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Big Lots Inc. Reports Narrower-Than-Expected Third-Quarter Loss

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Summary

Big Lots Inc.’s stock rose 7% in early trade Thursday, following the release of its third-quarter financial results. Despite a decline in sales, the company reported a narrower-than-expected adjusted loss per share. Big Lots remains optimistic about its future as it continues to make progress in turning around its business.

Financial Performance

Columbus, Ohio-based Big Lots recorded a net income of $4.7 million, or 16 cents a share, for the quarter. This is a significant improvement compared to a loss of $103.0 million, or $3.56 a share, in the same period last year. After adjusting for a one-time benefit related to gains on real estate sales and the closure of a distribution center, the company’s adjusted loss per share was $4.38. This was narrower than the consensus of FactSet analysts, which was $4.68.

Sales and Same-Store Performance

Sales for the quarter fell by 14.75% to $1.027 billion, slightly below FactSet analysts’ expectations of $1.031 billion. Same-store sales also declined by 13.2%, matching the FactSet consensus.

CEO’s Statement

Despite a challenging environment, CEO Bruce Thorn expressed satisfaction with the progress made in turning around the company’s business. He stated, “Although the environment remains challenging, we continued to make significant progress in turning around our business.” Thorn also shared his optimism for the future, mentioning the company’s expectation of a fourth-quarter adjusted operating profit ahead of last year’s performance. This would mark the first year-over-year improvement in nearly three years.

Outlook

Big Lots is anticipating a decline in fourth-quarter sales within the high-single-digit range.

Stock Performance

Year-to-date, Big Lots’ stock has fallen 67%, while the S&P 500 has gained 18.5%.

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