Big Lots Reports Q3 Net Loss

It was a mixed third quarter performance for Big Lots, as the off-price retailer reported a net loss although comparable store sales were up.

Comparable store sales for the third quarter of fiscal 2018 increased 3.4%. Net sales for the third quarter of fiscal 2018 were $1.14 billion, an increase of 3.6% compared to $1.10 billion for the same period last year with the increase in comparable store sales and a favorable impact from the fiscal calendar shift partially offset by a lower store count year-over-year.

The retailer reported a net loss of $6.6 million, or $0.16 per share, for the third quarter of fiscal 2018 ended November 3, 2018. The result compares to the company’s guidance in the range of income of $0.04 per diluted share to a loss of $0.06 per share, and to last year’s third quarter adjusted income of $2.5 million, or $0.06 per diluted share.

Bruce Thorn, president and CEO of Big Lots, said, “In terms of the third quarter, we were pleased to achieve our second consecutive quarter of positive comps, but our bottom line results fell short of our expectations.  While we expect near-term results to be challenging this holiday season, we have a strong brand, great people, and we are working swiftly to enhance our current strategy, identify new growth opportunities, and position our business for profitable expansion well into the future.”

The company updated its fourth quarter guidance for comparable store sales in the range of flat to an increase of 2%.