Big Lots posts 3Q sales, comps decline

COLUMBUS, Ohio Big Lots posted third-quarter sales of just over $1 billion for the quarter ended Nov. 1, an 0.8% decrease compared to $1.01 billion for the third quarter of fiscal 2007. Comparable-store sales decreased 0.2%.

According to the company, the third-quarter comps decrease of 0.2% was below original guidance of a 1% to 2% increase. Earnings are expected to be near or slightly below the lower end of the company's previously communicated guidance of 15 cents to 19 cents per diluted share.

The best performing categories during the third quarter were furniture, consumables and hardlines. Sales comps of seasonal, toys and home merchandise were below plan and below last year.

"We continued to stay focused on our inventory and cost structure. We are not pleased with the softness in sales for the quarter," stated chairman and ceo Steve Fishman. "Nevertheless, if the economic backdrop is going to be challenged for an extended period of time, we believe our strategy and financial strength leaves us well-positioned to capitalize on opportunities, whether it's merchandise, real estate or other potential situations that could generate an acceptable return and long-term value for our shareholders."