Big Lots says harsh winter weather hurt traffic counts and revenue, but the closeout retailer still posted increases in same-store sales for the fourth quarter.
\r\n\tBig Lots reported income from continuing operations of $94.7 million, or $1.91 per diluted share, for the fourth quarter ended Jan. 30. Revenue dropped to $1.58 billion from $1.59 billion for the same quarter last year. Same-store sales increased 0.7%.It was the eighth consecutive quarter in which Big Lots has posted positive same-store sales.
","showSummary":null,"url":"/news/winter-storm-jonas-hurts-revenue-big-lots","date":"2016-03-04T00:00:00","author":{"email":null,"uname":"Anonymous","firstName":null,"lastName":null,"bio":null,"title":null,"picture":null,"phone":null,"contactForm":null},"digitalEdition":null,"sponsored":false,"taggedPro":null,"teaserImage":{"id":57003,"url":"https://assets1.chainstoreage.com/styles/secondary_articles_short/s3/teaser_image_39776.jpg?itok=m5UNUbSI","width":767,"height":575,"alt":null},"topics":[{"name":"News","url":"/news"},{"name":"FINANCE","url":"/finance"}],"attachedFiles":[]},{"title":"Costco prevails during holidays","id":54408,"bundle":"article","summary":"Costco’s profit fell short of analysts’ estimates at the mid-point in its fiscal year, but business trends were solid in the company’s second quarter with a 4% same store sales increase at U.S. locations.
\r\n\tThe company said its total revenues for the period ended Feb. 14, which included the holidays, increased 2.6% to $28.2 billion. Merchandise and service sales increased 2.6% to $27.9 billion and membership fees increased 3.6% to $603 million.
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Barnes & Noble produced a same-store sales increase in its third quarter which, although meager, is an impressive accomplishment given intense competition from Amazon. In announcing its results on Thursday, the company also revealed that it will open four new prototype stores in its current fiscal year. The first is expected to open sometime this summer.
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The lack of food price inflation which has affected the performance of many grocers had little impact on fourth quarter results at Kroger’s, a company whose string of quarterly same-store sales increases has now entered its 13th year.
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Teen apparel retailer hires financial advisors
Pacific Sunwear of California has hired financial advisors to help deal with its maturing debt, according to The Wall Street Journal.
In 2011, PacSun received a $100 million credit line from Wells Fargo and a $60 million loan from an affiliate of Golden Gate Capital. Both loans will be due in December, the report said.
Similar to other teen retailers, PacSun has been dealing with increased online competition and a shift in teen spending. The company has had three consecutive quarters of declining sales and negative same-store sales.