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From Home Furnishing Business

Big Lots Reverses Q3 Loss as Furniture, Home Décor Sales Rise

Discount retailer Big Lots (NYSE:BIG) recorded a profit of $1.38 million or 3 cents per share in the quarter ended Oct. 29, reversing a net loss in the same period last year.

The reversal came despite a slight dip in sales, which fell to $1.105 billion from $1.116 billion in the comparable period.

The retailer said furniture was a top performer during the quarter, with sales rising in the mid-single digits. Upholstery, case goods and mattresses all benefitted from a recent expansion of the company’s home furnishings presentation, said David Campisi, president and CEO.

Soft home goods, including home décor, textiles and flooring, also recorded a sales increase in the mid-single digits, he said.

For the nine months ended Oct. 29, sales totaled $3.621 billion, up 0.4% from $3.607 billion in the same period in 2015.

The retailer said it is sticking with earlier projections of a same-store sales increase of 1% to 2% for the year, but is increasing its estimate for adjusted earnings per share to $3.55 to $3.60. In September, the retailer projected $3.45 to $3.55.

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