Why Big Lots Shares Are Sliding Today
Portfolio Pulse from Shivani Kumaresan
Big Lots Inc (NYSE:BIG) reported a Q1 FY23 sales decline of 18.3% YoY to $1.124 billion, missing the consensus of $1.19 billion. The company's gross margin decreased, and it reported an operating loss of $261.2 million. Big Lots suspended its dividend and entered a letter of intent for a sale and leaseback of properties for $340 million.

May 26, 2023 | 2:04 pm
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Big Lots reported a Q1 FY23 sales decline and an operating loss of $261.2 million. The company suspended its dividend and entered a sale-leaseback deal for $340 million.
Big Lots reported a significant sales decline and operating loss, which indicates poor financial performance. The suspension of the dividend and the sale-leaseback deal show the company is trying to preserve cash and improve its financial position. This news is likely to negatively impact the stock price in the short term.
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