Big Lots Sets Long Term Growth Goals

Columbus, Ohio — Big Lots, Inc. has provided a long-range growth and margin outlook, including a sales goal of $8-$10 billion driven by approximately 500 net store openings, merchandise sales productivity initiatives and continued e-commerce growth; an operating margin goal of 6% to 8% driven by gross margin improvement and expense leverage; and a return on invested capital goal of 20% to 25%.

“We are highly confident that Operation North Star has put us on track to create tremendous long term value for shareholders, and that we now have the visibility to provide a long term financial outlook,” says Bruce Thorn, president and CEO of Big Lots. “We see a clear and long runway for growth ahead of us, coupled with the opportunity to drive returns through margin expansion and judicious capital allocation. We have all of the foundations in place to accomplish this, including a seasoned and ambitious team, new tools and technologies, and a proven pipeline of innovation.”

The company also provided an update on results for the fourth quarter of fiscal 2021. On a quarter-to-date basis through the end of fiscal December, the company achieved a 2-year comparable sales increase of approximately 9%.

Adds Thorn: “We are pleased with our holiday performance, with 2-year comps for fiscal November and December running up 9%. Our outstanding team has worked tirelessly to offset headwinds from the global supply chain to ensure our customer would find what she wanted in our stores and online. While the Omicron variant creates some near-term challenges, we look forward to rounding out another very successful year for the company.”

Headquartered in Columbus, Ohio, Big Lots, Inc. is a neighborhood discount retailer operating 1,431 stores in 47 states, as well as a best-in-class e-commerce platform with expanded capabilities via BOPIS, curbside pickup, Instacart and same-day delivery. For more information, visit www.biglots.com.

 

 

 

SOURCE: Big Lots, Inc.

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