Big Lots: S&P Intraday Laggard
NEW YORK (TheStreet) -- Big Lots(BIG) was the worst performer in the S&P 500 on Tuesday morning.
The S&P 500 was rising 6.01 points, or 0.44%, Tuesday to 1,372.95.
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Shares of Big Lots fell 20.06% Tuesday to $36.54. The discount retailer updated its first-quarter retail sales guidance on Monday as a result of poorer-than-anticipated sales in the U.S.
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Big Lots expects its U.S. comparable store sales to be "slightly negative compared to our prior guidance" on March 2, which was an increase of between 2% and 4%.
"U.S. comparable store sales were on plan through the first six weeks of the quarter; however, sales compared to plan began to slow in late March and trends have further softened as we moved through the month of April," Big Lots said in a statement.
Retail sales in Canada are expected to be slightly higher than the previous guidance of between $25 million and $30 million.
Big Lots trades at an estimated price-to-earnings ratio for next year of 9.16 times; the average for broad-line retailers is 18.48. For comparison, Wal-Mart(WMT) has a higher forward P/E of 11.09.
Nine of the 17 analysts who cover Big Lots rated it buy; eight analysts gave the stock a hold rating.
