Big Lots profit takes hit in Q2; announces executive changes
Columbus, Ohio -- Big Lots reported Thursday that net income for the quarter ended July 28 slipped to $22.1 million, from $35.7 million in the year-ago period.
Sales in the United States edged up 1.7% to $1.18 billion, from $1.16 billion, and domestic same-store sales decreased 1.9% for the quarter.
In Canada, the company recorded a loss for the quarter of $3.3 million, widened from its loss of $1.2 million last year.
Big Lots has lowered its guidance for the year. It also announced a lineup of organizational changes, including the resignation of executive VP of merchandising Douglas Wurl. Stepping in will be John Martin, who has been serving as executive VP administration but served as executive VP merchandising prior. He has been promoted to executive VP and chief merchandising officer.
Other promotions include Lisa M. Bachmann to executive VP and COO; Charles W. Haubiel II to executive VP, chief administrative officer; Timothy A. Johnson to senior VP, CFO; and Michael A. Schlonsky to senior VP human resources.