Big Lots Posts Wider-than Expected Q3 Loss, Sees Weak Q4 Comps; Stock Down In Pre-market

(RTTNews) - Home discount retailer Big Lots, Inc. (BIG), while reporting wider net loss and weak sales in its third quarter on Thursday, said it expects fourth-quarter comps to be down in the low-double-digit range.

Net new stores will add about 170 basis points of growth versus 2021. The company expects the fourth quarter gross margin rate to improve sequentially but remain in the mid-30s range.

In its third quarter, Big Lots reported a net loss of $103.01 million or $3.56 per share, wider than net loss of $4.33 million or $0.14 per share a year ago.

Adjusted net loss for the latest quarter was $86.7 million, or $2.99 per share.

On average, eight analysts polled by Thomson Reuters expected loss of $2.94 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the third quarter totaled $1.20 billion, a 9.8 percent decrease compared to $1.34 billion for the same period last year. Analysts estimated sales of $1.21 billion for the quarter.

The decline was driven by a comparable sales decrease of 11.7 percent.

In pre-market activity on the NYSE, Big Lots shares were losing around 6.7 percent to trade at $18.20.

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