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Big Lots Inc soared 31% to $8.22 after the deep discount retailer reported smaller-than-expected loss.

Big Lots said quarterly revenue rose to $1.14 billion from $1.35 billion and net loss soared to $249.8 million from $84.2 million and diluted loss per share jumped to $8.56 from $2.91 a year ago.

Inventory at the end of the quarter declined 15% to $0.98 billion from $1.2 billion because of lower in-transit and on-hand units and lower average unit costs.

On August 25 the company completed the sale of its Apple Valley, California distribution center 22 stores, resulting in gross proceeds of $300 million and after tax and expenses net proceeds were $294 million.

The company used proceeds to pay $100 million for its synthetic lease on the distribution center and the remainder to pay down debt.

The discount retailer forecasted comparable sales to decline in the "low-teen" range and sales to ease 140 basis points compared to the third quarter a year ago.

The company did not provide earnings per share outlook for the third quarter and estimated share count to average 29.3 million in the third quarter.

29 Aug, 2023

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