Big Lots, Inc. (NYSE: BIG) reported third quarter financial results. The company reported a loss of $0.16 per share or USD 6.6 million. Net sales were USD 1.149 billion or up 3.4% compared to guidance of +2%-+4%.
Commenting on today’s release, Bruce Thorn, President and Chief Executive Officer of Big Lots, stated, “In terms of third quarter, we were pleased to achieve our second consecutive quarter of positive comps, but our bottom line results fell short of our expectations. While we expect near-term results to be challenging this holiday season, we have a strong brand, great people, and we are working swiftly to enhance our current strategy, identify new growth opportunities, and position our business for profitable expansion well into the future.”
Mr. Thorn continued, “I’m excited to have recently joined the Big Lots’ family at this point in its journey and I am optimistic about the future of our Company. In my first 60 days with the Company, I have invested time with my executive team to better understand our business and the opportunities, and I have met with many of our business leaders and associates through roadshows, town halls, and store and distribution center visits. We have great people and I have been particularly impressed with their passion and energy as we prepare to serve Jennifer this holiday season.”
Big Lots Updated Q4 guidance for comparable store sales in the range of flat to an increase of 2%. Q4 guidance for income has increased $2.20 to $2.40 per diluted share, compared to adjusted income of $2.57per diluted share (non-GAAP) for the same period last year.
Big Lots lost over 20% in share value after the release.