Here is why Big Lots Inc. (BIG) stock plummeted on Monday?

Big Lots Inc. (BIG) shares plummeted 6.34% in after-hours on Monday, January 10, 2022, and closed the daily trading at $43.40. Even in the regular trading session of Monday, BIG’s stock lost 6.70%. BIG shares have risen 0.17% over the last 12 months, and they have moved down 1.99% in the past week. Over the past three months, the stock has gained 3.00%, while over the past six months, it has declined 24.16%.

Let’s see is there any reason behind its poor performance on Monday?

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BIG latest financial and business update

On January 10, 2022, Big Lots, Inc. provided a long-range growth and margin outlook for the coming years.

  • A sales goal of $8to $10 billion driven by approximately 500 net store openings, merchandise sales productivity initiatives, and continued e-commerce growth
  • An operating margin goal of 6% to 8% driven by gross margin improvement and expense leverage

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Q4 2021 financial update

  • On a quarter-to-date basis through the end of fiscal December, the company achieved a two-year comparable sales increase of approximately 9%.
  • The company lowered its sales expectations for Q4 due to the Omicron strain of Covid-19 and its impact on consumer behavior. It is expecting to achieve a flat to low-single-digit percentage two-year comparable sales increase for fiscal January, below prior expectations, and resulting in diluted EPS for the quarter in the range of $1.80to $1.95.

Share repurchase program

The company also announced that it has repurchased approximately 1.6 million shares for an amount of approximately $70 million. The company has approximately $180 million remaining available under a $250 million share repurchase program.

BIG participation in the upcoming event

Big Lots will participate in the 2022 ICR virtual Conference which is to be held on Tuesday, January 11, 2022. The company’s President and CEO, Bruce Thorn, Executive Vice President, Chief Financial & Administrative Officer, Jonathan Ramsden and, Executive Vice President, Chief Merchandising Officer, Jack Pestello will participate in a fireside chat at the conference.

BIG latest financial results

On December 3, 2021, Big Lots, Inc. announced its financial results for the third quarter of fiscal 2021 ended October 30, 2021.

Q3 2021 financial results

  • Net sales were totaled $1,336 million for the third quarter of fiscal 2021 compared to $1,378 million for the same period last year.
  • The gross margin was 38.9% in Q3 2021 compared to 40.5% in Q3 2020.
  • It suffered a net loss of $4.3 million, or $0.14per share, for the third quarter of fiscal 2021 ended October 30, 2021, compared to the net income of $29.9 million, or $0.76 per diluted share in Q3 2020.
  • As of October 30, 2021, the company had $71 million of cash and cash equivalents and no long-term debt.

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The recent business and financial update was the reason behind its plummeting on Monday. It can continue to decline on Tuesday as well.

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