Big Lots, a US-based community retailer, reported its full fiscal 2019 sales rose 1.6 per cent to $5.3 billion compared to $5.2 billion. Net income in FY19 that ended on February 1, 2020 increased from $156.8 million in FY18 to $242.5 million in reported year.
Operating profit rose to $334.8 million compared to $218.5 million in prior year.
Big Lots, a US-based community retailer, reported its full fiscal 2019 sales rose 1.6 per cent to $5.3 billion compared to $5.2 billion. Net income in FY19 that ended on February 1, 2020 increased from $156.8 million in FY18 to $242.5 million in reported year. Operating profit rose to $334.8 million compared to $218.5 million in prior year.#
Net sales in fourth quarter (Q4) FY19 to $1.6 billion compared to $1.5 billion in same period prior year. However, operating profit fell from $148.4 million in Q4 FY18 to $125.5 million in the reported quarter. Net income in the quarter was $93.7 million (Q4 FY18: $108.0 million).
Big Lots, a US-based community retailer, reported its full fiscal 2019 sales rose 1.6 per cent to $5.3 billion compared to $5.2 billion. Net income in FY19 that ended on February 1, 2020 increased from $156.8 million in FY18 to $242.5 million in reported year. Operating profit rose to $334.8 million compared to $218.5 million in prior year.#
"Our fourth quarter was a hard-fought one in which our sales came in below expectations and increased promotions drove our gross margin rate lower. However, these impacts were significantly offset by continued strong expense management and a favourable tax rate,” Bruce Thorn, president and CEO of Big Lots, said in a press release.
Big Lots, a US-based community retailer, reported its full fiscal 2019 sales rose 1.6 per cent to $5.3 billion compared to $5.2 billion. Net income in FY19 that ended on February 1, 2020 increased from $156.8 million in FY18 to $242.5 million in reported year. Operating profit rose to $334.8 million compared to $218.5 million in prior year.#
"We expect a challenging first quarter of 2020, due in part to upfront investments in our higher-return growth initiatives, combined with a slow start to the quarter and the sales impact of
supply chain disruption related to the coronavirus, Thorn said.
Big Lots, a US-based community retailer, reported its full fiscal 2019 sales rose 1.6 per cent to $5.3 billion compared to $5.2 billion. Net income in FY19 that ended on February 1, 2020 increased from $156.8 million in FY18 to $242.5 million in reported year. Operating profit rose to $334.8 million compared to $218.5 million in prior year.#
Notwithstanding these near-term uncertainties, we are working hard to deliver sustainable improvements in the company's performance, and we expect the results of these initiatives to become more evident as the year progresses.”
Fibre2Fashion News Desk (JL)
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