Search
 

Big Loss for Big Lots

COLUMBUS, OH-Big Lots Inc. reports another quarter in the red, partially due to KB Toys-related charges.

By Jennifer D. Duell | Updated on August 18, 2005

COLUMBUS, OH-Big Lots Inc. posted a net loss of $13.8million, or 12 cents per share, for the second quarterafter undergoing a $3.8 million tax charge related toKB Toys, a former subsidiary of the closeout retailer. Specifically, the charge was incurred as part of the toy store’s efforts to emerge from bankruptcy.

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%.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.