by Retailer slightly narrows net loss during the same periods, while also reporting $556.1 million in debt which its earnings statement described as in “default and accelerated”
COLUMBUS, Ohio — Retailer Big Lots has reported declines in sales for its second fiscal quarter and first half ended Aug. 3, while slightly narrowing its net loss.
The company reported $1.05 billion in net sales for the second quarter, down 8.14% from $1.14 billion in net sales the same period a year earlier.
Its net loss totaled $238.5 million, or $8.04 per share, down from $249.8 million, or $8.56 per share, the same period last year. Meanwhile, its operating loss rose to $221.8 million, from $122.1 million the same period last year, and its gross margin totaled 34.9% of sales up from 33% a year earlier.
For the full first half, net sales totaled $2.1 billion, down 9.2% from $2.3 billion the same period last year.
Its net loss totaled $43.5 million, or $15.04 per share, compared with a net loss of $455.9 million, or $15.67 per share, the same period last year. Its operating loss rose to $414.7 million, from $383.3 million a year earlier. Its gross margin for the first half was 35.8% of sales, compared with 34% of sales during the first half a year earlier.
The latest financial report comes on the heels of its Sept. 9 Chapter 11 bankruptcy petition. The earnings statement said it had $556.1 million in debt, substantially all of which, it noted, is “in default and accelerated.”
In its filing, it listed assets of $2.9 billion, including $837.3 million in inventories as of Aug. 3, compared with $3.3 billion, including $953.3 million in inventories as of its first quarter ended Feb. 3. It also listed $2.9 billion in current liabilities, compared with $3.3 billion as of Feb. 3.
