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Big Lots stock drops after retailer posts disappointing loss of $6.6M

The Ohio-based discounter reported that comparable store sales increased for a second consecutive quarter
Woman opening purse and getting credit card
Same-store sales at Big Lots rose for a second consecutive quarter

Discount retailer Big Lots Inc (NYSE:BIG) dropped Friday after reporting quarterly results that were worse than the company had expected.

The Columbus, Ohio-based company said in a press release that its net loss for the 13 weeks ended November 3 was $6.6 million, or $0.16 per diluted share, compared with net income of $4.4 million, or $0.10 per share, a year earlier.

READ: Shares of Big Lots plunge after fiscal 2Q earnings miss but same-store sales rise

The company had provided an expected range of a loss of $0.06 per diluted share to income of $0.04 per share.

Shares of Big Lots declined 18% to $33 in Friday’s New York Stock Exchange trading.

Same-store sales rose for a second consecutive quarter, advancing 3.4%, compared with the company’s guidance of an advance of  2% to 4%.

Net sales rose to $1.15 billion, up 3.6% from $1.11 billion a year earlier.

"We were pleased to achieve our second consecutive quarter of positive comps, but our bottom-line results fell short of our expectations,” CEO Bruce Thorn said in a statement. “While we expect near-term results to be challenging this holiday season, we have a strong brand, great people, and we are working swiftly to enhance our current strategy.” 

--This story has been updated to give the latest stock prices. An earlier version was corrected to say billions instead of millions for net sales--

Contact Dennis Fitzgerald at [email protected]

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May 27 2016

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