Big Lots swings to loss in Q3; announces CEO retirement
Columbus, Ohio -- Big Lots Inc. reported Tuesday a loss of $6 million for the third quarter, compared with net income of $4.2 million in the year-ago period. Results, however, topped analysts’ earnings expectations.
Revenue slipped 0.4% to $1.13 billion, missing Wall Street’s forecast of $1.3 billion.
The retailer also announced that its CEO Steven Fishman will retire as chairman and CEO after 40 years in retail. Big Lots has launched a search for his successor; Fishman will stay until a new CEO is appointed.