Thu, Sep 12, 8:50 PM (99 days ago)
Big Lots, Inc. reported substantial declines in financial performance for the quarter ending August 3, 2024, amid ongoing restructuring efforts under Chapter 11 bankruptcy. Net sales fell 8.1% year-over-year to $1,046,552, with comparable sales decreasing 5.3%. Gross margin improved to 34.9%, attributed to reduced markdowns, even as selling and administrative expenses surged 20.3% to $553,725, driven by store closures and professional fees related to restructuring. The company recorded an operating loss of $221,813, worsening from the prior year, while interest expenses rose due to increased borrowings under a new term loan and credit agreements. The overall net loss for the quarter was $238,456, slightly better than last year’s loss of $249,837. Inventory levels decreased by 14.8%, indicating attempts to align stock with demand. Long-term debt has been classified as current due to bankruptcy filings, totaling approximately $582,235. Future operations are uncertain, hinging on successful reorganization and liquidity management during bankruptcy proceedings. The NYSE has initiated delisting due to non-compliance with listing standards, further complicating recovery prospects for shareholders.