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American retailer Big Lots' FY20 sales jump 16.5% to $6,199 mn

23
Mar '21
Pic: Shutterstock
Pic: Shutterstock
Big Lots, a US-based discount retailer, reported 16.5 per cent sales growth to $6,199 million in its fiscal 2020 ended January 30, 2021 compared to the sales of $5,323 million in the previous fiscal. However, the company’s net income during the year increased to $629.1 million (FY19: $242.4 million), and operating profit was $856.5 million ($334.8 million).
 
"Fiscal 2020 was the strongest year in the history of Big Lots, occurring against the backdrop of an unprecedented year of uncertainty for our nation and industry,” Bruce Thorn, president and CEO of Big Lots, said in a press release. “Beyond our 2020 results, we believe these strategies position us for ongoing success, supported by our steadfast focus on customer service, our assortment of everyday essentials and stay-at-home products, and our growing customer file.”
 
The company’s gross margin during FY20 grew to $2,497.3 million ($2,114.7 million). Selling, general and administrative expenses were $1,965.5 million ($1,823.4 million).
 
“During 2021, we will continue the roll-out of our Lot and Queue Line programmes to the balance of our stores, expand our offerings under the Broyhill brand, further scale our greatly enhanced ecommerce capabilities, and accelerate new store openings,” Thorn said in the release.

Fibre2Fashion News Desk (JL)


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