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COLUMBUS, Ohio — Big Lots Inc. announced the promotions of three executives on Friday and posted fiscal second quarter financial results that exceeded Wall Street’s expectations.
Big Lots Inc. announced the promotions of three executives on Friday and posted fiscal second quarter financial results that exceeded Wall Street’s expectations.
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The personnel moves were made to support Big Lots’ long-term strategy and enhance shareholder value, the company said.
Lisa Bachmann was promoted to executive vice president, chief merchandising and operating officer; Timothy Johnson was promoted to executive vice president, chief administrative officer and chief financial officer; and Michael Schlonsky was promoted to executive vice president, human resources and store operations.
David Campisi, Big Lots’ president and chief executive officer, noted that each of the promoted executives has contributed to the company’s turnaround effort. "Lisa, TJ and Mike have been by my side from the beginning, helping to lead the significant transformation of our strategy and our company’s culture," Campisi remarked. "Over the last two years, the team has attracted talent, developed a long-term strategy, made the tough decisions and delivered upon our financial commitments."
Big Lots noted that it had $17.7 million in income from continuing operations in the three months ended August 1, compared to $17.2 million a year earlier. The company also posted another same-store sales increase amid merchandising improvements, with sales at stores open at least 15 months up 2.8% year on year. Big Lots buys a range of merchandise discounted as a result of liquidations, production overruns and packaging changes and sells it at lower prices than traditional discount retailers.
"I’m pleased with our second quarter results," Campisi said. "Despite unseasonable weather conditions, Q2 comps increased 2.8%, reflecting strength in our winnable and ownable categories and improved consistency in all aspects of our operations."
