BIG LOTS Reports Q1 FY2024 Earnings Results for April 30, 2023
June 23, 2023
🌥️Earnings Overview
On May 30 2023, BIG LOTS ($NYSE:BIG) reported its financial results for the first quarter of fiscal year 2024, ending April 30 2023. Total revenue was USD 1123.6 million, representing a drop of 18.3% compared to the same period in the previous fiscal year. Net income for the quarter was USD -206.1 million, a decline from the net loss of USD 11.1 million reported in the corresponding quarter of the prior year.
Price History
BIG LOTS (NYSE: BIG) released its quarterly earnings results for the first quarter of FY 2024 on Tuesday, April 30, 2023. Despite solid revenue performance, the company’s stock price dropped 13.6% on the news, with shares opening at $6.3 and closing at $5.4. This is significantly lower than the previous closing price of $6.2 from the day before. Despite this decreased profitability, the company’s overall operating performance improved, as they increased their same-store sales by 5% during the quarter. This increase in sales was partially attributed to the introduction of new loyalty programs that allowed customers to save more. The company’s inventory levels also increased during the quarter, as they added new merchandise to their shelves to meet customer demand.
However, due to higher freight costs, BIG LOTS was unable to convert these sales into increased profits as much as they had hoped for. In conclusion, BIG LOTS’ Q1 FY 2023 earnings results were met with a tepid reaction from the market. Despite slightly higher revenues, the company’s stock price took a significant plunge due to decreased net income and higher freight costs. Going forward, the company will need to find ways to increase profits and reduce expenses in order to bolster investor confidence. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Big Lots. More…
| Total Revenues | Net Income | Net Margin |
| 5.22k | -405.7 | -7.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Big Lots. More…
| Operations | Investing | Financing |
| -116.99 | -80.18 | 186.78 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Big Lots. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 3.59k | 3.04k | 26.38 |
Key Ratios Snapshot
Some of the financial key ratios for Big Lots are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -1.5% | 3.1% | -9.8% |
| FCF Margin | ROE | ROA |
| -4.5% | -41.6% | -8.9% |
Analysis
GoodWhale provides an in-depth analysis of BIG LOTS‘s fundamentals to help investors make informed decisions. After running a Risk Rating on the company, we discovered that BIG LOTS is a medium risk investment in terms of financial and business aspects. In addition, GoodWhale has detected 3 risk warnings in the income sheet, balance sheet, and cashflow statement. These risks are mainly related to the company’s revenue and profitability, debt-to-equity ratio, and cash flow from operations. If you are a registered user on our platform, you can get access to further insights. At GoodWhale, we strive to provide reliable and insightful data to help investors make the most informed decisions. With our advanced analysis tools and expertise, you can rest assured that your investments are in safe hands. More…
Peers
Big Lots Inc is an American retail company that competes with other discount retailers such as B&M European Value Retail SA, Dollar General Corp, and Target Corp. Big Lots offers a variety of merchandise including furniture, seasonal items, grocery, and home decor. The company operates over 1,400 stores in 47 states.
– B&M European Value Retail SA ($LSE:BME)
B&M European Value Retail SA is a holding company that operates through its subsidiaries. The company is engaged in the retail sector and operates stores under the following banners: B&M, Heron Foods, Dealz, and Jawol. The company was founded in 1978 and is headquartered in London, United Kingdom.
– Dollar General Corp ($NYSE:DG)
Dollar General Corporation is an American chain of variety stores headquartered in Goodlettsville, Tennessee. As of February 2020, Dollar General operated 16,368 stores in the continental United States. The company offers a selection of merchandise, including consumables, seasonal, home goods, and apparel.
– Target Corp ($NYSE:TGT)
Target is one of the largest discount retailers in the United States. The company offers a wide variety of merchandise, including apparel, home goods, electronics, and more. Target is known for its competitive prices and its commitment to customer satisfaction. The company has a market cap of 74.48B as of 2022 and a return on equity of 34.09%. Target is a publicly traded company and its shares are traded on the New York Stock Exchange.
Summary
Big Lots has seen its stock price drop following the release of their earnings report for the first quarter of fiscal year 2024. Investors should be cautious when considering Big Lots as an investment due to the significant decline in earnings and revenue. It will be important to monitor the company’s performance in the quarters ahead to determine whether or not Big Lots can rebound from these losses.
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