Commenting on the company’s preliminary unaudited performance in the fourth quarter of fiscal 2023, Bruce Thorn, President and CEO said: “I am pleased to share that we delivered fourth quarter performance in line with our guidance on comparable sales, gross margin rate, operating expenses, and inventory. In addition, we generated substantial cash flow in the quarter, which was used to pay down debt on our $900M asset-based lending facility. We look forward to reviewing full fourth quarter results in more detail in our upcoming earnings call on March 7.” In November, Big Lots guided Q4 comp sales improving vs. Q3 and be in the high single digit negative range.
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