Market Updates
Big Lots Comparable Sales and Inventories Declined 15%
Scott Peters
29 Aug, 2023
New York City
Big Lots Inc soared 31% to $8.22 after the deep discount retailer reported smaller-than-expected loss.
Big Lots said quarterly revenue declined 15.4% 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 synthetic lease is an off-balance sheet financing that allows the company to report the lease as an operating lease for financial reporting and deemed as financing for federal tax purposes.
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.
Annual Returns
| Company | Ticker | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|
Earnings
| Company | Ticker | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|