U.S. Retailer Big Lots Post Net Sales of $ 1.3 Billion in Third Quarter of FY21
“We are delighted to have completed the quarter as expected and to have maintained double-digit results over two years despite supply chain challenges and the expiration of stimulus benefits. Our absolute focus for the fourth quarter has been to position ourselves appropriately with inventory and provide our customers with a great vacation. and sales for the week of Black Friday. Supply chain challenges will continue in the short term, but we are managing them aggressively by working closely with our manufacturing and transportation partners, strategically prioritizing receipts, building new capabilities with our advanced distribution centers. and our DC derivation program, and ensuring that we are competitive in recruiting and retaining DC associates. In addition, we have taken pricing action and will continue to do so in response to supply chain cost volatility, while continuing to deliver great value to our customers, ” Bruce thorn, President and CEO of Big Lots, said in a press release.
“Looking forward, we expect to achieve another year of record sales in 2022, and we are increasingly convinced that our main growth drivers in Operation North Star – a substantial increase in productivity of merchandise, accelerating the growth of new stores and continuing to ramp up our e-commerce capabilities – represent a huge white space opportunity for us. In addition, we expect an increase in gross margin in 2022 thanks to the optimization of promotions and prices, the deployment of new planning capabilities and favorable mix effects. As we look to wrap up 2021 and start a new year, we’re laser primed, pumped and focused to be the best destination home discount store, ”Thorn added.
Big Lots Inc, a U.S. discount retailer and Fortune 500 company, reported net sales of $ 1.3 billion for the third quarter ended October 30, 2021. Revenue increased by 14 , 4% from the third quarter of 2019. The company’s gross revenue reached $ 519 million in the third quarter of the current fiscal year with a net loss of $ 4.3 million.
The company ended the third quarter of fiscal 2021 with an inventory level of $ 1,277 million, compared to $ 1,089 million for the same period last year. It increased 17% due to the overlap of abnormally low inventory levels at the end of the third quarter of fiscal 2020, planned build-ups to support key growth categories and high inventory costs. He also had $ 71 million in cash and cash equivalents and no long-term debt at the end of the third quarter.
In its outlook for the fourth quarter, the company expects to report diluted earnings per share of between $ 2.05 and $ 2.20, based on a slightly positive comparable sales increase, which is equivalent to an increase in two-year single-digit comparable sales. For the year as a whole, he expects a negative single-digit comparable sales decline, which equates to a positive double-digit comparable sales increase on a two-year basis. The impact of full year freight headwinds is expected to lead to a 120 basis point drop in full year gross margin compared to last year. In light of the above, the company expects full year diluted earnings per share of between $ 5.70 and $ 5.85.
Fibre2Fashion Information Office (DD)