Net sales for the third quarter of fiscal 2009 increased 1.3% to $1,035.3 million, compared to $1,021.6 million for the same period in fiscal 2008. Comparable store sales for stores open at least two years at the beginning of the fiscal year decreased 0.2% for the quarter.
Operating profit (adjusted non-GAAP basis) for the third quarter of fiscal 2009 was $34.6 million, or 3.3% of sales, compared to last year's operating profit of $20.1 million, or 2.0% of sales.
For the third quarter of fiscal 2009, net interest expense was $0.5 million compared to net interest expense of $1.6 million last year with the improvement directly attributed to the overall cash flow of the business in the last 12 months. The effective income tax rate (adjusted non-GAAP basis) for the third quarter of fiscal 2009 was 35.2% compared to 33.2% last year, which benefited from favorable settlement activity spread over a smaller pretax income base.
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Big Lots is the nation's largest broadline closeout retailer. As of the end of the third quarter of fiscal 2009 (October 31, 2009), Big Lots operated 1,368 stores in 47 states. They also sell merchandise via our wholesale operations which are conducted through Big Lots wholesale, Consolidation International, and Wisconsin Toy.
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