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Big Lots sales jump 31% to $1,644 mn in Q2 FY20

09
Sep '20
Pic: Shutterstock
Pic: Shutterstock
Big Lots, a US-based community retailer, has announced its second quarter (Q2) result for the fiscal 2020 that ended on August 1, 2020. Company’s net sales jumped 31.3 per cent to $1,644 million compared to sales of $1,252 million in the same period previous fiscal. Net income during Q2 FY20 rose to $451.9 million (Q2 FY19: $6.1 million).
 
“I am delighted with our record-breaking results in Q2. Our comp increase was the best in the company's history, and adjusted EPS was the most we've reported in a second quarter, and more than five times what we reported a year ago,” Bruce Thorn, president and CEO of Big Lots, said in a press release. 
 
“Comp sales were driven by strong results both in-store, where traffic and basket were each up double digits, and on-line, which drove almost five comp points, and where we acquired more new customers than in any prior quarter,” Thorn said.
 
Gross margin for Q2 FY20 grew to $683.5 million ($498.2 million). Selling and administrative expenses were $504.0 million ($455.0 million). Company’s operating profit increased to $608.6 million ($13.1 million). 
 
“Looking forward, the third quarter is off to a strong start and I am confident that our Operation North Star strategies will continue to drive top line growth, increase customer engagement, and deliver tremendous leverage in our business. With our assortment of everyday essentials and stay-at-home products, we are well positioned for what appears to be a new normal,” Thorn said in the release.

Fibre2Fashion News Desk (JL)


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