Big Lots Withdraws Q1, FY20 Outlook Amid COVID-19 Outbreak - Quick Facts

Providing additional business update on the impact of coronavirus (COVID-19) pandemic, discount retailer Big Lots, Inc. (BIG) on Monday withdrew its financial guidance for the first quarter and full year 2020, given the lack of business visibility related to these factors.

The company said it expects to resume the practice of providing an annual outlook when business conditions return to a more normal environment.

Although the company has recently experienced demand volatility, strong sales in March for essential items such as food and consumables has resulted in positive low single digit comps quarter-to-date.

During March, the company also incurred unplanned expenses related to COVID-19, including temporary store and distribution center wage increases, additional store cleaning costs, as well as other items, and expects to incur additional unplanned expenses over the balance of the quarter.

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