Discount store chain Big Lots climbs on Q2 revenue beat

Former BL Stores

29/08/2023 15:23

(Updates)
    ** Shares of discount store chain Big Lots  BIG.N  jump ~30%
to $8.17 in early trade
    ** Company posts Q2 revenue of $1.14 bln vs est of $1.10 bln
- Refinitiv 
    ** Reports quarterly adj loss of $3.24/shr vs est for a loss
of $4.12/shr 
    ** Q2 gross margin up by 40 basis points vs last year,
benefiting from lower freight costs - conf call
    ** Company expects Q3 comparable sales to be down in the
low-teen percentage range, modest improvement vs Q2
    ** One of 10 brokerages rate the stock "strong buy", 4
"hold" and 5 "sell"; median PT $6 - Refinitiv data
    ** As of Monday's close, stock down 57.3% YTD

 (Reporting by Khushi Singh)
 ((Khushi.Singh@thomsonreuters.com))