Just days after announcing a major sale on key items, including its proprietary Broyhill collection, Big Lots reported a drop in revenue for the second quarter.
Net sales for the second quarter were $1.35 billion, a 7.6% decrease compared to net sales of $1.46 billion for the comparable quarter last year. The decline was driven by a comparable sales decrease of 9.2%.
Net loss for the quarter ended July 30 was $84.2 million, or $2.91 per share, which includes an after-tax charge of $18.1 million, or $0.63 per share associated with store asset impairment charges. Excluding this charge, the adjusted net loss was $66.0 million, or $2.28 per share. Net income for the second quarter of fiscal 2021 was $37.7 million, or $1.09 per diluted share.
"We remain laser focused on helping our customers navigate these challenging times by delivering outstanding value across our assortment,” said Bruce Thorn, president and CEO of Big Lots. “We are managing the business prudently, while working hard to build a stronger company and deliver on our commitments to our customers, associates, and shareholders."
Thorn said during the quarter the company made progress repositioning its assortment towards better bargains/closeouts and lower price points, and took important steps to enhance its balance sheet and secure its liquidity. Inventories were also reduced.
"We are moving faster to provide even better deals and assortments for our customers by leveraging our vendor relationships and excellent private label brands,” he added. “We are also building additional capabilities to grow our ecommerce business.