Big Lots may rebound as new CEO, sales moves take hold: Barron's
(Reuters) - Big Lots Inc (BIG.N), the nation's largest closeout retailer whose shares have fallen 30 percent from their high in March 2012, deserves a closer look from investors now that the company has a new chief executive and is taking initiatives to boost sales, Barron's said.
Sales of the company, whose 1,505 U.S. stores are mainly located in strip malls, have been under pressure for the past two years from the weak economy and higher gasoline prices, the newspaper said.
But the arrival of the new CEO, David Campisi, and his 30 years of merchandizing experience, should help turn the tide, Barron's said.
"Other management changes, and a series of strategic initiatives aimed at boosting sales, could lead to improvements by the end of the year," Barron's said. It added that shares would still look inexpensive, compared with other discounters, even if they were to rise 20 percent above last week's level.
Shares of the company ended trading at $32.86, down 0.8 percent, on Friday.
(Reporting by Ransdell Pierson; Editing by Theodore d'Afflisio)
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