Big Lots Q2 profit slips 8%
Columbus, Ohio — Big Lots reported Thursday that net income for the quarter ended July 30 declined 8% to $35.7 million, compared with $38.9 million a year earlier. The company cited same-store sales declines and a charge related to its new Canadian stores for the performance slip.
Revenue rose 3% to $1.17 billion from $1.14 billion. Same-store sales fell 1.5%.
Big Lots acquired Liquidation World in July as part of a strategy to expand into Canada.
Guess profit falls 9.1% on charge
San Francisco — Guess reported Wednesday that profit for the second quarter dipped 9.1% on a hefty settlement charge.
The retailer said that net income fell to $60.7 million from $66.8 million, as it was hit by a $19.5 million settlement charge.
Revenue for the quarter rose 17% to $677.2 million from $577.1 million, beating analysts’ estimates.
Books-A-Million to buy leases of 14 Borders stores
New York City — A Wednesday report by Bloomberg said that Borders and Books-A-Million reached an agreement for a lease sale involved 14 Borders superstores and specialty stores for $934,209.
Citing documents filed Wednesday in U.S. Bankruptcy Court in Manhattan, the report said the store locations include Portland, Maine; Canton, Ohio; Concord, N.H.; and Mays Landing, N.J.
The agreement is conditional on approval by the bankruptcy court by Aug. 29. A deal for Books-A-Million to buy 30 Borders locations fell through in July.