Deep-discount retailer Big Lots (NYSE:BIG) reported quarterly revenue that topped expectations as the company seeks to revamp its corporate structure following the complete shutdown of its Canadian operations.
Big Lots said the loss from its Canada exit was lower than expected, but the quarter was negatively impacted by the severe weather in parts of the United States and Canada following a highly competitive holiday season. Big Lots closed its final Canadian store at the end of February after announcing that it would shutter the unit in December. The closures resulted in the loss of about 1,600 jobs.
Big Lots said total revenue fell 6 percent to $1.64 billion, but still beat Wall Street's estimate of $1.61 billion. Net income fell 30 percent to $84.4 million from $120.3 million a year earlier. Same-store sales also declined by 3 percent.
Looking ahead, the company has promoted Timothy Johnson to exec-VP and CFO to guide the company through its continued cost-savings and turnaround efforts. Johnson has served as CFO since 2012, and is also a member of the executive leadership team which guides the company's strategic direction.
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