Discount retailer Big Lots, Inc. (NYSE: BIG) has announced financial results for the first quarter of 2024, reporting lower sales and a net loss.
- The company reported a net loss of $205 million or $6.99 per share for the first quarter, vs. a loss of $206 million or $7.10 per share last year
- Adjusted net loss widened to $132.3 million or $4.51 per share in Q1 from $98.7 million or $3.40 per share a year earlier
- Net sales for the quarter totaled $1.0 billion, which represents a 10.2% decrease from $1.124 billion for the same period last year.
- First-quarter comparable sales decreased 9.9% year-over-year
- At the end of the quarter, the company had a total inventory of $949.9 million, compared to $1.088 billion in Q1 2023
- Big Lots ended Q1 with $44.0 million of cash and cash equivalents and $573.8 million of long-term debt
- For the second quarter, the management expects comparable sales to improve sequentially relative to the first quarter
- It expects Q2 gross margin rate to improve significantly versus the prior year, and be up by at least 300 basis points