Big Lots records 18% growth in Q3 FY20 sales of $1,378 mn

10 Dec '20

2 min read

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Big Lots, a US-based community retailer, has announced its third quarter (Q3) result for the fiscal 2020 that ended on October 31, 2020. Company’s net sales jumped 18.0 per cent to $1,378 million compared to sales of $1,168 million in the same period previous fiscal. However, net income during Q3 FY20 fell to $29.9 million (Q3 FY19: $126.9 million).

“During the quarter, we continued the rollout of our operation North Star strategies, including the re-configuration of our food and consumables categories and expanding our online merchandise assortment offering through the implementation of ship-from-store,” Bruce Thorn, president and CEO of Big Lots, said in a press release.

“These initiatives built on the success of other North Star-driven strategies, including the rollout of the Broyhill brand, the launch of our Lot and Queue Line programmes across 750 stores, and the rapid scaling of our ecommerce capabilities,” Thorn said.

Gross margin for the quarter grew to $567.8 million ($463.3 million). Selling, general and administrative expenses were $482.3 million ($436.7 million). Operating profit for Q3 FY20 dropped to $42.5 million ($170.4 million).

“With our steadfast focus on customer service, our strongly aligned assortment of everyday essentials and stay-at-home products, and our growing customer file, we believe we are well positioned to navigate through and beyond the current environment. Finally, this year's holiday season is certainly unique, and our strategic decision to plan for early holiday shopping has paid off,” Thorn said.

Fibre2Fashion News Desk (JL)

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