Benzinga | Aug 28, 2020 03:12PM EDT

Why Big Lots Is Trading Lower Today

Big Lots (NYSE:BIG) shares are trading lower on Friday after the company reported second-quarter earnings results.

Big Lots reported quarterly earnings of $2.75 per share, which beat the analyst consensus estimate of $2.70. The company reported quarterly sales of $1.64 billion, which beat the analyst consensus estimate of $1.61 billion.

Big Lots is a U.S.-based company principally engaged in operating discount retail stores. The company provides a broad range of merchandise, including food, consumables, soft home products, hard home products, furniture, electronics and accessories, and seasonal products. The company sources the merchandise from traditional and close-out channels. In addition to merchandise, the company sells gift cards, issues merchandise credits, and more. The company operates stores throughout the United States, with around one third of its stores in California, Texas, Ohio, and Florida.

Big Lots's stock traded down 9.77% at $50.26 per share at the time of publication on Friday. The stock has a 52-week high of $57.24 and a 52-week low of $10.12.