COLUMBUS, Ohio — Furniture continued to be a driver for Top 100 retailer Big Lots, as the category grew by 30% compared to the same quarter in 2019.
Citing the unusual circumstances of 2020, including the impact of COVID and quarantining, the Columbus, Ohio-based retailer drew comparisons to 2019 to show the upward trajectory of its plans in a more stable landscape as it released its Q2 earnings statement on Aug. 27.
“We saw two-year comp sales growth across all merchandise categories other than food, with strong double digit two-year growth in furniture, soft home, hard home, and apparel, electronics and other,” said Bruce Thorn, president and CEO.
In a call with investors that coincided with the earnings release, Thorn said furniture outperformed most of the company’s categories in the second quarter, with upholstery being a particularly strong driver. He praised the success of Broyhill, which accounts for 40% of all of Big Lots’ total upholstery sales. Big Lots acquired the Broyhill brand in 2019.
“Also within furniture, we are very enthusiastic about the expanding offering in our entry-level price-point Real Living brand, which provides great value for our existing and new customers,” Thorn added.
For the quarter, Big Lots reported net sales of $1.456 billion, which was down 11.4% compared to $1.644 billion in the same quarter in 2020, but up 16.4% versus the $1.252 billion in 2019’s comparable time frame. Adjusted earnings per share in Q2 came in at $1.09, which was down 60.4% from 2020’s $2.75, but up 105.7% compared to 53 cents per share in the same span in 2019. The $1.09 per share lined up with the company’s previously stated guidance range of $1.00 to $1.15 per share.
Net sales in the year-to-date snapshot stood at $3.082 billion, which was relatively even compared to 2020’s $3.083 billion and up 21% versus its $2.548 billion in 2019. Earnings per share for the year checked in at $3.75, down 6.7% from 2020’s $4.02 per share, but up 156.8% compared to $1.46 in 2019.
Thorn noted that results for the quarter were tempered by continued supply chain and freight headwinds, as well as other inflationary pressures. He said Big Lots’ first forward distribution center became operational at the end of the quarter and the second will begin operations next week.
“We know that the supply chain headwinds will continue into the fall and holiday, and the situation remains fluid. But our team is working exceptionally hard to get through this and make sure that our assortments continue to surprise our customers and deliver phenomenal value,” Thorn said.
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August 27, 2021 at 08:35PM
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Furniture remains strong for Big Lots in Q2 - Furniture Today
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