Big Lots beats Street with big Q1 performance

Columbus, Ohio – Big Lots Inc. beat Wall Street predictions for profit and revenue with a solid performance in the first quarter of fiscal 2015. Improved gross margin helped Big Lots increase net income by a factor of roughly 10, to $32.21 million from $3.35 million the same period a year earlier.



Net sales slipped 0.1%, staying at roughly $1.28 billion. A reduction in stores offset same-store sales growth of 1.6%.



“I'm pleased with our first quarter sales results,” said David Campisi, CEO and president of Big Lots.. After a difficult start to the quarter and harsh weather conditions in February, sales trends improved in March and April. Jennifer continues to respond positively to our strategic merchandising changes and improved assortments focused on quality, brands, fashion, and value."



Big Lots expects same-store sales growth of 2-3% during the second quarter of fiscal 2015 and flat net sales and low-single-digit same-store sales for the fiscal year.