(RTTNews) - Broadline closeout retailer Big Lots Inc. (BIG: News ) Thursday reported a 0.2% decline in third-quarter comparable store sales, while retail sails increased 0.9% from the prior year.

The Columbus, Ohio-based company's retail sales for the quarter increased 0.9% to $1.02 billion from $1.01 billion in the prior-year quarter. On an average, 14 analysts polled by Thomson Reuters expected the company to generate revenues of 1.02 billion for the quarter.

For the thirty-nine week ended October 31, Comparable store sales decreased 1.1%. Year-to-date, retail sales were down 0.8% at $3.22 billion compared to $3.24 billion in the same period a year ago.

Commenting on, Steve Fishman, chairman and chief executive officer stated, "After a challenging start to the quarter and the back to school selling season, our sales trends improved after the Labor Day holiday as we posted positive comps in both September and October."

The company noted that from a merchandising perspective, its sales performance is becoming more consistent across major merchandise categories, and consumables and home were the best performing categories during the quarter.
Big Lots added that its toys and electronics departments also comped positive for the quarter which is encouraging as it move towards the holiday selling season, whereas sales comps were down in the low single digits in the seasonal and furniture categories, with the furniture softness directly attributable to mattress sales that were below last year levels.

"As we enter the holiday selling season, our inventories are well under control with sufficient open to buy dollars to chase compelling deals, and I am confident we are well positioned for the holiday selling season with a more branded merchandise assortment at better values than this time a year ago," Fishman concluded.

Big Lots said it expect to report results for the third quarter of fiscal 2009 on December 4.

BIG closed Wednesday's regular trading at $24.81 per share on the New York Stock Exchange.

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by RTT Staff Writer

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