BIG Stock Recent News

Big Lots lost less money than feared yesterday. The company still lost a lot of money.

Shares of Big Lots (BIG) skyrocketed over 26% on Tuesday after the discount furniture and home products retailer posted a lower-than-expected loss and decline in sales as customer demand improved.

Big Lots (BIG) reports narrower-than-expected loss per share for second-quarter fiscal 2023. Also, comparable sales fall 14.6% in the quarter, hurting overall sales.

The most recent fiscal quarter for Big Lots wasn't great, but the market had braced itself for even worse results. Management sees business trends stabilizing in the second half of the year.

Another notable retail name is soaring today.

Big Lots Inc shares surged 30% to $8.14 in late-morning trading on Tuesday after the furniture and home decor retailer saw its second-quarter 2023 adjusted loss per share widen to $3.24 from a deficit of $2.28 a year earlier, but better than the $4.11 consensus analyst forecast.  The company's net sales for the period, meanwhile, fell 15% year over year to $1.14 billion, but exceeded expectations of $1.1 billion.

Big Lots (BIG) came out with a quarterly loss of $3.24 per share versus the Zacks Consensus Estimate of a loss of $4.15. This compares to loss of $2.28 per share a year ago.

Big Lots Inc. stock BIG, +2.45% was up 12% in premarket trades Tuesday after the Columbus, Ohio retailer posted a narrower-than-expected adjusted loss. Big Lots reported a second-quarter net loss of $249.84 million, or $8.56 a share, compared to a net loss of $84.15 million, or $2.91 a share in the year-ago quarter.

As consumer spending has (and continues to) cool, many retail stocks have become heavily sold short. In many cases, these large wagers by the short-seller community (considered to be part of the “smart money”) appear to be shrewd bets.

Big Lots' (BIG) comps are likely to have been hurt by product shortages in furniture and softness in other discretionary items.