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Big Lots Down 13.77% To $6.23 After Earnings Miss

Friday, May 26, 2023 10:13 AM | InvestorsObserver Analysts

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Big Lots Down 13.77% To $6.23 After Earnings Miss

Big Lots (BIG) said before open Friday that it lost $3.4 per share in quarter one 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.

On the revenue line, the company reported $1.1 billion, missing estimates by $66 million.

In the same quarter a year ago, the company lost $0.39 per share on revenue of $1.4 billion.

The stock is down 13.77% to $6.23 after the report.

Despite Big Lots reporting a decline in revenues, earnings increased signaling a rise in profit margins.

The average recommendation from Wall Street analysts was a Sell which may get revised based on this new data.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Big Lots has performed poorly during the past few months, garnering a low Long-Term Technical Rank by InvestorsObserver of 2, putting Big Lots in the bottom 25% of stocks. The firm was recently trading at a 52-week low of $7.12 on May 25, 2023 and set a 52-week high on May 26, 2022 at $32.25.

Big Lots Inc is principally engaged in operating discount retail stores. The company provides a broad range of merchandise, including food, consumables, soft home products, hard home products, furniture, electronics and accessories, and seasonal products. The company sources the merchandise from traditional and close-out channels. In addition to merchandise, the company sells gift cards, issues merchandise credits, and more. The company operates stores throughout the United States, with around one-third of its stores in California, Texas, Ohio, and Florida.

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