Broadline closeout retailer Big Lots, Inc. (BIG), Thursday reported a 5.1% increase in comparable store sales for the fourth quarter, while retail sales increased 6.9%.
The Columbus, Ohio-based company's fourth-quarter retail sales increased 6.9% to $1.45 billion from $1.36 billion for the fourth quarter of fiscal 2008.
On average, 12 analysts polled by Thomson Reuters expect the company report revenues of $1.43 billion for the quarter.
The company noted that the quarterly comparable store sales growth exceeded its most recent guidance which called for an increase in the range of 3.5% to 4.5%.
The company attributed the variance to the high end of comparable store sales guidance to the outperformance of the business in the last three weeks of January as a result of better than expected results from mid-January ad circular event, strong response to semi-annual Buzz Club/Buzz Club Rewards promotion sent out to over 5.5 million customers and less unfavorable weather compared to last year.
For the fifty-two week fiscal 2009, retail sales increased 1.5% to $4.67 billion, compared to $4.60 billion for the fifty-two week fiscal 2008. Comparable store sales increased 0.7% for fiscal 2009. Analysts currently expect full year sales of $4.69 billion.
Commenting on sales for the quarter, Steve Fishman, chairman and chief executive officer said, "Our merchants delivered great values, our stores executed more consistently, and we believe we are beginning to see some early benefits from our new Buzz Club Rewards program. Additionally, we believe the improvement in consumer discretionary trends first experienced in the September/October timeframe continued through the holiday season and benefitted our results."
The company noted that its From a merchandising perspective, our sales performance was positive across all major merchandise categories with home, furniture, and hardlines as the best performing categories comping up in the high single digits for the quarter. Our business in consumables, seasonal, and toys was also quite good and comped up in the low to mid-single digits," Fishman added.
The company expects to report results for the fourth quarter of fiscal 2009 on Wednesday, March 3, 2010.
BIG is currently trading at $29.86, up 0.65 or 2.23%, on a volume of 1.08 million shares on the NYSE.
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