Big Lots Q2 beats Street; announces exec promotions
Columbus, Ohio – Big Lots on Friday announced the promotions of three high-level executives as its posted better-than-expected results for the second quarter.
Big Lots reported second-quarter profit and revenue that beat analysts' estimates. The retailer also announced several promotions as part of a realignment of its supply chain management.
Big Lots’ net income dropped 13% to a better-than-expected $17.63 million from $19.94 million, with loss from discontinued operations cutting otherwise flat profit.
Net sales for the quarter increased 1% to $1.21 billion, from $1.19 billion. Same-store sales rose 2.8%.
The chain boosted its full-year earnings outlook. David Campisi, president and CEO of Big Lots, credited same-store sales for helping to drive overall second quarter performance.
“Despite unseasonable weather conditions, second quarter comps increased 2.8%, reflecting strength in our winnable and ownable categories and improved consistency in all aspects of our operations,” he stated.
In addition, Big Lots promoted three executives, including two C-level executives, as part of a strategic realignment.
Lisa M. Bachmann was promoted to executive VP, chief merchandising and COO, with primary responsibility for the merchandising, planning and allocation, and global sourcing teams. Additionally, she will maintain responsibility for the chain’s IT strategy. Bachmann has held a number of different roles of increasing responsibility for the last 13 years, culminating in her prior role as executive VP and COO.
Timothy A. Johnson was promoted to executive VP, chief administrative officer and CFO. Johnson has been with Big Lots for 15 years and held numerous roles with increasing responsibility, culminating in his prior role of executive VP, CFO.
Michael A. Schlonsky was promoted to executive VP, HR and store operations. Schlonsky has been with Big Lots for 22 years and held numerous positions of increasing responsibility culminating in his prior role of senior VP, HR.