Welcome to our dedicated page for Big Lots news (Ticker: BIG), a resource for investors and traders seeking the latest updates and insights on Big Lots stock.
Big Lots, Inc. reports developments tied to its value retail stores, customer promotions, and digital loyalty tools. Recurring updates cover seasonal sales events, holiday campaigns, the BIG Rewards app, and merchandise categories such as home furnishings, seasonal décor, toys, mattresses, furniture, and home essentials.
Company news also includes charitable activity through the Big Lots Foundation and product donations to community organizations. Corporate developments center on Chapter 11 proceedings, capital-structure disclosure, governance matters, operating and financial results, and risk factors tied to the retailer's public-company status.
Big Lots is celebrating National Bargain Hunting Week (Aug. 12-18) with new bargain-focused initiatives and a survey on American shopping habits. The survey reveals that 85% of shoppers bargain hunt for the thrill, while 62% find it therapeutic. During the week, Big Lots will offer daily 'Bargain of the Day' deals with 20-75% discounts on various products.
The company is also introducing a 'Brag on the Tag' social media filter for shoppers to share their bargain excitement. The survey highlights that 69% of shoppers bargain hunt out of habit, with top categories including apparel, pantry items, and seasonal products. 80% of shoppers regularly visit 2-3 retailers for pantry bargains, typically spending around $100 or less per trip.
Big Lots reported a Q1 2024 net loss of $205 million, or $6.99 per share, significantly impacted by impairment charges, Project Springboard fees, and distribution center closure costs. Adjusted EPS came in at a loss of $4.51. Net sales fell by 10.2% year-over-year to $1.009 billion, with a 9.9% decline in comparable sales. Despite sales challenges, gross margins improved, and operating expenses were reduced.
The company is targeting 75% bargains penetration and 50% extreme bargains penetration by year-end. Project Springboard is expected to deliver over $200 million in savings, ahead of schedule. Liquidity at the end of Q1 was $289 million, bolstered by a new $200 million term loan facility.
Big Lots anticipates positive comparable sales later in the year and ongoing gross margin improvements. However, the company did not repurchase any shares in Q1 and projects a continued challenging consumer environment in the near term.
Big Lots (NYSE: BIG) will report its first quarter results for fiscal 2024 on June 6, 2024. The company has scheduled a conference call at 8:00 a.m. Eastern Time on the same day.
Investors can access a live webcast via the Investor Relations section of Big Lots' website, or by calling 877.407.3088 (Toll Free) or 201.389.0927 (Toll).
An archive of the call will be available on the company's website until midnight June 20, 2024. A replay of the call will also be accessible through June 20 by dialing 877.660.6853 (Toll Free) or 201.612.7415 (Toll) and entering Replay Conference ID: 13746656.
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