Big Lots Q1 FY20: sales jump 11.1%; net income $49 mn

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Big Lots, a US-based community retailer, reported 11.1 per cent sales increase to $1,439 million in first quarter (Q1) FY20 ended on May 2, 2020 compared to sales of $1,296 million in same period last year. Company’s net income for the quarter jumped to $49.3 million (Q1 FY19: $15.5 million). Operating profit for Q1 FY20 were $74.4 million ($25.6 million).
“We''ve grown as an organisation through these unprecedented times, and it has been amazing to see the team step up our game. Most importantly, our primary focus has been on maintaining a safe and healthy environment for our associates and customers,” Bruce Thorn, president and CEO of Big Lots, said in a press release. 
Gross margin for the quarter rose to $570.7 million ($519.0 million). Selling, general and administrative expenses for Q1 FY20 fell slightly to $458.6 million ($460.6 million). 
“Looking forward, we are off to a strong start in the second quarter, and believe we are well positioned to navigate through the ongoing Covid-19 crisis, with strong alignment between our assortment and current customer demand. Equally, we are very focused on ensuring sustainable improvements in our business beyond the crisis,” Thorn said.

Tuesday, 07 July 2020

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