BIG - Big Lots Q1 Earnings: Revenue And Profit Miss Ditches EPS Outlook Stock Crashes | Benzinga
Big Lots, Inc. (NYSE:BIG) shares are trading lower on Thursday.
The company reported a first-quarter adjusted loss per share of $4.51, missing the street view for a loss of $3.92.
Net sales for the first quarter of fiscal 2024 totaled $1.009 billion, a 10.2% decrease compared to $1.124 billion for the same period last year. Sales missed the analyst consensus estimate of $1.04 billion. The decline to last year was driven by a comparable sales decrease of 9.9%.
“Our operational initiatives to offer a larger assortment of new and exciting extreme bargains, cut costs, and increase productivity exceeded our targets in Q1,” Bruce Thorn, President and CEO of Big Lots, stated.
“This enabled us to improve consumer perceptions about our ...