Jun 6, 2024 - Economy
Charted: Big Lots, big problems
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Big Lots today reported a punishing loss and plunging sales as the discount retailer careens deeper into crisis mode.
Why it matters: Discount stores catering to lower-income shoppers are under pressure as their target audience is increasingly pinching pennies.
Driving the news: Big Lots recorded a net loss of $205 million in its fiscal Q1, while comparable sales fell 9.9%.
- CEO Bruce Thorn acknowledged the company missed its sales goals: "We still have a lot of work ahead of us," he said.
- The retailer is planning to ramp up what he called "extreme bargains" while cutting costs and boosting productivity.
The impact: Big Lots shares fell 18% to $2.88.
- The stock is down about 64% in 2024.
