Big Lots Reports Second Quarter Sales Results
COLUMBUS, Ohio, Aug. 4, 2011 /PRNewswire via COMTEX/ --
Big Lots, Inc. (NYSE: BIG) is reporting second quarter retail sales for the fiscal quarter ended July 30, 2011 of $1,152.7 million, an increase of 1.8% compared to $1,132.5 million for the second quarter of fiscal 2010. Comparable store sales for stores open at least two years at the beginning of the fiscal year decreased 1.5% for the second quarter of fiscal 2011. This result is consistent with our guidance issued on May 26, 2011 which called for comparable store sales in the range of flat to a decrease of 3%. Additionally, the actual results and our guidance do not include sales results from Big Lots Canada, formerly known as Liquidation World, acquired on July 18, 2011.
For the twenty-six week year-to-date period ended July 30, 2011, retail sales totaled $2,368.3 million, an increase of 0.6% compared to $2,353.7 million for the same period in fiscal 2010. Comparable store sales decreased 2.6% for the year-to-date period.
Commenting on sales for the quarter, Steve Fishman, Chairman, Chief Executive Officer and President stated, "After a challenging month of May, we experienced improvement in trends in the balance of the quarter driven primarily by sales of weather related seasonal merchandise."
Mr. Fishman continued, "From a merchandising perspective, consumables was our strongest category with comps up mid-single digits as we continue to see positive customer response to our initiatives to restore momentum in this key category. Additionally, our seasonal business also comped up mid-single digits as weather conditions improved and customers responded to our promotional efforts. I am confident our value proposition remains very compelling, which is incredibly important today as our customer appears to be somewhat cautious in this uncertain economy."
We expect to report results for the second quarter of fiscal 2011 on Thursday, August 25, 2011.
Big Lots is North America's largest broadline closeout retailer. Currently, we operate 1,415 BIG LOTS stores in the 48 contiguous United States and 88 LIQUIDATION WORLD and LW stores in Canada. Wholesale operations are conducted through BIG LOTSWHOLESALE, CONSOLIDATED INTERNATIONAL, and WISCONSIN TOY and with online sales at www.biglotswholesale.com.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and such statements are intended to qualify for the protection of the safe harbor provided by the Act. The words "anticipate," "estimate," "expect," "objective," "goal," "project," "intend," "plan," "believe," "will," "should," "may," "target," "forecast," "guidance," "outlook" and similar expressions generally identify forward-looking statements. Similarly, descriptions of our objectives, strategies, plans, goals or targets are also forward-looking statements. Forward-looking statements relate to the expectations of management as to future occurrences and trends, including statements expressing optimism or pessimism about future operating results or events and projected sales, earnings, capital expenditures and business strategy. Forward-looking statements are based upon a number of assumptions concerning future conditions that may ultimately prove to be inaccurate. Forward-looking statements are and will be based upon management's then-current views and assumptions regarding future events and operating performance, and are applicable only as of the dates of such statements. Although we believe the expectations expressed in forward-looking statements are based on reasonable assumptions within the bounds of our knowledge, forward-looking statements, by their nature, involve risks, uncertainties and other factors, any one or a combination of which could materially affect our business, financial condition, results of operations or liquidity.
Forward-looking statements that we make herein and in other reports and releases are not guarantees of future performance and actual results may differ materially from those discussed in such forward-looking statements as a result of various factors, including, but not limited to, the current economic and credit crisis, the cost of goods, our inability to successfully execute strategic initiatives, competitive pressures, economic pressures on our customers and us, the availability of brand name closeout merchandise, trade restrictions, freight costs, the risks discussed in the Risk Factors section of our most recent Annual Report on Form 10-K, and other factors discussed from time to time in our other filings with the SEC, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. This release should be read in conjunction with such filings, and you should consider all of these risks, uncertainties and other factors carefully in evaluating forward-looking statements.
You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date thereof. We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any further disclosures we make on related subjects in our public announcements and SEC filings.
SOURCE Big Lots, Inc.