Discount retailer Big Lots, Inc. (NYSE: BIG) has announced financial results for the third quarter of 2023, reporting a double-digit decrease in net sales.
- Q3 net sales came in at 1.03 billion, a 14.7% decrease compared to $1.20 billion for the same period last year
- Net income was $4.7 million or $0.16 per share in the October quarter, compared to a loss of $103.0 million or $3.56 per share last year
- On an adjusted basis, it was a loss of $4.38 per share in Q3, compared to a loss of $2.99 per share in the third quarter of 2022
- Inventory at the end of the quarter totaled $1.18 billion, compared to $1.35 billion at the end of Q3 2022
- Big Lots ended Q3 with $46.6 million of cash and cash equivalents and $533.0 million of long-term debt
- During the quarter, the company completed the sale and leaseback of its Apple Valley distribution center and 23 owned stores
- For the fourth quarter, the management expects comp sales to improve sequentially and be in the high-single-digit negative range