailer reported income of $31.2 million, or $0.74 per diluted share, for the quarter ended May 5, 2018. Adjusted income totaled $40.0 million, or $0.95 per diluted share. (The results included after-tax expense of $8.7 million, or 21 cents per share, associated with the recent settlement of a lawsuit and the retirement of CEO David Campisi, who left in April.)
Net sales totaled $1.27 billion, down from $1.29 billion last year, missing analysts’ estimates of $1.28 billion. Same-store sales fell 3%.
On the company’s quarterly earnings call with analysts, Big Lots COO Lisa Bachmann said the seasonal department experienced a double-digit drop in comp sales amid cool spring weather, with the bad weather having a halo effect on the entire store. She said business improved in May as warmer temperatures arrived.
Big Lots operates 1,415 stores in 47 states.
The close-out retailer reported income of $31.2 million, or $0.74 per diluted share, for the quarter ended May 5, 2018. Adjusted income totaled $40.0 million, or $0.95 per diluted share. (The results included after-tax expense of $8.7 million, or 21 cents per share, associated with the recent settlement of a lawsuit and the retirement of CEO David Campisi, who left in April.)
Net sales totaled $1.27 billion, down from $1.29 billion last year, missing analysts’ estimates of $1.28 billion. Same-store sales fell 3%.
On the company’s quarterly earnings call with analysts, Big Lots COO Lisa Bachmann said the seasonal department experienced a double-digit drop in comp sales amid cool spring weather, with the bad weather having a halo effect on the entire store. She said business improved in May as warmer temperatures arrived.
Big Lots operates 1,415 stores in 47 states.