COLUMBUS, Ohio, July 2, 2024 /PRNewswire/ -- Today, Big Lots announces the launch of the first-ever joint point-of-sale campaign with Make-A-Wish America as part of a new national partnership to help grant wishes to children battling critical illnesses. From July 1-31, Big Lots customers can donate at checkout, and to encourage widespread participation, Big Lots will reward every donation with a coupon for $5 off a future purchase of $15 or more. "Partnering with Make-A-Wish allows us to help grant life-cha ...

Source: shutterstock.com/philip openshaw Foot Locker (FL) Indeed, this flaw affects Foot Locker's short-term sales and ability to draw in and keep consumers with a wide range of products. Furthermore, Foot Locker's digital penetration climbed just slightly to 17.1%, with digital comps up 4%, despite attempts to improve digital capabilities and omni-channel integration. Although this rise is encouraging, Foot Locker is still not fully leveraging the move to online shopping and digital interaction compared to ...

GameStop (GME) Further, selling, general, and administrative (SG&A) costs decreased from $345.7 million in Q1 2023 to $295.1 million in Q1 2024. However, SG&A costs uplifted from 27.9% to 33.5% of the top line. , the SG&A ratio has increased, indicating cost structure inefficiencies deriving in top-line. Following this, GameStop continues to be unprofitable. Its net loss decreased from $50.5 million in Q1 2023 to $32.3 million in Q1 2024. Even if the company's loss position has improved, net losses continue ...

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-08897 BIG LOTS, INC. (Exact name of registrant as specified in its charter) Title of each class Trading Symbol(s) Name of each exchange on which registered Common shares BIG New York Stock Exchange Indicate by check mark whether the registrant has submitted electronically every Interactive Data File req ...

Financial Performance - Q1 2024 net sales totaled $1.009 billion, a 10.2% decrease compared to $1.124 billion in Q1 2023, driven by a 9.9% comparable sales decline[1] - Q1 2024 GAAP EPS loss of $6.99; adjusted EPS loss of $4.51, compared to an adjusted EPS loss of $3.40 in Q1 2023[9] - Q1 2024 adjusted operating loss improved to $192.9 million from $261.2 million in Q1 2023[23] - Adjusted operating loss for Q1 2024 was $(120.1) million, compared to the reported operating loss of $(192.9) million, after adjustments for FDC costs, store impairments, and Project Springboard fees[42] - Adjusted net loss for Q1 2024 was $(132.3) million, compared to the reported net loss of $(205.0) million, after adjustments for FDC costs, store impairments, and Project Springboard fees[42] - Adjusted diluted earnings (loss) per share for Q1 2024 was $(4.51), compared to the reported $(6.99), after adjustments for FDC costs, store impairments, and Project Springboard fees[42] Liquidity and Debt - The company ended Q1 2024 with $289 million of liquidity, including availability under a new $200 million term loan facility[9] - Q1 2024 long-term debt increased to $573.8 million from $501.6 million in Q1 2023[13] - The company executed a new $200 million term loan facility in Q1 2024, providing additional financial flexibility[30] Gross Margin and Inventory Management - Q1 2024 gross margin improved to 36.8% from 34.9% in Q1 2023, driven by reduced markdown activity and Project Springboard benefits[23] - The company expects Q2 2024 gross margin rate to improve by at least 300 basis points year-over-year[5] - Q1 2024 inventory decreased to $949.9 million from $1.087 billion in Q1 2023, reflecting improved inventory management[21] - Inventory at the end of Q1 2024 was $949.9 million, a 12.7% decrease compared to $1.088 billion in Q1 2023, driven by lower on-hand units and average unit cost[32] Project Springboard - The company raised its target for cumulative benefits from Project Springboard to $185 million by year-end, up from the previous target of $175 million, and is ahead of schedule in realizing these benefits[30] - Adjusted selling and administrative expenses for Q1 2024 were $460.3 million, a decrease from the reported $533.0 million after excluding FDC contract termination costs ($874k), store asset impairment charges ($68.2 million), and Project Springboard fees ($3.6 million)[42] - Adjusted selling and administrative expense rate for Q1 2024 was 45.6%, down from the reported rate of 52.8%, after adjustments for FDC costs, store impairments, and Project Springboard fees[42] - Adjusted operating loss rate for Q1 2024 was (11.9%), compared to the reported rate of (19.1%), after adjustments for FDC costs, store impairments, and Project Springboard fees[42] Sales and Bargain Penetration - The company expects Q2 2024 comp sales to improve sequentially but still be down in the mid to high-single-digit range[5] - The company aims to achieve 75% bargain penetration and 50% extreme bargain penetration by year-end 2024[2] Share Repurchase - The company has $159 million remaining under its December 2021 $250 million share repurchase authorization and did not execute any share repurchases during Q1 2024[33]

It's all left Bruce Thorn, President and CEO of Big Lots, with a major challenge as he tries to turn the fortunes of the retailer around. The five key actions from Big Lots as part of its turnaround plan are to: own bargains, to communicate unmistakable value, to increase store relevance, to win customers for life with its omni-channel efforts, and to drive productivity. Big Lots has a big challenge to turn results around. Photographer: Angus Mordant/Bloomberg © 2024 Bloomberg Finance LP Downbeat first quar ...

On Thursday (June 6), the discount home goods retailer, which has more than 1,300 locations across the country, reported lower-than-expected first-quarter fiscal 2024 financial results, attributing its 10.2% net sales decrease in part to shoppers' belt-tightening behaviors. He highlighted especially high pullback for indoor and outdoor furniture. Consumers are evidently tightening their belts, focusing more on essentials and less on luxury or non-essential purchases. In response to these economic pressures, ...

Shares of Big Lots, Inc. (BIG) fell during pre-market trading on Jun 6 after the company reported disappointing results for the first quarter of fiscal 2024 in a challenging consumer environment. This discount retail chain reported an adjusted loss of $4.51 per share for the quarter, which was wider than the Zacks Consensus Estimate of a loss of $4.23 and the year-ago period's reported loss of $3.40. Big Lots remains focused on its five key actions to navigate the current economic cycle. These include ownin ...

Big Lots, Inc. (NYSE:BIG) Q1 2024 Earnings Conference Call June 6, 2024 8:00 AM ET Company Participants Alvin Concepcion - VP of IR Bruce Thorn - President and CEO Jonathan Ramsden - EVP, CFO and CAO Conference Call Participants Scott Stringer - Wolfe Research Taylor Zick - KeyBanc Capital Markets Mark Jordan - Goldman Sachs Alvin Concepcion Good morning. This is Alvin Concepcion, Vice President of Investor Relations at Big Lots. Welcome to the Big Lots First Quarter Conference Call. [Operator Instructions] ...

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Ahead of this earnings release, the estimate revisions trend for Big Lots: unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the curr ...