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Big Lots Reports Q2 Earnings Above Street View; Eyes Inventory & Cost Reduction

  • Home discount retailer Big Lots Inc (NYSE: BIG) reported a second-quarter FY22 sales decline of 7.6% year-on-year to $1.346 billion, marginally beating the consensus of $1.34 billion. Comparable sales decreased 9.2%.

  • The gross margin for the quarter decreased 700 basis points Y/Y to 32.6%. The operating loss for the quarter was $(109.1) million versus a profit of $53.8 million a year ago.

  • The company held $49.1 million in cash and equivalents as of July 30, 2022.

  • Inventory at the end of the quarter was $1.2 billion, a 22.8% Y/Y increase, encompassing higher unit costs and a significant rise in in-transit inventory.

  • Adjusted EPS loss of $(2.28) beat the analyst consensus of $(2.47).

  • The company's Board declared a quarterly cash dividend of $0.30 per share, payable on September 23, 2022, to shareholders of record on September 9, 2022.

  • "Consumers are stretched by inflation and starting to trade down more," said CEO Bruce Thorn.

  • Outlook: Big Lots sees Q3 comparable sales to be down in the low double-digit range.

  • The company expects continued promotional activity in Q3, resulting in a quarter gross margin rate into the mid-30s.

  • BIG said it is taking aggressive actions to improve the gross margin rate in Q4, to a rate that is approximately in line with the prior-year quarter.

  • In addition, the company also plans to take actions to reduce expenses.

  • Price Action: BIG shares are trading higher by 2.78% at $22.15 in premarket on the last check Tuesday.

  • Photo Via Company

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