Big Lot Q4 profit rises; opening 90 stores in 2012
COLUMBUS, Ohio — Big Lots’ fourth-quarter net income rose 4% to $114.7 million for the period ended Jan. 28, up from $110.1 million a year earlier. The chain also said it anticipates 90 new store openings in the United States in 2012.
Big Lots’ revenue in the quarter rose 10% to $1.67 billion, from $1.52 billion.
Sales for U.S. operations increased 7.5% to $1.63 billion. In Canada, which includes results from Liquidation World that was acquired in July, sales were $36.6 million. Same-store sales in the United States were up 3.4%.
For the year, Big Lots earned $207.1 million, compared with $222.5 million in the previous year.
Annual revenue rose 5% to $5.2 billion, from $4.95 billion.
Big Lots operated 1,451 stores in 48 states and 82 Liquidation World and LW stores in Canada as of Jan. 28.
For the first quarter of fiscal 2012, the company estimates that adjusted consolidated income from continuing operations will be in the range of 75 cents to 81 cents per diluted share (non-GAAP), a 7% to 16% increase compared to income of 70 cents per diluted share for the first quarter of fiscal 2011. The company expects same-store sales to increase in the range of 2% to 4% and a total U.S. sales increase in the range of 6% to 8%.