Big Lots GAAP EPS of -$0.39 misses by $1.37, revenue of $1.37B misses by $90M

May 27, 2022 6:03 AM ETBig Lots, Inc. (BIG)By: Niloofer Shaikh, SA News Editor
  • Big Lots press release (NYSE:BIG): Q1 GAAP EPS of -$0.39 misses by $1.37.
  • Revenue of $1.37B (-16.0% Y/Y) misses by $90M.
  • Shares -12% PM.
  • 3-year comparable sales growth of 2% with significant slowdown in April.
  • For Q2, the company expects three-year comps to accelerate to positive mid to high-single digits, equating to mid-to-high single digit negative comps versus 2021. Net new stores will add about 150 bps of growth versus 2021.
  • The company expects that promotional activity will drive its second quarter gross margin rate into the low-30's and that SG&A dollars will be slightly up to 2021.
  • The company is not providing EPS guidance at this point but expects a share count of approximately 28.6M for Q2.

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