BIG - Big Lots Non-GAAP EPS of -$2.28 beats by $0.19 revenue of $1.35B beats by $10M
- Big Lots press release ( NYSE: BIG ): Q2 Non-GAAP EPS of -$2.28 beats by $0.19 .
- Revenue of $1.35B (-7.5% Y/Y) beats by $10M .
- Comparable sales of -9.2%.
- For Q3, the company expects one-year comps to be down in the low double-digit range. Net new stores will add about 140 bps of growth versus 2021. The company expects continued significant promotional activity in Q3, resulting in a quarter gross margin rate into the mid-30s, and that SG&A dollars will grow low single-digits to 2021. Given an atypically wide range of outcomes, the company is not providing EPS guidance at this point. The company expects a share count of approximately 28.9M for Q3. The company is taking aggressive actions to significantly improve the gross margin rate in Q4, to a rate that is approximately in-line with the prior year quarter. In addition, the company will continue to take actions to reduce expenses.
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Big Lots Non-GAAP EPS of -$2.28 beats by $0.19, revenue of $1.35B beats by $10M