Big Lots, Inc. - BIG STOCK NEWS

Big Lots (NYSE: BIG) has announced the return of its 'Black Friday Fridays' event, offering Black Friday-level sales every Friday through Dec. 6. The event kicks off on Friday, Sept. 13, with 50% off all Halloween décor. Each week will feature special one-day deals on various product categories, with discounts up to 50% off.

This initiative comes after Big Lots acquired a significant Halloween closeout, valued at $11 million, offering items at 50-70% below original retail prices. The company aims to help shoppers with stretched budgets by providing early access to major holiday deals. BIG Rewards members can receive advance notifications about weekly deals via email or text.

Big Lots (NYSE: BIG) has received interim Court approval for 'first day' motions related to its voluntary Chapter 11 proceedings. The Court granted interim approval for the company to access a portion of its $707.5 million postpetition financing facilities. This financing, along with cash from ongoing operations, is expected to provide sufficient liquidity to support the company during its restructuring.

The interim relief allows Big Lots to continue paying employee wages and benefits, and make payments to critical vendors. The company has entered into a sale agreement with Nexus Capital Management LP, which will serve as the 'stalking horse bidder' in a court-supervised auction process. The proposed transaction is subject to higher offers and Court approval, with an anticipated closing during the fourth quarter of 2024.

Big Lots, Inc. (NYSE: BIG) has entered into a sale agreement with Nexus Capital Management LP to acquire its assets and operations. The company has initiated voluntary Chapter 11 proceedings to facilitate the transaction and restructuring initiatives. Big Lots secured $707.5 million in financing, including $35 million in new financing, to support operations during the process. The company plans to optimize its store footprint by closing additional locations and evaluating its distribution center model. Despite challenges, Big Lots reported Q2 2024 results in line with guidance, with improved underlying comp sales and gross margins. The company expects positive momentum to continue in the second half of the year. Big Lots also received a NYSE non-compliance notice due to its average closing share price falling below $1.00 over 30 consecutive trading days.

Big Lots (NYSE: BIG) has announced a postponement of its financial results release for the second quarter of fiscal 2024, which ended on August 3. The company had initially scheduled the release for September 6 but has now rescheduled it for September 12, 2024. This delay affects the reporting of results for the quarter that concluded on August 3, 2024. Big Lots, a prominent retail company, typically provides important financial information and performance metrics in these quarterly reports, which are closely watched by investors and analysts for insights into the company's financial health and market position.

Big Lots (NYSE: BIG) has acquired its largest Halloween closeout deal ever, purchasing $11 million worth of overstock from a national party supply retailer. The deal includes hundreds of new Halloween items such as décor, costumes, and trick-or-treat essentials, which will be sold at 50-70% less than original retail prices. This acquisition positions Big Lots as the nation's largest discount Halloween retailer for the upcoming fall season.

The closeout items will be available in-store only starting mid-August, with varying assortments by location. A recent survey conducted by Big Lots reveals that 59% of U.S. shoppers plan to purchase Halloween items this year, with 85% intending to spend the same or more compared to previous years. The top merchandise categories include candy (88%), decorations (85%), and pumpkins (56%).

Big Lots (NYSE: BIG) has announced that it will release its second quarter fiscal 2024 results on Friday, September 6, 2024. The company will host a conference call at 8:00 a.m. Eastern Time on the same day to discuss the results. Investors can access the live webcast through the Investor Relations section of the Big Lots website or by phone. An archive of the call will be available on the company's website until midnight Friday, September 20, 2024. Additionally, a replay of the call can be accessed by phone until September 20 using the provided dial-in numbers and conference ID.

Big Lots is celebrating National Bargain Hunting Week (Aug. 12-18) with new bargain-focused initiatives and a survey on American shopping habits. The survey reveals that 85% of shoppers bargain hunt for the thrill, while 62% find it therapeutic. During the week, Big Lots will offer daily 'Bargain of the Day' deals with 20-75% discounts on various products.

The company is also introducing a 'Brag on the Tag' social media filter for shoppers to share their bargain excitement. The survey highlights that 69% of shoppers bargain hunt out of habit, with top categories including apparel, pantry items, and seasonal products. 80% of shoppers regularly visit 2-3 retailers for pantry bargains, typically spending around $100 or less per trip.

Big Lots reported a Q1 2024 net loss of $205 million, or $6.99 per share, significantly impacted by impairment charges, Project Springboard fees, and distribution center closure costs. Adjusted EPS came in at a loss of $4.51. Net sales fell by 10.2% year-over-year to $1.009 billion, with a 9.9% decline in comparable sales. Despite sales challenges, gross margins improved, and operating expenses were reduced.

The company is targeting 75% bargains penetration and 50% extreme bargains penetration by year-end. Project Springboard is expected to deliver over $200 million in savings, ahead of schedule. Liquidity at the end of Q1 was $289 million, bolstered by a new $200 million term loan facility.

Big Lots anticipates positive comparable sales later in the year and ongoing gross margin improvements. However, the company did not repurchase any shares in Q1 and projects a continued challenging consumer environment in the near term.

Big Lots (NYSE: BIG) will report its first quarter results for fiscal 2024 on June 6, 2024. The company has scheduled a conference call at 8:00 a.m. Eastern Time on the same day.

Investors can access a live webcast via the Investor Relations section of Big Lots' website, or by calling 877.407.3088 (Toll Free) or 201.389.0927 (Toll).

An archive of the call will be available on the company's website until midnight June 20, 2024. A replay of the call will also be accessible through June 20 by dialing 877.660.6853 (Toll Free) or 201.612.7415 (Toll) and entering Replay Conference ID: 13746656.