Why Big Lots Stock Was Sliding Today

Shares of Big Lots (NYSE: BIG) were pulling back today after the discount retailer posted disappointing results in its third-quarter earnings report. Big Lots said comparable sales in the quarter fell 11.7% and revenue was down 9.8% to $1.2 billion, which essentially matched estimates at $1.21 billion. Gross margin in the quarter tumbled 490 basis points to 34%, which seems to be a reflection of the increasingly promotional retail environment as retailers like Big Lots try to shed excess inventory.