BIG - Big Lots May Grapple With Negative EBITDA And Cash Burn Next Year: Analyst Cautions | Benzinga

Piper Sandler analyst Peter J. Keith reiterated the Underweight rating on Big Lots, Inc. (NYSE: BIG) and reduced the price target to $3.50 from $6.00.

The company reported a third-quarter FY23 sales decline of 14.7% year-on-year to $1.027 billion, missing the analyst consensus estimate of $1.03 billion. The decline to last year was driven by a comparable sales decrease of 13.2%.

While comp is trending toward less negative, the analyst still sees comp challenges in 2024 as BIG will still be lapping notable markdown activity from 2023.

Also Read: Full story available on Benzinga.com