Big Lots posted its quarterly earnings that missed analysts’ expectations.
The retail company’s earnings of $0.39 came in below analysts’ consensus estimates of $1.10 (RTT News reports).
Revenue fell -15.4% from the year-ago quarter to $1.37 billion during the quarter, compared to analyst estimates of $1.46 billion.
Big Lots e-commerce revenue (which accounts for more than 7% of sales) registered a +20% year over year surge in same-day deliveries.
The company management predicts three-year comps to accelerate to positive mid-to-high-single digits in fiscal second quarter.
The management expects its promotional activity to push the second quarter gross margin rate into the low-30's range and the SG&A dollars to be slightly up from the fiscal 2021 figure. Management projects a significant sequential improvement in the fiscal third quarter, with the fiscal fourth quarter predicted to be in line with the year-ago quarter’s figures.