LYCOS RETRIEVER 
Big Lots: Company
built 656 days ago
Big Lots Inc. reported sales results for the fourth quarter and year ended February 2, 2008. The company reported fourth quarter retail sales for the thirteen week fiscal quarter ended February 2, 2008 were $1,400.8 million, compared to $1,531.4 million for the fourteen week fourth quarter in fiscal 2006. Comparable store sales for stores open at least two years at the beginning of the fiscal year decreased 0.6% for the fourth quarter of fiscal 2007. This result is in line with the Company's guidance communicated on November 30, 2007, which called for slightly negative comparable store sales. For the fifty-two week fiscal year 2007, retail sales were $4,606.2 million, compared to $4,687.0 million for the fifty-three week fiscal year 2006. Comparable store sales increased 2.0% for the fiscal year of 2007.
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On May 21, 2002, Big Lots reported first quarter net income of $12.2 million, compared to earnings of $0.3 million in the first quarter of 2001. Michael Potter attributed the successful quarter to all of the restructuring and strategic initiatives that the company had undergone since the divesture of Kay-Bee Toys. Customer traffic rose every month since November 2001 after falling for three straight years. There is no doubt that much of Big Lots success is due to the leadership of Michael Potter, who took over the company as Kay-Bee Toys was divested. The company predicted that the coming years will see a rise in sales and stock shares.
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Big Lots, Inc., through its subsidiaries, operates as a broadline closeout retailer in the United States. The company offers its products under four merchandising categories: consumables, home, seasonal and toys, and other. The consumables category includes food, health and beauty, plastics, paper, and pet departments. The home category includes domestics and home decor departments. Seasonal and toys category includes toys, lawn and garden, trim-a-tree, and various holiday-oriented departments. The other category primarily includes electronics, apparel, home maintenance, small appliances, and tools.
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Senior management at Big Lots is very proactive. The company recently developed a financial supply chain management system to help its vendors gain more efficient access to capital... keeping deliveries of merchandise to stores on time and at competitive prices. This financial supply chain management system is directly responsible for better inventory control and, more importantly, much quicker inventory turnover. Cost of sales has dropped and Big Lots has no debt. Total cash and investments increased by $136 million to $210 million. Such improvements in its balance sheet have convinced senior management to buy back up to $600 million of Big Lots stock.
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Big Lots Inc. (BIG) opened at 28.87. So far today, the stock has hit a low of 28.87 and a high of 29.81. BIG is now trading at 29.15, up 0.52 (1.80%). The stock hit its 52 week high of 36.15 in May and set its 52 week low of 19.81 in October. BIG lost some ground between April and August, but has been stronger recently. Retail shares have been rallying today led by Limited Brands Inc. (LTD) whose shares surged after the company said international expansion will be a key growth strategy.
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Big Lots seeks people who will flourish in the fun, fast-paced work environment provided by the company. Employees are encouraged to make decisions on their own, try new ideas and take on greater responsibility. Energy, enthusiasm and dedication to customers are ... important factors in overall company success. Careers are available here in the corporate offices, distribution & transportation and in retail.
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