Big Lots posts 2Q same-store sales gain of 5.2%
Closeout retailer reports furniture helped lead way
By Furniture Today Staff -- Furniture Today, August 10, 2007
COLUMBUS, Ohio — Big Lots posted a 5.2% same-store sales increase in its second quarter, with a big assist from its seasonal and furniture categories.
The closeout specialist, with 1,369 stores in 47 states and one of the nation’s largest furniture retailers, reported a 2.8% total sales increase to $1.1 billion in the quarter ended Aug. 4. The 5.2% same-store sales gain topped the company’s earlier guidance of 2% to 4%.
“Comparable-store sales in the second quarter were driven by an increase in the value of the average (ticket) as the company’s ‘raise the ring’ strategy continues to deliver positive results,” Big Lots said in a release.
Same-store sales were strongest in the seasonal category, increasing in the mid-teens. Furniture comps increased in the high single digits, but that doesn’t include the positive impact of a large closeout deal with a major home furnishing retailer, which Big Lots said would add about 2% to the same-store sales increase.
The company declined to name the retailer the merchandise came from, but those who’ve surveyed Big Lots’ furniture floors recently say it’s clearly Pier 1 Imports.
On a regional basis, sales results were strongest in the Northeast and South, with the West trailing the company average, since it has the fewest stores benefiting from the big home furnishings deal, the company said.
In the six months, sales rose 3.1% to $2.2 billion, and same-store sales increased 5%.
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