Columbus, Ohio — While Top 50 retailer Big Lots has filed for Chapter 11 bankruptcy protection and is in a sales agreement with an affiliate of Nexus Capital Management, its second quarter earnings are still slated to be released Sept. 12.
The second quarter earnings were originally scheduled for Sept. 6, but last week the discounter delayed them.
In the release announcing Big Lots’ sale agreement, President and CEO Bruce Thorn said the company’s results for the quarter lined up with expectations.
“Despite a challenging consumer environment and financial pressures facing our business, we are pleased to have achieved underlying comp sales, gross margin and operating expenses in line with our guidance,” he said. “Underlying comp sales improved sequentially relative to Q1 on a year-over-year basis and gross margins significantly improved, driven in part by advancing our five key actions, particularly through increasing our extreme bargain offerings.
“Additionally, Q3 to date is off to a good start, with a significant sequential improvement in underlying comp sales relative to Q2, as well as underlying gross margin expansion vs. last year. We expect the positive momentum to continue into the back half of the year.”
Big Lots also announced that it was notified by the New York Stock Exchange that it is not in compliance with Section 802.01C of the NYSE Listed Company Manual because the average closing price of the company’s common shares was less than $1 over a consecutive 30 trading-day period. The notice does not result in the immediate delisting of the company’s common shares from the NYSE.
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