Excluding the charge, the second quarter net loss was$9.9 million, or 9 cents per share. These earningsfell within the chain's previous guidance. Analystswere expecting a loss of 11 cents per share, accordingto Thomson First Call.
Net sales for the second quarter were $1.1 billion, a5.6% increase compared to the $995 million for thesame period last year. Same-store sales weredisappointing and at the low end of the chain'sguidance at 0.2%, driven by a 2.3% decrease in customer transactions. However, the average customer "basket" increased 2.5%.
During the quarter, the chain brought on a newchairman, president and CEO Steven S. Fishman, who hasbeen with the company just six weeks. "Business trendshave been disappointing, and although we met oursecond quarter guidance, I am not happy with theresults," he said during the company's earningsconference call.
However, Fishman said that investors and customersshouldn't expect to see any major changes during thethird quarter because merchandise and strategies arealready in place. The company said it expects to posta third quarter loss between 18 cents to 22 cents and same-store sales of 1% to 3%.
Big Lots operates 1,535 stores in 47 states.
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