Big Lots, an American retail company headquartered in Columbus reported sales growth of 11.1% to $1,439 million in the first quarter of the financial year 2020 as compared to the previous year sale of $ 1,296 million. Net income for Q1 raised to $ 49.3 million and operating profit was $ 74.4 million.
The gross margin for the quarter rose to $570.7 million ($519.0 million). Selling, general and administrative expenses for Q1 FY20 fell slightly to $458.6 million ($460.6 million).
“We’ve grown as an organization through these unprecedented times, and it has been amazing to see the team step up our game. Most importantly, our primary focus has been on maintaining a safe and healthy environment for our associates and customers,” Bruce Thorn, president, and CEO of Big Lots, said in a press release.
“Looking forward, we are off to a strong start in the second quarter and believe we are well-positioned to navigate through the ongoing Covid-19 crisis, with strong alignment between our assortment and current customer demand. Equally, we are very focused on ensuring sustainable improvements in our business beyond the crisis,” Thorn said.
