Big Lots’ home brands heading for $1B status

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Big Lots’ home brands heading for $1B status

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Columbus, Ohio – Two of Big Lots’ private label home brands are generating strong sales across their multi-category assortments.

The top-line Broyhill brand – which spans furniture, mattresses, fashion bedding, utility bedding, bath and décor – rang up more than $700 million last year, up 7% from the previous year. The moderately priced Real Living brand, which covers the same range of categories, generated more than $600 million in sales for the year.

“Both are on way to becoming billion-dollar brands,” said Jonathan Ramsden, EVP/CFO/CAO.

Initiatives this year include accelerating Big Lots’ next-generation furniture strategy and rolling out the Lots Under $5 treasure impulse buy set following a test in select stores last year. The mix of seasonal and “unique treasures” will rotate every two months. Big Lots will also amplify seasonal, including expanded assortments for pool, plants and fall clean-up.

The company logged its second consecutive year with sales over $6 billion and its second best performing year overall. Fiscal year sales totaled $6.15 billion, essentially flat to the previous year. Comps slipped 2.5% year-over-year but were up 13.2% on a two-year basis. Net income fell back sharply to $177.9 billion compared to $629.2 billion in the previous year.

For the quarter ended Jan. 29, net sales were essentially flat at $1.73 billion and up 7.8% compared to fiscal 2019. Comp sales fell 2.3% against a strong again of 7.9% in the year-ago period. On a two-year basis, comps were up 5.4%. Net income of $49.8 million included an after-tax charge of $3.8 million. Net income in the year-ago period reached nearly $98 million.

 

 

 



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Originally posted 2022-03-08 14:59:25.

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