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. (BIG) is a Columbus, Ohio-based retailer in the All Other General Merchandise Stores industry that describes itself as one of the nation’s largest closeout retailers focused on extreme value. The news surrounding Big Lots often reflects its discount, bargain-driven approach to home-related merchandise and its efforts to engage value-conscious shoppers.
On this news page, readers can find coverage of Big Lots announcements such as seasonal promotions, holiday sales events, and themed campaigns built around extreme bargains. Recent releases have highlighted initiatives like fall and Halloween promotions, Black Friday-style events on Fridays, Thanksgiving and Black Friday sales, and holiday treasure hunts offering gift card vouchers in stores. These updates illustrate how the company uses events and discounts to reinforce its positioning around bargains to brag about.
Big Lots news also includes developments in customer engagement and digital tools. The company has announced an enhanced Big Lots app for Big Rewards members, featuring rewards access, personalized dashboards, and exclusive offer notifications, as well as an affiliate program for creators and publishers to share closeout opportunities and earn commissions on referral sales.
Another important category of news relates to Big Lots’ financial and restructuring situation. The company has disclosed Chapter 11 proceedings and court approval for the sale of substantially all of its assets and ongoing operations to an affiliate of Nexus Capital Management LP, subject to closing conditions. In addition, Big Lots frequently issues releases about its philanthropic work through the Big Lots Foundation, including disaster relief donations and contributions of home furnishings and essentials to nonprofits. Investors and observers can use this page to follow these operational, promotional, and restructuring updates over time.
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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