Discount retailer Big Lots reported a third-quarter profit of $29.9 million on $1.38 billion in revenue, surpassing Wall Street’s forecasts.
The Columbus, Ohio-based chain has beat revenue forecasts three times over the last four quarters. The average revenue estimate of six analysts surveyed by Zacks Investment Research was $1.38 billion for the third quarter. Last year’s revenues were $1.17 billion for the same time period.
“We registered our strongest ever third-quarter sales comp and, by way of continued strategic management of our business and tight control of expenses, we delivered our highest ever adjusted EPS in a third quarter,” Bruce Thorn, president and CEO of Big Lots, said in a statement on Friday (Dec. 4).
He praised the commitment and hard work of employees across the chain’s distribution centers, stores and corporate headquarters, adding that they “continue to impress me week in and week out. Their commitment has been on display daily and remains a key driver to our superior performance.”
The company’s “Operation North Star” strategies included the third-quarter re-configuration of the food and consumables categories, as well as the expansion of eCommerce goods by instituting ship-from-store capabilities. The Broyhill brand and the Lot and Queue Line were also launched across 750 stores in the third quarter, with fast scaling of eCommerce proficiencies.
“With our steadfast focus on customer service, our strongly aligned assortment of everyday essentials and stay-at-home products, and our growing customer file, we believe we are well-positioned to navigate through and beyond the current environment,” Thorn said.
He added that he anticipates business will “moderate” due to the extra-long holiday shopping season, but “our strategic decision” to plan ahead “has paid off.”
Big Lots partnered with Instacart in June to facilitate same-day delivery from 1,400 stores across 47 states.
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