COLUMBUS, Ohio, Nov. 6 /PRNewswire-FirstCall/ -- Big Lots, Inc.
(NYSE: BIG) today reported third quarter retail sales for fiscal quarter ended
November 1, 2008 decreased 0.8% to $1,006.2 million, compared to $1,014.0
million for the third quarter of fiscal 2007. Comparable store sales for
stores open at least two years at the beginning of the fiscal year decreased
0.2% for the third quarter of fiscal 2008.
(Logo: http://www.newscom.com/cgi-bin/prnh/20011026/BIGLOTSLOGO )
For the thirty-nine week year to date period ended November 1, 2008,
retail sales increased 1.1% to $3,241.1 million, compared to $3,205.4 million
for the same period in fiscal 2007. Comparable store sales increased 2.1% for
the year to date period.
Our third quarter comparable store sales decrease of 0.2% was below our
original guidance of a 1% to 2% increase. Earnings are expected to be near or
slightly below the lower end of our previously communicated guidance of $0.15
to $0.19 per diluted share.
From a merchandising perspective, the best performing categories during
the third quarter were furniture, consumables, and hardlines. In contrast,
sales comps of seasonal, toys, and home merchandise were below plan and below
last year. On a regional basis, sales results were strongest in the Northeast
and Central regions while comps were softest in the Southeastern region.
Steve Fishman, Chairman and Chief Executive Officer stated, 'We continued
to stay focused on our inventory and cost structure. We are not pleased with
the softness in sales for the quarter. 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
situation that could generate an acceptable return and long-term value for our
shareholders.'
We expect to report results for the third quarter of fiscal 2008 on
Friday, December 5, 2008.
Big Lots, Inc. is the nation's largest broadline closeout retailer. The
Company currently operates 1,366 BIG LOTS stores in 47 states and also sells
merchandise via the internet at www.biglots.com.
