Press release from PR Newswire
Big Lots Reports Third Quarter Sales Results
Thursday, November 04, 2010
COLUMBUS, Ohio, Nov. 4, 2010 /PRNewswire-FirstCall/ -- Big Lots, Inc. (NYSE: BIG) is reporting third quarter retail sales for the fiscal quarter ended October 30, 2010 of $1,039.7 million, an increase of 2.4% compared to $1,015.6 million for the third quarter of fiscal 2009. Comparable store sales for stores open at least two years at the beginning of the fiscal year increased 0.7% for the third quarter of fiscal 2010.
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For the thirty-nine week year-to-date period ended October 30, 2010, retail sales totaled $3,393.5 million, an increase of 5.5% compared to $3,216.2 million for the same period in fiscal 2009. Comparable store sales increased 3.6% for the year-to-date period.
Commenting on sales for the quarter, Steve Fishman, Chairman, Chief Executive Officer and President stated, "While sales results were solid during the first half of the quarter, we began to experience more volatile and inconsistent sales trends in late September lasting through October. Our customers were very selective but were still willing to spend money where they saw tremendous values as evidenced by the continued strength in certain of our higher ticket, discretionary categories."
Mr. Fishman continued, "From a merchandising perspective, furniture and home continued to be leading categories in our store, with furniture in particular comping up in the low double digits. We were also encouraged by high-single digit comps in our seasonal category and early performance of our holiday toy business as each of these strategies are critical components of our fourth quarter holiday plans."
We expect to report results for the third quarter of fiscal 2010 on Friday, December 3, 2010.
Big Lots is the nation's largest broadline closeout retailer. As of October 30, 2010, we were operating 1,389 BIG LOTS stores in 48 states. Wholesale operations are conducted through BIG LOTS WHOLESALE, 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.
For further information: Timothy A. Johnson, Vice President, Strategic Planning and Investor Relations, +1-614-278-6622