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Investor Relations14 Oct 2025
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Big Lots (BIGGQ) investor relations material
Big Lots Q1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2025 earnings summary6 Jun, 2024
Executive summary
Q1 net sales declined 10.2% year-over-year to $1.01B, with comparable sales down 9.9% due to reduced discretionary spending and macroeconomic pressures.
Gross margin rate improved by 190 basis points to 36.8%, driven by lower markdowns, cost initiatives, and better inventory alignment.
Operational initiatives exceeded cost and productivity targets, improving operating expenses year-over-year despite sales pressure.
Liquidity was enhanced through aggressive cost, CapEx, and inventory management, plus a new $200M term loan facility.
Project SpringBoard savings target raised to $185M by year-end, with over $200M in bottom-line opportunities targeted.
Financial highlights
Adjusted net loss was $132.3M; adjusted diluted loss per share was $4.51.
Adjusted operating margin was -11.9%; operating loss rate improved to (19.1)% from (23.2)% prior year.
Adjusted SG&A expenses fell 3.6% to $491.8M; adjusted operating expense rate increased to 48.7% from 45.4% year-over-year.
Interest expense rose to $12M from $9.1M year-over-year due to higher borrowings and rates.
Inventory cost down 12.7% year-over-year to $949.9M.
Outlook and guidance
Q2 comp sales expected to decline mid-to-high single digits, with sequential improvement anticipated.
Q2 gross margin rate projected to improve by at least 300 basis points year-over-year.
SG&A for Q2 expected down low-to-mid single digits; interest expense to rise to ~$15M.
2024 CapEx forecasted at approximately $60M, in line with or below 2023; only 3 store openings planned, all in Q3.
Path to positive comp sales in the latter part of the year, not dependent on macro improvement.
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Frequently asked questions
Big Box Discount Retailer
Big Lots Stores, with the signage outside its locations written as “Big Lots!”, is an American discount retail chain selling a variety of products. The company’s wide array of merchandise includes everything from furniture, mattresses, home essentials, appliances, and much more. The company sells at its over 1400 retail locations but also operates an extensive online store. Big Lots is headquartered in Columbus, Ohio, and the shares of the company trade on the NYSE.
Closeouts
The company traces its roots back to 1967 when Sol Shenk founded the Consolidated Stores Corporation in Columbus, Ohio. Sol Shenk, an entrepreneur with a keen eye for closeout deals, believed in the idea of selling products at discounted prices by procuring overruns, packaging changes, and liquidated items. The business model revolved around purchasing merchandise at lower costs and passing the savings on to customers. This strategy proved effective and by 1982, Consolidated Stores Corporation opened its first closeout store named "Odd Lots" in Columbus. However, to avoid conflicts with another retail chain that was similarly named, stores outside of Columbus were branded as Big Lots starting in 1985.
The Merchandise
Big Lots is an American retail company that operates discount retail stores. With a presence spanning multiple states, Big Lots offer an array of merchandise, often procured through closeouts, overstocks, and wholesale liquidations. Their product assortment is vast and varied, catering to a wide range of consumer needs. Among the product categories available at Big Lots, customers can find furniture, housewares, small electronics, toys, food items, and seasonal goods. Additionally, the stores stock health and beauty products, home décor, and everyday consumable items. One of the key attributes of Big Lots is the ever-changing assortment of goods, as the nature of their purchasing model means that the inventory can vary considerably from week to week and store to store.
The Retail Locations
Big Lots operates numerous retail locations across the United States. These stores are typically found in shopping plazas, standalone buildings, and sometimes in suburban areas. Their stores tend to be vast in both size and inventory, mirroring other big box retailers like Walmart, Target, and Floor and Decor.
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