Big Lots Will Continue to Focus on More Extreme Bargains

Big Lots, the US discount chain, said on Thursday, First-quarter net sales fell 10.2 percent to $1 billion,That's down from $1.1 billion last year. The company also reported a net loss of $205 million, The same as the previous year, But Bruce Thorn, the chief executive, said. As cost management initiatives begin to pay off, Big Lots net liquidity from the fourth quarter, $254 million to $289 million. First-quarter net sales fell 10.2 percent to $1 billion, That's down from $1.1 billion last year. The company also reported a net loss of $205 million, The same as the previous year, But Bruce Thorn, the chief executive, said. As cost management initiatives begin to pay off, Big Lots net liquidity from the fourth quarter, $254 million to $289 million.

This quarter's debt was also down from the same period last year, $501.6 million to $573.8 million. Same-store sales were down nearly 10% year-over-year, Gross margin edged up to 36.8 percent. Though Big Lots is improving, Progress has been made in business operations, But Thorne said, The company continues to feel consumers. The impact of limited spending on big-ticket nonessential items,That's partly because of persistent inflation and high interest rates.

Big Lots at the end of the first quarter, Inventories are down, It fell to $949.9 million from about $1.09 billion last year. The company says lower existing goods. And average commodity costs help to lower this indicator. The company will continue to focus on securing even more extreme bargains,And to its sales team in March, A series of adjustments were made to improve its procurement.

Thorne said: "With a team of highly focusedExtreme Value Purchasing team, We will continue to be flexible in showing our open purchases, We are rapidly expanding our relationships with suppliers, Have a bigger presence in the clearance acquisition market."

Big Lots has taken a number of steps over the past year to improve its financial position and operating performance. Last year, it leased back most of its stores, Distribution center in California and corporate headquarters building in Ohio. In April, the company was awarded. A new $200 million term loan,to further improve its liquidity. The loan was secured by a mortgage at the company's headquarters,It is in addition to an existing $900 million asset facility.

Also in April, Big Lots was in China and Vietnam, A procurement office was opened. The company says,This will make purchasing goods more competitive,And reduce costs through internal operations. Big Lots' outlook for the second quarter,As actions to improve operations continue to progress,Same-store sales will be comparable. The first quarter was an improvement from the previous quarter, And will decline in the mid to high single digits.