Second quarter sales at Big Lots were down slightly, but the company reported a slight increase in comparable store sales for the period ended July 30.
Net sales were $1.203 billion, down 0.5% from net sales of $1.209 billion for the second quarter of 2015. Same-store sales increased 0.3% for the quarter, which fell within its guidance of flat to an increase of 2%. Net income for the quarter was $22.7 million, up from net income of $17.6 million in the comparable quarter the previous year.
“We are pleased to report comps increased for the 10th consecutive quarter and our earnings were above the high end of our guidance range, increasing 27% over the second quarter of last year,” said David Campisi, president and CEO of Big Lots. “Our customer is responding positively to our strategic focus on ownable and winnable merchandise categories, improved merchandise presentations and more consistent in-store execution.”
For the third quarter of fiscal 2016, the company estimates continuing operations will be in the range of an adjusted loss of $0.04 per share (non-GAAP) to adjusted income of $0.01 per diluted share (non-GAAP), compared to an adjusted loss from continuing operations of $0.00 per diluted share (non-GAAP) for the third quarter of fiscal 2015. This guidance is based on estimated comparable store sales in the range of flat to positive 2% compared to a 2.6% comparable store sales increase in the third quarter of fiscal 2015.
Big Lots operates 1,445 stores in 47 states.
