Third quarter sales at Big Lots held steady as the retailer reported a slight increase in comparable store sales and solid growth in net income.
For the three month period ended October 28, net sales were $1.1 billion, up 0.5% from the comparable quarter the previous year. Comparable store sales were up 1%. Net income was $4.4 million, or $0.10 per diluted share, up from net income of $1.4 million, or $0.03 per diluted share, in the third quarter of the prior fiscal year.
“In a challenging retail environment, the team delivered on our financial commitments with sales in line with our communicated guidance and EPS growth above our expectations,” said David Campisi, Big Lots president and CEO. “(Our customer) continues to respond positively to our strategy focusing on ownable and winnable merchandise categories, improved merchandise presentations, and more consistent, friendly customer service and in-store execution.”
For the fourth quarter, the company expects income of $2.35 to $2.40 per diluted share, compared with adjusted income of $2.26 per diluted share for the fourth quarter of the prior fiscal year. Comparable store sales are expected to be between flat and 2%.