Press release from PR Newswire
Big Lots Reports First Quarter Sales Results
Thursday, May 05, 2011
COLUMBUS, Ohio, May 5, 2011 /PRNewswire/ -- Big Lots, Inc. (NYSE: BIG) is reporting first quarter retail sales for the fiscal quarter ended April 30, 2011 of $1,215.7 million, a decrease of 0.5% compared to $1,221.2 million for the first quarter of fiscal 2010. Comparable store sales for stores open at least two years at the beginning of the fiscal year decreased 3.6% for the first quarter of fiscal 2011.
(Logo: http://photos.prnewswire.com/prnh/20011026/BIGLOTSLOGO )
Commenting on sales for the quarter, Steve Fishman, Chairman, Chief Executive Officer and President stated, "While sales were on plan and comps were positive in the first half of the quarter, our business softened in the second half of the quarter. We believe significant weather challenges in most of our major markets throughout the country contributed to the change in sales trends impacting transactions and sales of seasonally sensitive merchandise. On a regional basis, the southern regions or warmer weather areas performed the best while the northern and central regions noticeably underperformed."
Mr. Fishman continued, "From a merchandising perspective, consumables was our strongest category, comping positive for the quarter, and we were encouraged by the early response to certain of our initiatives to restore momentum in this key category. In contrast, our seasonal category, or more specifically our lawn and garden business, was below plan and trailed the company average. I am confident our value proposition is strong and our quality and assortment is much improved over last year; however, the combination of lower average temperatures and significant levels of rainfall and adverse weather conditions had a significant impact on this category."
We expect to report results for the first quarter of fiscal 2011 on Thursday, May 26, 2011.
Big Lots is the nation's largest broadline closeout retailer. Currently, we operate 1,405 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