>>
Rewind 2021 and prospects for 2022 Rewind 2021 and prospects for 2022
Home / Knowledge / News / Retail / Supply chain woes affect US discount retailer Big Lots Q2 sales

Supply chain woes affect US discount retailer Big Lots Q2 sales

09
Sep '21
Pic: Big Lots
Pic: Big Lots
Second quarter (Q2) sales at Big Lots, a US-based discount retailer, declined 11.4 per cent to $1,457 million compared to the sales of $1,644 million in the same period of previous fiscal, while grew 16.4 per cent over Q2 of FY19. The company’s net income for the three-month period ended on July 31, 2021, dropped to $37.7 million (Q2 FY20: $451.9 million).
 
“We have completed another solid quarter that demonstrated the strength of our Operation North Star strategic initiatives, with continued focus on our growth drivers – customer growth, merchandise productivity, e-commerce, and store count growth,” Bruce Thorn, president and CEO of Big Lots, said in a press release. “We saw two-year comp sales growth across all merchandise categories other than food, with strong double digit two-year growth in furniture, soft home, hard home, and apparel, electronics & other.”
 
E-commerce demand grew by 10 per cent in the second quarter compared to fiscal 2020 representing over 400 per cent growth to the Q2 of 2019. Gross margin slipped to $577.8 million ($683.5 million). Moreover, the American retailer’s operating profit plunged to $53.8 million ($608.6 million).
 
“Our results for the quarter were tempered by continued supply chain and freight headwinds, as well as other inflationary pressures. Against this backdrop, we continue to invest in our future growth. Our first forward distribution centre became operational at the end of the quarter, and the second will begin operations next week,” Thorn added.
 
In its outlook for the fiscal 2021, the company mentioned that it expects a low single digit comp decline, which incorporates an adverse sales impact from supply chain disruption.
 
“We know that the supply chain headwinds will continue into fall and holiday, and the situation remains fluid. But our team is working exceptionally hard to get through this and make sure that our assortments continue to surprise our customers and deliver phenomenal value,” Thorn further said.

Fibre2Fashion News Desk (JL)


Must ReadView All

Pic: Shutterstock

Textiles | On 28th Jan 2022

Real US GDP rose at 6.9% annual rate in Q4 2021: BEA

Real US gross domestic product (GDP) increased at an annual rate of...

Pic: Shutterstock

Apparel/Garments | On 28th Jan 2022

Egypt’s garment exports rise by 41% to $2.49 bn in 2021 over 2020

The Egyptian apparel sector’s exports rose by 41 per cent in 2021 to...

Pic: Prasit Rodphan | Dreamstime.com

Textiles | On 28th Jan 2022

Cambodia-Vietnam trade volume touches $9.3 bn in 2021

Cambodia-Vietnam trade volume touched $9.3 billion last year—a rise...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Occam's razor principle and purpose-driven innovations

Textile Industry, Head honchos

Textile Industry
Head honchos

Strongly believe in 'people first' policy.

Textile Industry, Head honchos

Textile Industry
Head honchos

Instagram & fashion will go a long way together

Jose Antonio Rodriguez,

Jose Antonio Rodriguez

From its foundation in 1968 as Fibras ESSO, after its acquisition by SAMCA ...

Simone Morgante,

Simone Morgante

Based out of Como, Italy, and with technological expertise of nearly 70...

Rajat Kapoor,

Rajat Kapoor

Seraphine is a British maternity brand providing affordable luxury fashion ...

Serkan Gogus, Mogul Nonwovens

Serkan Gogus
Mogul Nonwovens

Mogul is a global player ranked among the top 40 nonwoven producers in the ...

Jacques Prigneaux, EDANA

Jacques Prigneaux
EDANA

EDANA has been the leading global association and voice of the nonwovens...

Hemant Bheda, Arevo

Hemant Bheda
Arevo

Arevo, based in Silicon Valley in California, develops technology to...

Dahlia Razzrook, Label - Dahlia Razzook

Dahlia Razzrook
Label - Dahlia Razzook

London based designer, <b>Dahlia Razook</b> known for her luxury...

Archana Jaju, Label Archana Jaju

Archana Jaju
Label Archana Jaju

<b>Archana Jaju</b>’s Hyderabad-based eponymous label works with artisans...

Rocky Star, Label - Rocky Star

Rocky Star
Label - Rocky Star

<b>Rocky Star,</b> an Indian designer known for his inspiration from the...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments

ESTEEMED CLIENTS

IKEA of Sweden AB
J ;& P Coats
Truetzschler India Private Limited
Green Fibre
Brandix Lanka Limited
Tory Burch Hong Kong Ltd
Restoque S.A.
Page Industries Limited (Bangalore)
Aramark Uniform ;& Career Apparel, LLC
Guess Europe Sagl,
BIANCA
OVS Hong Kong Sourcing Ltd.
Hela Clothing Pvt Ltd
Midas Clothing Limited
Sportswear Company Spa
Babyshop
KIABI
Boardriders Asia Sourcing Limited
Etam Group Strategy Hong Kong Limited
Desigual - ABASIC, S.A.
Deckers Outdoor (Guangzhou) Consultant Co., LTD.
G-Star Raw C.V.
Aquarelle Clothing Limited
Vianney Textil Hogar S.A. De C.V.
The LYCRA Company Singapore  Pte. Ltd
Puma
Hirdaramani International Export Private Limited
NITI Aayog
C;&A Sourcing International Ltd
HYOSUNG CORPORATION INDIA PRIVATE LIMITED
Chori Company Limited
Tchibo GmbH
Bluestem Global Sourcing Limited
Cat Tuong Real Estate Group Joint Stock Company
Lifestyle
Abit
Gokaldas Exports Limited
TESCO INTERNATIONAL SOURCING LIMITED
Esprit Europe Services GmbH
IDH – The Sustainable Trade Initiative
Alison Hayes Romania
Benetton Group
Amazon China
LC Waikiki
Under Armour Global Sourcing Ltd
Maceton Limited
SYNERGIES HONG KONG LIMITED
Reiter India Private Limited
Lenzing Aktiengesellschaft
Sateri (Jiujiang) Fiber Co.,Ltd
Grasim Industries Limited
International Textile Manufacturers Federation
Varner AS Retail
Landmark Group
Tommy Hilfiger
THE BOMBAY DYEING ;& MFG.CO. LTD
Decathlon
Lacoste (Wanchai)
Asos
Seasalt Limited
Target Corporation (MN)
Chico’ FAS
BIRLA CENTURY A DIVISION OF CENTURY TEXTILES AND INDUSTRIES
Recron Polyester from Reliance Industries Limited
Splash
PVH Corporation
John Varvatos
MAS Active / MAS Kreeda / MAS Bodyline
Gap International Sourcing Limited
Lululemon Athletica Inc
Alix Partners
Walmart
SHAHI Exports Pvt Ltd
Rosset ;& Cia Limited
KAS Direct Sourcing
Arvind Limited
H;&M Hennes ;& Mauritz (Far East) Ltd
BIMBA ;& LOLA SL
Rayonese Textile Inc., Division de Culp Inc.
Huntsman (Singapore) Pte Ltd
Permoda(Koaj/Armi/Pronto/Bkul)
Sainsbury's Argos Asia Limited
Helly Hansen Far East Ltd
Phong Phu international JSC (PPJ)
Groz-Beckert East Asia LLP
Lisa S.P.A.
Gatsby Africa
Sportmaster Ltd.
Calvin Klein
Gloria Jeans

January 2022

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search