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
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
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.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100