Big Lots falls after wider-than-expected Q1 loss

Former BL Stores

06/06/2024 13:18

** Shares of discount retailer Big Lots  RIC  down 16.8% at
$2.93 premarket
    ** Co posts wider-than-expected Q1 loss on persistent
softness in consumer spending on pricier discretionary items
    ** Excluding items, co posts Q1 adj loss per share of $4.51
vs estimates of a loss of $3.92 - LSEG
    ** However, co expects its gross margin rate to improve in
the current quarter and be up by at least 300 BPS as it cuts
back on deep discounts
    ** Net sales for Q1 ended May 4 were $1.01 bln, vs estimates
of 1.04 bln -LSEG
    ** YTD, stock down 54.8% as of last close

 (Reporting by Juveria Tabassum in Bengaluru)
 ((Juveria.Tabassum@thomsonreuters.com;))