Big Lots Loss Narrows
Columbus, Ohio, Big Lots Inc. reported a narrowed third-quarter loss on higher revenue compared with year-ago results that were hurt by a one-time charge. The closeout retailer’s loss totaled $18.8 million, or 17? per share, compared with a loss of $32.1 million, or 29? per share, a year earlier. Last year’s results included a $6.6 million charge related to the company’s former KB Toys division.
Revenue increased 6% to $1.04 billion from $980 million last year, with same-store sales up 1.7% at locations open two years. The company’s results topped analysts’ consensus estimates for a loss of 24? per share on $1.03 billion in revenue.
Finlay Signs New Agreement With Federated
New York City, Finlay Enterprises, the leading operator of licensed fine-jewelry departments in department stores, has signed a new three-year agreement with Federated Department Stores for the four Macy’s divisions in which Finlay currently operates. The new agreements were negotiated as a result of Federated’s recent acquisition of The May Department Stores Co. and the merged companies’ subsequent divisional realignment.
Couche-Tard Has Strong Quarter
Laval, Canada, Alimentation Couche-Tard posted strong second-quarter growth: Net earnings jump 44.9% to $55.5 million in the quarter ended Oct. 9. Revenues increase by 29.9% or $551.6 million to $2.39 billion. The company also signed an agreement in the second quarter to acquire 16 sites in New Mexico, United States and two agreements in the third quarter for 26 sites in Tennessee and seven sites in Ohio.