COLUMBUS, Ohio - Big Lots, Inc. (NYSE: NYSE:BIG), a major American discount retailer, has deferred the disclosure of its second-quarter financial figures for fiscal 2024, which were initially scheduled for release today. The company now plans to unveil these results on September 12, 2024.
The second quarter, which concluded on August 3, has been subject to a brief postponement, with no immediate explanation provided for the delay. Big Lots operates as one of the country's leading closeout retailers, offering a range of merchandise with a focus on extreme value. The company's business model revolves around providing customers with significant discounts on various home goods, including furniture, home décor, and pantry items.
Big Lots' approach to retail involves procuring merchandise through various means such as closeouts, liquidations, overstocks, and private label deals, aiming to pass on savings to consumers. The company's mission statement emphasizes its goal to allow customers to "Live BIG and Save LOTS."
The retailer also engages in philanthropic efforts through the Big Lots Foundation, which has contributed over $176 million towards addressing essential needs in areas such as hunger, housing, healthcare, and education. These efforts are supported by the company's customers, associates, and vendors.
Investors and stakeholders are advised to mark the new date for the financial report release, which will provide insights into the company's performance during the second quarter. The information for this article is based on a press release statement from Big Lots, Inc.
In other recent news, Big Lots Inc . reported disappointing first-quarter results, with an adjusted EPS of ($4.51) and a 9.9% decrease in comparable store sales. As part of its strategy to address underperforming locations, Big Lots has amended its credit facilities, increasing the number of store closures from 150 to 315 and reducing its credit line from $900 million to $800 million. The company has also granted substantial cash retention awards for its top executives, aiming to secure the stability of its leadership team. Loop Capital revised its view of Big Lots' stock from Sell to Hold, citing limited potential for further decline, while Telsey Advisory Group maintained its Market Perform rating, recognizing improvements in merchandise offerings, inventory management, and cost savings. These are among the recent developments as Big Lots continues to navigate the current retail environment.
InvestingPro Insights
As Big Lots, Inc. (NYSE: BIG) prepares to release its delayed second-quarter financial figures, here are some key insights from InvestingPro that may be of interest to investors:
According to InvestingPro data, Big Lots has a market capitalization of $13.51 million and is trading at a low Price / Book multiple of 0.17 as of the last twelve months leading to Q1 2025. This could indicate that the company's assets are potentially undervalued in the market. Additionally, the company has experienced a revenue decline of 11.68% over the same period, highlighting challenges in sales growth.
InvestingPro Tips suggest that Big Lots operates with a significant debt burden, which could be a concern for investors, especially as the company may have trouble making interest payments on its debt. Furthermore, the stock's price has seen a substantial decline over various periods, with a 1-year price total return of -92.54%, suggesting that investors have been facing considerable losses.
On a more positive note, management's aggressive share buyback strategy, as indicated by one of the InvestingPro Tips, could reflect confidence in the company's future prospects and a commitment to returning value to shareholders. Additionally, the Relative Strength Index (RSI) suggests that the stock is currently in oversold territory, which could potentially signal a buying opportunity for contrarian investors.
For investors seeking a deeper dive into the financial health and future outlook of Big Lots, InvestingPro offers a wealth of additional tips—20 more are available on the platform, providing a comprehensive analysis that could be instrumental in making informed investment decisions.
As the new earnings date approaches, stakeholders will be keen to see how these factors have played out in Big Lots' quarterly performance and what measures the company is taking to navigate its current financial landscape.
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