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• Net sales of the company fell 15.4% in the quarter
US retailer Big Lots on Friday reported double-digit sales decline in the first quarter amid record high inflation.
Net sales of the company fell 15.4% in the quarter ended April to $1.37 billion, compared to $1.63 billion last year.
“We believe the slowdown was caused by the spending pressure our consumers felt from higher gas prices and broader inflation, which is affecting discretionary purchases across the retail industry,” said CEO Bruce Thorn.
In the first quarter, net loss of the retailer was at $11.1 million, or $0.39 per share while the net income was $94.6 million, or $2.62 per diluted share.
Big Lots plans to increase promotional activity going ahead, including lowering some opening price points to attract shoppers.
Picture Credits: Zuma Press
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