Big Lots Loss Narrows
Columbus, Ohio, Big Lots Inc. reported a narrowed third-quarter loss on higher revenue compared with year-ago results that were hurt by a one-time charge. The closeout retailer’s loss totaled $18.8 million, or 17? per share, compared with a loss of $32.1 million, or 29? per share, a year earlier. Last year’s results included a $6.6 million charge related to the company’s former KB Toys division.
Revenue increased 6% to $1.04 billion from $980 million last year, with same-store sales up 1.7% at locations open two years. The company’s results topped analysts’ consensus estimates for a loss of 24? per share on $1.03 billion in revenue.