Big Lots enjoyed a jolly end to 2018 beating its Q4 forecast thanks in part to its store of the future remodels and new marketing approach. Hear the details and how Big Lots plans to keep its momentum.
The discount retailer reported income of $108 million, or $2.68 per diluted share, for Q4, besting its guidance of $2.20 to $2.40 per share.
“Our holiday plans were well executed and led to broad based growth across the majority of our merchandise categories and a comp store sales increase in excess of 3% for the second consecutive quarter,” said Bruce Thorn, president and CEO, Big Lots. “Our merchandise category results were supplemented by continued strong performance in our store of the future remodel efforts and our marketing and stores' focus on growth of our Rewards loyalty program."
Comparable store sales increased 3.1% for the fourth quarter of fiscal 2018. Net sales for Q4 were $1.59 billion compared to $1.64 billion for the same period last year. The increase in comparable stores sales were offset by a lower store count year-over-year and an extra week of operations in fiscal 2017.
"I am particularly proud of the team's focus to deliver the all-important fourth quarter while also undertaking a strategic review of our competitive positioning and our opportunities for long-term, profitable sales growth,” said Thorn. “We've engaged an industry leading consultative firm to help us take an outside in view of our business and there was significant progress and learnings achieved during the quarter.”