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SCVNews.com | Lower Same-Store Sales Cut Big Lots Profit | 09-01-2011
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June 23
1946, 11:20pm: William S. Hart, 81, dies at L.A.'s California Lutheran Hospital, leaving his Newhall home and 80-acre estate to L.A. County [story]


Big Lots Inc. posted earnings of $35.7 million for the quarter ending July 30, compared to $38.9 million a year earlier.

Big Lots is the No. 1 broadline closeout retailer with 1,503 stores in the United States and Canada, including one outlet in Canyon Country.

Year-over-year same-store sales for U.S. outlets open two years or longer fell by 1.5 percent. Newer stores more than compensated, pushing overall net sales to $1.17 billion, a 2.2 percent increase.

Contributing to the lower earnings were costs associated with the company’s July 18 acquisition of its Canadian counterpart, Liquidation World Inc. Excluding that transaction, continuing operations produced a $36.9 million gain.

During the quarter, Big Lots opened 15 stores and completed a $700 million revolving credit facility to fuel future growth, both domestically and internationally. The acquisition of Liquidation World – renamed Big Lots Canada – marked the company’s first expansion outside of the U.S.

Big Lots also paid $236 million during  the quarter to buy back 7.2 million shares of its stock, approximately 10 of the total. Fiscal year to date (Feb. 1 to July 30), the company has invested $313 million to repurchase 9.7 million shares (13 percent) and said it will complete the current authorized buyback with the $145 million it has on hand for that purpose.

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