Why Big Lots Stock Fell on Friday
Shares of discount-retailer Big Lots (NYSE: BIG) fell on Friday after the company reported results for the third quarter of 2020. It's actually hard to find much to nitpick from the third-quarter report, but perhaps management's lack of forward guidance was enough to shake out low-conviction investors. As of 12:30 p.m. EST, Big Lots stock was down 9%.
In Q3, Big Lots reported revenue of almost $1.4 billion, up 18% year over year. On the bottom line, the company reported net income of $30 million. This breaks down to $0.76 in earnings per share (EPS), ahead of guidance. Management had guided for EPS of $0.50 to $0.70. Going forward sales look strong -- it put holiday items out early and that seems to be paying off. That said, management stopped short of giving official forward guidance.
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Source Fool.com
