Big Lots, Inc. (NYSE:BIG) stock rallied 7.5% Thursday after the wholesale retailer posted a slimmer-than-expected third-quarter loss.
Its adjusted loss was $4.38 per share, compared to the $4.68 projected by analysts. Revenue was $1.03 billion, down nearly 15% year-over-year and in line with Street expectations.
"Although the environment remains challenging, we continued to make significant progress in turning around our business,” CEO Bruce Thorn said in a statement. “Our key strategic actions are building momentum and we continue to play offense with our efforts to deliver incredible bargains and communicate unmistakable value.”
Accordingly, Thorn said Big Lots expects to deliver stronger adjusted operating results in the fourth quarter than it did the year prior, with “quarterly year-over-year improvements to continue through 2024."
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