Big Lots sales surge with US residents still on shopping spree
Big Lots Inc., based in Columbus, Ohio, became the latest US chain to benefit from the shopping surge that started during the pandemic and continues to gain momentum.
The company reported Wednesday that sales at stores open at least a year jumped 7.4% in the three months that ended July 31, compared with the same period last year. Big Lots said its profit also surged, reaching $452.7 million in its fiscal second quarter, which ended July 31.
The chain, which has more than 1,400 stores in the US, joined many other retailers in posting strong results as American consumers are spending more and more on goods. People are still spending a lot on food and household items as they prepare to spend more time at home this fall and winter.
Big Lots posted about $1.4 billion in sales in the second quarter, which is higher than the $1.34 billion that Wall Street analysts expected.
Big Lots, like many other chains, spent the beginning of the pandemic closing stores and reducing staff. But the chain has made a comeback since the lockdowns lifted.
Big Lots, which sells home goods, furniture, and other products, said it expects sales in the second half of this fiscal year to increase in the low single digits.