Big Lots missed Wall Street estimates on fiscal second quarter earnings and revenue, amid supply chain challenges.
For the quarter ended July 31, the big-box retail company’s earnings came in at $1.09 a share, missing the Zacks Consensus Estimate of $1.13 per share. This compares to earnings of $2.75 per share a year ago.
Sales fell to $1.46 billion, missing the Zacks Consensus Estimate by 1.01%. Revenue in the year-ago quarter was $1.64 billion.
Comparable sales plunged -13%, vs. the+ 31% year-over-year gain in the second quarter of 2020 when there was a shopping surge during the earlier phases of the COVID-19 pandemic.
"We know that the supply chain headwinds will continue into fall and holiday, and the situation remains fluid," said President and CEO Bruce Thorn mentioned in a statement.