Big Lots hits near 1-month low after results miss

Former BL Stores

01/12/2022 18:19

(Updates)
    ** Shares of discount retailer Big Lots Inc  BIG.N  fall as
much as 14.8% to a near 1-month low of $16.61
        ** Stock last down about 8%  
  
        ** BIG reports Q3 loss of $2.99/share, bigger than
analysts' estimates for loss of $2.94 - Refinitiv
    ** Revenue of $1.2 bln just short of expectations of $1.21
bln; Comparable sales tumble 11.7%
    ** BIG did not provide Q4 earnings guidance, citing
atypically wide range of outcomes
    ** Sees Q4 comparable sales to be down in low-double-digit
range
        ** "Like many retailers, it appears that COVID-19 helped
(BIG) over-earn in the past two years, with the reset underway,"
Telsey Advisory Group analyst Joe Feldman writes in a note
  
        ** "Big Lots has a lot of initiatives to improve the
business, but we wait to see results," says Feldman
  
    ** YTD, stock down ~61% including Thursday's losses
 (Reporting by Aparupa Mazumder and Deborah Sophia)
 ((Aparupa.Mazumder@thomsonreuters.com;))