Columbus, Ohio – Net income and sales declined at Big Lots Inc. during the fourth quarter of fiscal 2013 as compared to the same quarter in the prior fiscal year. Net income declined 30% to $84.3 million from $120.3 million, while net sales dropped 6% to $1.64 billion from $1.74 billion.
U.S. same-store sales dropped 3%. The retailer cited a net loss in its Canadian operations as contributing to its disappointing overall performance. In December 2013, Big Lots announced it planned to exit the Canadian market, and closed all Canadian stores by the end of February 2014.
During the full fiscal year 2013, Big Lots reported a 29% net income drop to $125.3 million from $177.1 million. Net sales declined 1% to $5.3 billion from $5.37 billion.
Looking Ahead, Big Lots estimates a first quarter loss from its discontinued Canadian operations in the range of $37 to $41 million, or $0.64 to $0.71 per diluted share, as it continues wind down efforts. This estimate includes charges related to lease liabilities, severance and asset impairment. The retailer also expects U.S. same-store sales for the full fiscal year to range from flat to 2% growth.