Big Lots slumps on posting wider-than-expected loss

Former BL Stores

26/05/2023 13:49

** Shares of discount retailer Big Lots Inc  BIG.N  down
~12% at $6.34 before the bell 
    ** Stock set to open at its lowest level since Dec. 1991 if
current losses hold; on pace to fall for fourth straight session
    ** BIG posts a much wider loss than Wall Street expected,
blaming higher promotions, a drop in demand from lower-income
consumers and product shortages 
    ** Reports adjusted loss of $3.40/share, vs est for a loss
of $1.82/share, while net sales fall 18.3% to $1.12 bln, also
missing estimates 
    ** "Macro-economic headwinds have created significant
challenges for us," CEO Bruce Thorn says, but adds co identified
over $200 mln of savings opportunities to protect profits
    ** Up to Thursday's close, stock had fallen ~51% YTD

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com))