Why Big Lots Shares Are Sliding Today

Benzinga ·  05/26 22:02

Big Lots Inc (NYSE:BIG) reported a first-quarter FY23 sales decline of 18.3% year-on-year to $1.124 billion, missing the consensus of $1.19 billion.The decline to last year was driven by a comparable sales decrease of 18.2%.Gross margin for the quarter decreased 180 basis points Y/Y to 34.9%. The operating loss for the quarter was $(261.2) million versus a loss of $(13.5) million a year ago.CEO Bruce Thorn stated, "Macro-economic headwinds have created significant challenges for us, which are reflected in our results and outlook.""While we navigate through this difficult environment, we are being very aggressive in how we are

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