US discounter Big Lots has reported its financial results for the second quarter ended July 30, 2011 with a net sales increase of 2.2% to $1.17 billion. Net income increased to $35.7million from the $38.9 million in Q2 last year while comparable store sales decreased 1.5%.
Quarter results were impacted by a loss from continuing operations of $1.2 million related to the acquisition of Liquidation World, the company’s first expansion outside of the US. The company opened 15 stores in the second quarter and invested $236 million to repurchase 7.2 million shares, or approximately 10% of its outstanding shares.
Source: Planet Retail
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