During the first half of the fiscal year, Big Lots’s sales of soft home goods decreased more dramatically than the company’s overall sales.
Soft house sales for the first half of the year, which ended on August 3, decreased by more than 11.4% to $308.9 million. Sales for the entire company fell 9.1%.
Hard house sales decreased even further, falling by 12.8%. Sales of seasonal goods decreased by 11.4%. The 4.0 drop for furniture was quite healthy.
Big Lots divided several of its smaller product groups into larger categories last year, and in its 10Q quarter reports, it now presents the results in six silos. Among them are:
Soft Home: Departments of clothes, hosiery, jewelry, frames, bath, window, decorative textile, area rugs, and fashion and utility bedding.
Hard Home and Other: Toys; electronics sectors; small appliances; tabletop; food preparation; home upkeep; home organizing; and other offerings.
Seasonal: Summer, Christmas, Lawn & Garden, and other holiday departments.
Furniture: Case goods, ready-to-assemble, mattress, upholstery, and home décor sections.
On September 9, Big Lots filed for bankruptcy. By the end of the second quarter, 1,389 of its stores were in operation. The retailer declared on September 11 that, as part of the reorganization process, 344 sites would be closed. Since then, it has increased the number and is currently closing (or getting ready to close) over 400 units.
Sales of soft homes decreased 10.3% to $156.3 million in the second quarter. The only category with lower performance was seasonal.
