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.

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.

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.

TheStreet Ratings gives Big Lots an A- grade with a buy rating and $58.51 price target. The stock has fallen 3.63% year to date.

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-- Written by Alexandra Zendrian

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