Wholesaler beats expectations with improved financial performance
- Big Lots stock up 7% after posting narrower-than-expected Q3 adjusted loss
- Net income of $4.7 million, or 16 cents a share, for the quarter
- Adjusted loss per share of $4.38, narrower than the $4.68 loss consensus
- Sales fell 14.75% to $1.027 billion
- Same-store sales fell 13.2% to match the FactSet consensus
- CEO expects fourth-quarter adjusted operating profit to improve year-over-year
- Big Lots expecting fourth-quarter sales to fall in the high-single-digit range
- Stock has fallen 67% in the year to date
Big Lots Inc.’s stock rose 7% after the company reported a narrower-than-expected third-quarter adjusted loss. The company had a net income of $4.7 million, or 16 cents a share, for the quarter, compared to a loss of $103.0 million, or $3.56 a share, in the same period last year. The adjusted loss per share came to $4.38, which was narrower than the consensus estimate of $4.68. Sales fell 14.75% to $1.027 billion, with same-store sales also declining by 13.2%. Despite the challenging environment, CEO Bruce Thorn expressed optimism, stating that the company is making significant progress in turning around its business. Big Lots is expecting an improved fourth-quarter adjusted operating profit compared to last year, marking the first year-over-year improvement in nearly three years. However, the company anticipates fourth-quarter sales to fall in the high-single-digit range. The stock has experienced a 67% decline year-to-date.
Factuality Level: 8
Factuality Justification: The article provides specific financial information about Big Lots Inc.’s third-quarter performance, including net income, adjusted loss per share, sales figures, and same-store sales. The information is sourced from the company’s official statements and FactSet analysts. There is no apparent bias or opinion presented in the article. However, the article does not provide any additional context or analysis, which could have enhanced the reader’s understanding of the company’s performance and the factors contributing to it.
Noise Level: 3
Noise Justification: The article provides relevant information about Big Lots Inc.’s stock performance and financial results. It includes details about the company’s net income, adjusted loss per share, sales, and same-store sales. The CEO’s statement and the company’s expectations for the fourth quarter are also mentioned. However, the article lacks in-depth analysis, antifragility considerations, and accountability of powerful people. It does not provide evidence or data to support its claims or offer actionable insights or solutions.
Financial Relevance: Yes
Financial Markets Impacted: Big Lots Inc.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The news article pertains to the financial performance of Big Lots Inc., a wholesaler. It discusses the company’s third-quarter results, including a narrower-than-expected adjusted loss and a decline in sales. There is no mention of any extreme event or its impact.
Public Companies: Big Lots Inc. (BIG)
Key People: Bruce Thorn (CEO)
Reported publicly:
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