Big Lots Same-Store Sales Jump 31% in Q2
Big Lots was in the right place at the right time in the second quarter with an assortment of everyday essentials and stay-at-home products that helped it achieve a 31.3% same store sales increase.
Comp sales were driven by strong results both in-store, where customer traffic and transaction sizes both increased double digits, and on-line, where CEO Bruce Thorn said the company acquired more new customers than in any prior quarter.
“The results in Q2 were made possible by exceptional teamwork across the entire organization, and I want to thank our associates in our stores, the distribution centers, and our corporate headquarters for their dedication, compassion and tireless efforts. Throughout, we have maintained our commitment to serving our customers and our communities in as safe and healthy environment as possible,” Thorn said. “With our assortment of everyday essentials and stay-at-home products, we are well positioned for what appears to be a new normal. Our balanced offering of thoughtfully curated merchandise, neverouts, and closeouts, differentiates us from the competition and continues to surprise and delight our customers with tremendous value."
Net sales for Big Lots in the second quarter of 2020 also increased by about 31%, to $1.64 billion, and the retailer posted net income of $452 million. Inventory ended the second quarter of fiscal 2020 at $714 million compared to $874 million for the same period last year with the 18% decrease resulting from strong sales results in all merchandise categories in the quarter and a slightly lower store count year-over-year.
Big Lots in late July launched its same-day delivery service via a partnership with on-demand logistics provider Pickup to begin same-day delivery of its entire retail assortment. Customers can order anything available at their local Big Lots store via biglots.com — delivering small and large items, from decorative accessories and snacks to furniture and mattresses — all within the same day. This service will be rolled out to 1,100 stores across the U.S. in the next month.
Big Lots, based in Columbus, Ohio, operates 1,404 retail stores. The company is No. 46 on The PG 100, Progressive Grocer’s 2020 list of the top food retailers in North America.