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. (NYSE: BIG), a leader in closeout retail and extreme value merchandising, maintains this dedicated news hub for investors and industry observers. Access verified press releases and financial updates covering earnings reports, strategic partnerships, and operational developments within the discount retail sector.
This resource provides centralized access to BIG's official announcements, including store expansions, leadership updates, and product assortment changes. Users will find timely information about inventory strategies, market positioning, and corporate responsibility initiatives relevant to value-focused retail.
Key content categories include quarterly financial results, vendor collaborations, liquidity management updates, and consumer trend responses. All materials are sourced directly from company filings and authorized communications to ensure regulatory compliance.
Bookmark this page for streamlined tracking of BIG's evolving story in the competitive discount retail space. Check regularly for updates on how the company continues to adapt its 'extreme bargains' model to changing market conditions.
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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