Big Lots stock tanks 7% after retailer sees sales, traffic 'softening' due to omicron

big-lots-stock-tanks-7%-after-retailer-sees-sales,-traffic-'softening'-due-to-omicron

Shares of Big Lots Inc. BIG, -6.70% fell more than 7% in the extended session Monday after the retailer said it has been seeing “softening of traffic and sales trends” in January caused by the spread of the omicron variant of the coronavirus in addition to winter weather. The company said that could lead to flat to a below-expectations comparable-sales increase for fiscal January, and result in per-share earnings for the quarter between $1.80 and $1.95. Analyst consensus was of EPS of $2.17, according to FactSet. “Our outstanding team has worked tirelessly to offset headwinds from the global supply chain,” Chief Executive Bruce Thorn said in a statement. “While the Omicron variant creates some near-term challenges, we look forward to rounding out another very successful year for the company.” Shares of Big Lots ended the regular trading day down 6.7%.

Source: Marketwatch

Related Posts