Discount retailer Big Lots, Inc. (NYSE: BIG) has announced financial results for the first quarter of 2024, reporting lower sales and a net loss.
The company reported a net loss of $205 million or $6.99 per share for the first quarter, vs. a loss of $206 million or $7.10 per share last yearAdjusted net loss widened to $132.3 million or $4.51 per share in Q1 from $98.7 million or $3.40 per share a year earlierNet sales for the quarter totaled $1.0 billion, which represents a 10.2% decrease from $1.124 billion for the same period last year. First-quarter comparable sales decreased 9.9% year-over-yearAt the end of the quarter, the company had a total inventory of $949.9 million, compared to $1.088 billion in Q1 2023Big Lots ended Q1 with $44.0 million of cash and cash equivalents and $573.8 million of long-term debtFor the second quarter, the management expects comparable sales to improve sequentially relative to the first quarter It expects Q2 gross margin rate to improve significantly versus the prior year, and be up by at least 300 basis points