Discount retail Big Lots has more stores planned this year as it continues to build on the business gained during the pandemic.
Executives for the Westerville, Ohio-based company said during their earnings call with analysts that Big Lots is on course to meet or exceed 50 net new stores during current fiscal year. That would be more than double the 23 net new stores opened in the fiscal year that ended Jan. 29.
Real estate expansion is one of the key pillars to future growth along with a focus on furniture and other products and e-commerce, the company said.
Last year, the retailer’s sales exceeded $6 billion for the second consecutive year, an improvement on sales prior to the pandemic. For the year, sales were $6.15 billion compared to nearly $6.2 billion in 2020, the company’s best year ever.
Big Lots said it was able to rack up sales even as it was dealing with supply-chain disruptions and the rise in coronavirus cases in December and January.