Why Big Lots Stock Is Moving Higher Today

Big Lots Inc BIG shares are trading higher Tuesday after the company announced second-quarter results that came in above analyst expectations.

Big Lots said second-quarter revenue decreased 7.6% year-over-year to $1.35 billion, which beat average analyst estimates of $1.34 billion, according to Benzinga Pro. The company reported a quarterly net loss of $2.28 per share, which beat average analyst estimates for a loss of $2.47 per share.

"We remain laser focused on helping our customers navigate these challenging times by delivering outstanding value across our assortment. We are managing the business prudently, while working hard to build a stronger company and deliver on our commitments to our customers, associates, and shareholders," said Bruce Thorn, president and CEO of Big Lots.

Big Lots said it ended the quarter with $1.16 billion in inventory compared to $943.8 million in the prior year quarter. The increase encompasses significantly higher unit costs and a significant increase in in-transit inventory.

Big Lots expects one-year comps in the third quarter to be down in the low double-digit range. The company expects continued significant promotional activity in the third quarter, resulting in a quarter gross margin rate into the mid-30s.

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BIG Price Action: Big Lots has a 52-week high of $50.87 and a 52-week low of $18.16.

The stock was up 5.83% at $22.81 at press time, according to Benzinga Pro.

Photo: Mike Mozart from Flickr.