Shares of retail value stores Big Lots Inc. (NYSE:BIG) and Five Below Inc. (NASDAQ:FIVEHTTPS, NASDAQ:FIVE) are trading lower as investors digest the latest earnings reports.
What To Know: Big Lots reported disappointing first-quarter 2024 results. The company posted an adjusted loss of $4.51 per share, missing estimates for a loss of $3.92 per share and reported sales of $1.0 billion, falling short of the $1.1 billion estimate. This represents a 10.2% decrease in sales from $1.1 billion last year, according to Benzinga Pro.
Despite soft quarterly results, Big Lots expects second-quarter comp sales to improve sequentially, projecting a mid to high-single-digit decline.
Related Link: Big Lots Q1 Earnings: Revenue And Profit Miss, Ditches EPS Outlook, Stock Crashes
Five Below also faced a tough quarter, reporting first-quarter 2024 adjusted EPS of 60 cents, missing the 63 cent estimate and sales of $811.9 million, below the $836.97 million estimate.
Although sales increased by 11.79% year-over-year, the company lowered its guidance for second-quarter and the full fiscal year, now expecting adjusted EPS between $5.00 and $5.40, down from the previous range of $5.71 to $6.22. Revenue guidance was also reduced to $3.79 billion to $3.87 billion from $3.97 billion to $4.07 billion, according to Benzinga Pro.
Related Link: Why Five Below Shares Are Trading Lower Thursday
Analysts Update: Following the earnings report, several analysts lowered their price targets for Five Below:
- Craig-Hallum: Lowered from $187 to $124
- Truist Securities: Lowered from $176 to $136
- Guggenheim: Lowered from $230 to $165
- UBS: Lowered from $245 to $223
- Wells Fargo: Lowered from $180 to $145.
What Else: Shares of other value retailers like TJX Companies (NYSE:TJX), Ross Stores (NASDAQ:ROST), Dollar General (NYSE:DG) and Dollar Tree (NASDAQ:DLTR) are also trading lower Thursday afternoon.
BIG, FIVE, TJX, ROST, DG and DLTR Price Action:
- Big Lots shares were down by 16.5% at $2.94
- Five Below shares were down by 11.4% at $117.77
- TJX Companies shares were down by 1% at $106.60
- Ross Stores shares were down by 0.41% at $143.73
- Dollar General shares were down by 3.37% at $129.80
- Dollar Tree shares were down by 1.84% at $112.29.
See Also: Dollar Tree’s Strategic Review Of Family Dollar Overdue, Analysts Cut Price Forecast
Photo via Wikimedia Commons.
