BIG - Why Big Lots Stock Scored a Big 7% Gain Today
2023-11-30 12:44:30 ET
Shares of Big Lots (NYSE: BIG) rose 6.9% through noon ET on Thursday after beating earnings this morning...sort of.
Heading into the third quarter, analysts had forecast the retailer would lose an adjusted $4.66 per share for the quarter. And yes, Big Lots did "beat" that forecast by losing only $4.38 per share. (Hurray?) The company also met the consensus sales forecast with $1.03 billion in merchandise sold in the quarter.
And yet, the news wasn't all bad. Counting a big $4.53 per share tax benefit recorded in the quarter, it turns out that Big Lots was actually able to report a net profit in Q3. When earnings are calculated according to generally accepted accounting principles (GAAP) , the company's net profit amounted to $0.16 per share.
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Why Big Lots Stock Scored a Big 7% Gain Today