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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Big Lots
Big Lots (BIGGQ) investor relations material
Big Lots has been otc
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 $1.01 billion, 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 operational initiatives, lower markdowns, and better inventory alignment.
Liquidity was enhanced through aggressive cost, CapEx, and inventory management, and a new $200 million term loan facility.
Project Springboard targets $185 million in savings by year-end 2024, with $200 million+ in bottom-line opportunities identified.
Five Key Actions and organizational updates in merchandising are central to turnaround efforts.
Financial highlights
Q1 net sales were $1.01 billion, down 10.2% year-over-year; comp sales declined 9.9%.
Adjusted net loss was $132.3 million, with an adjusted diluted loss per share of $4.51; GAAP net loss was $205.0 million, or $6.99 per share.
Gross margin rate improved to 36.8%, up 190 basis points year-over-year.
Adjusted SG&A expenses were $491.8 million, down 3.6% year-over-year; operating loss rate was (19.1)%.
Inventory cost down 12.7% year-over-year to $949.9 million.
Outlook and guidance
Q2 2024 comp sales expected to decline mid- to high-single digits, with sequential improvement from Q1.
Q2 gross margin rate projected to improve by at least 300 basis points year-over-year.
SG&A and related expenses in Q2 expected to be down low to mid-single digits versus 2023.
Full-year CapEx expected to be in line with or below 2023, with guidance at $60 million; three new store openings planned for Q3.
Focus remains on driving positive comp sales and continued gross margin rate growth in the back half of the year.
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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.