Big Lots’ Q3 a BIG Disappointment

Big Lots (NYSE: BIG) was down by more than 9% in pre-market trading on Thursday as the retailer’s Q3 results proved to be a big disappointment.

The retailer missed both the top line and the bottom line estimates with Q3 net sales of $1.204 billion, a drop of 9.8% year-over-year, and missing Street estimates by $10 million.

Adjusted net loss widened in Q3 to $2.99 per share versus $0.14 in the same period last year. Analysts were expecting a loss of $2.94 per share.

Analysts are also cautiously bearish about BIG stock with a Moderate Sell consensus rating based on one Hold and one Sell.