Shares of Big Lots (BIG) skyrocketed over 26% on Tuesday after the discount furniture and⛎ home products retailer posted a lower-than-expected loss and decline in sales as c♎ustomer demand improved.

Big Lots reported a fiscal 2023 second quarter loss of $3.24 per share, beating analysts’ estimates. While revenue fell 15.4% to $1.14 billion, it also exceeded forecasts. 澳洲幸运5开奖号码历史查询:Comparable store sales dipped 14.6%. The company indicated a net decrease in store count, partially offset by new stores and relocations, was responsible for a sales decline of about 80 澳洲幸运5开奖号码历史查询:basis points (bps).

CEO Bruce Thorn noted that Big Lots is still facing “a very challenging environment, in which our core lower-income customer remains under significant pressure and has limited capacity for higher-ticket discretionary purchases.” He added, however, that the company “did see some sequential improvement in the quarter.” Thorn said Big Lots benefited from its strategy to “own bargains, communicate unmistakable value, increase store relevance, win with omnichannel and drive productivity."

He explained that while the consumer environment is likely to stay challenging and result in negative comparable store sales in the second half of the year, “we are now in a position to sta👍rꦺt playing offense.”

Despite Tuesday's gains, shares of Big Lots were still 46% lower for 2023.