Big Lots sees slight decline in 4Q income

COLUMBUS, Ohio Big Lots reported net income of $78.8 million, or 96 cents per diluted share, for fourth quarter of fiscal 2008. This compares to net income of $92 million, or $1.04 per diluted share for the fourth quarter of fiscal 2007.

For fiscal year 2008 ended Jan. 31, net income was $151.5 million, or $1.85 per diluted share, compared to net income of $158.5 million, or $1.55 per diluted share, for fiscal 2007.

Commenting on fiscal year 2008 results, Steve Fishman, chairman and CEO stated, "Amidst a very challenging economic climate, we stayed focused on our strategy and what was within our control. We offered our customers better quality merchandise, new brands, and tremendous value at a time when they needed it the most. Our merchants managed inventories tightly and generated record inventory turnover. We controlled costs very diligently and recorded the lowest expense rate in the company's history while investing for the future in IT systems and opening 21 new stores. Bottom line: 2008 was a record year for EPS and income from continuing operations."

Net sales for the fourth quarter of fiscal 2008 were $1.4 billion, compared to $1.41 billion for the fourth quarter of fiscal 2007. Comparable-store sales for stores open at least two years at the beginning of the fiscal year decreased 3.2% for the quarter.