Big Lots Inc.’s stock
BIG,
rose 7% in early trade Thursday, after the wholesaler posted a narrower-than-expected third-quarter adjusted loss. Columbus, Ohio-based Big Lots had net income of $4.7 million, or 16 cents a share, for the quarter, after a los of $103.0 million, or $3.56 a share, in the year-earlier period. Adjusted for a one-time benefit of $4.53 per share related to gains on real estate sales and the closure of a distribution center among other items, the company’s adjusted loss per share came to $4.38, narrower than the $4.68 loss consensus of FactSet analysts. Sales fell 14.75 to $1.027 billion, while FactSet was expecting $1.031 billion. Same-store sales fell 13.2% to match the FactSet consensus. “Although the environment remains challenging, we continued to make significant progress in turning around our business,” CEO Bruce Thorn said in a statement. The company is now on track for a fourth-quarter adjusted operating profit ahead of last year’s, which would mark the first year-over-year improvement in nearly three years, he added. Big Lots is expecting fourth-quarter sales to fell in the high-single-digit range. The stock has fallen 67% in the year to date, while the S&P 500
SPX,
has gained 18.5%.
