Shares of Big Lots (NYSE:BIG) fell as much as 20% in pre-market trading on Friday after the firm released Q1 results that were lower than anticipated and provided an unimpressive forecast.

BIG’s loss per share was $3.40 on revenue of $1.12 billion, exceeding the analyst expectation of $1.73 on revenue of $1.19B. Comparable sales fell by up to 18.2%, worse than the predicted drop of 13.9%.

We have faced considerable obstacles due to macroeconomic headwinds, evident in our results and forecast. But we are optimistic that these challenges will pass, and when they do, our company will experience a significant uptick, said Bruce Thorn, president and CEO of Big Lots.

As consumer confidence rises and we continue to add new products and amazing value to our inventory, we anticipate that furniture and seasonal will once again be the strong growth drivers for our business that they once were.

The company anticipates comparable sales to be “down in the high teens range, similar to Q1” for this quarter. Full-year sales “will be weighted towards the year’s second half as major initiatives to enhance the business takes hold and cost savings, notably freight, continue to be realised.

BIG shares fell 5.5% yesterday. Shares are down over 80% in the past 12 months.