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Big Lots tumbles 20% on disappointing earnings, outlook
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Published May 26, 2023 09:37AM ET
© Reuters. Big Lots (BIG) tumbles 12% on disappointing earnings, outlook
Big Lots (NYSE:BIG) shares tumbled as much as 20% in pre-market Friday after the company reported weaker-than-expected Q1 results and issued a disappointing forecast.
BIG posted a loss per share of $3.40 on revenue of $1.12 billion, missing the analyst target for a loss per share of $1.73 on revenue of $1.19B. Comparable sales declined as much as 18.2%, worse than the expected decline of 13.9%.
"Macro-economic headwinds have created significant challenges for us, which are reflected in our results and outlook. But we are confident that these headwinds will abate, and that when they do, we will see a major boost to our business,” said Bruce Thorn, President and CEO of Big Lots.
“In particular, we expect furniture and seasonal to return to being the strong growth drivers for our business they have been in the past, as consumer confidence improves and as we continue to bring newness and incredible value to our assortment."
For this quarter, the company expects comparable sales “down in the high-teens range, similar to Q1.” Full-year sales “will be weighted towards the back half of the year, as key actions to improve the business gain traction, and as cost reductions, including freight, continue to be realized.”
BIG shares fell 5.5% yesterday. Shares are down over 80% in the past 12 months.
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