Big Lots Inc.
Big Lots Inc. (NASDAQ: BIG) reported net sales for the third quarter of $1.378 billion, at a record growth of 18%. Net income declined 76.4% year-on-year, while earnings were supported by a one-time after-tax benefit of $136.6 million.
The Columbus-based discount retailer has projected further growth in its revenue, as a greater number of customers are showing interest in stay-at-home products and furniture. The in-person visits in 1400 stores and the online platform has given boost to the company’s revenue.
Online shopping increased over 50%. Big Lots stock has declined around 10% in previous trading sessions, but analysts predict a good momentum in the long run considering the stock’s fundamentals.
Qurate Retail Inc.
E-commerce service provider Qurate Retail Inc (NASDAQ: QRTEA) was comparatively little affected by Covid-19. In fact, in the third quarter of 2020, revenue grew 10% to $3.4 billion, while it swung to a net profit of $338 million from a loss a year ago.
The Colorado-based retail giant planned well during the COVID-19 pandemic as its home-shopping platforms, which include flash e-sales site Zulily had a huge response, increasing its eCommerce revenue by 15% to $2.1 billion.
Analysts predict a sharp movement in this stock as its price movements were positive even when the entire retail segment was underperforming.
CarParts.com Inc.
Car Parts Inc (NASDAQ: PRTS), an online provider of aftermarket parts for automobiles, had a satisfying financial third quarter as net sales increased 69% to $117.4 million.
Net income improved significantly to $1.4 million, beating all the analyst’s estimates and performing better than the industry P.E. The California car accessories provider was successful in making the company a modern and scalable e-commerce company.
Car Parts shifted to a new ‘Do it yourself’ approach, which was first time introduced in this segment, and came along with a new online platform for the customers. The company has declared a floating of 3 million new shares and might add more as 3.75 million, which will raise more than $57 million in new cash to grow the business.
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