Big Lots Reports Q2 Beat, But Outlook is Weak, Shares Plummet 14%
<p><a href='https://financialmodelingprep.com/financial-summary/BIG'>Big Lots, Inc. (NYSE:BIG)</a> shares plunged more than 14% on Wednesday despite the company’s reported Q2 results, with EPS of ($2.28) coming in better than the Street estimate of ($2.38). Revenue was $1.35 billion, compared to the Street estimate of $1.35 billion.</p>
<p>While the company made good progress clearing excess inventory, seasonal still has ways to go, which combines with weaker Q3 guidance with comps running down low-double-digits. </p>
<p>According to the analysts at Deutsche Bank, they have concerns around the company’s Q4 outlook which assume flat gross margins year-over-year on more normalized promotions, which follows months of heavy clearing with consumers increasingly looking for deep discounts.</p>

NYSE:BIG