Big Lots (BIG) Q409 Comps Up 5.1% Y/Y
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Big Lots, Inc. (NYSE: BIG) today reported fourth quarter retail sales for the fiscal quarter ended January 30, 2010 increased 6.9% to $1,451.5 million, compared to $1,357.4 million for the fourth quarter of fiscal 2008. Comparable store sales for stores open at least two years at the beginning of the fiscal year increased 5.1% for the fourth quarter of fiscal 2009, exceeding our most recent guidance which called for an increase in the range of 3.5% to 4.5%. The variance to the high end of our comparable store sales guidance is directly related to the outperformance of the business in the last three weeks of January as a result of: 1) better than expected results from our mid-January ad circular event, 2) strong response to our semi-annual Buzz Club/Buzz Club Rewards promotion sent out to over 5.5 million customers, and 3) less unfavorable weather compared to last year.
For the fifty-two week fiscal 2009, retail sales increased 1.5% to $4,667.7 million, compared to $4,598.4 million for the fifty-two week fiscal 2008. Comparable store sales increased 0.7% for fiscal 2009.
Commenting on sales for the quarter, Steve Fishman, Chairman and Chief Executive Officer stated, "We recorded our largest fourth quarter comp sales increase in the last 10 years. Our merchants delivered great values, our stores executed more consistently, and we believe we are beginning to see some early benefits from our new Buzz Club Rewards program. Additionally, we believe the improvement in consumer discretionary trends first experienced in the September/October timeframe continued through the holiday season and benefitted our results."
Mr. Fishman continued, "From a merchandising perspective, our sales performance was positive across all major merchandise categories with home, furniture, and hardlines as the best performing categories comping up in the high single digits for the quarter. Our business in consumables, seasonal, and toys was also quite good and comped up in the low to mid-single digits."
Mr. Fishman concluded, "Exiting the holiday quarter and beginning 2010, our inventories have been well-controlled which has enabled us to chase opportunities in a deal environment that continues to improve."
We expect to report results for the fourth quarter of fiscal 2009 on Wednesday, March 3, 2010.
For the fifty-two week fiscal 2009, retail sales increased 1.5% to $4,667.7 million, compared to $4,598.4 million for the fifty-two week fiscal 2008. Comparable store sales increased 0.7% for fiscal 2009.
Commenting on sales for the quarter, Steve Fishman, Chairman and Chief Executive Officer stated, "We recorded our largest fourth quarter comp sales increase in the last 10 years. Our merchants delivered great values, our stores executed more consistently, and we believe we are beginning to see some early benefits from our new Buzz Club Rewards program. Additionally, we believe the improvement in consumer discretionary trends first experienced in the September/October timeframe continued through the holiday season and benefitted our results."
Mr. Fishman continued, "From a merchandising perspective, our sales performance was positive across all major merchandise categories with home, furniture, and hardlines as the best performing categories comping up in the high single digits for the quarter. Our business in consumables, seasonal, and toys was also quite good and comped up in the low to mid-single digits."
Mr. Fishman concluded, "Exiting the holiday quarter and beginning 2010, our inventories have been well-controlled which has enabled us to chase opportunities in a deal environment that continues to improve."
We expect to report results for the fourth quarter of fiscal 2009 on Wednesday, March 3, 2010.
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