Big Lots Reports Third Quarter EPS Of $0.10 Per Diluted Share, $0.06 Per Diluted Share On An Adjusted Basis

COLUMBUS, Ohio, Dec. 1, 2017

Commenting on today's release, David Campisi, Chief Executive Officer and President of Big Lots, stated, "I'm very pleased with our third quarter results. In a challenging retail environment, the team delivered on our financial commitments with sales in line with our communicated guidance and EPS growth above our expectations. Jennifer continues to respond positively to our strategy focusing on ownable and winnable merchandise categories, improved merchandise presentations, and more consistent, friendly customer service and in-store execution."

THIRD QUARTER HIGHLIGHTS

• Adjusted income of $0.06 per diluted share (non-GAAP), compared to last year's adjusted income of $0.04 per diluted share (non-GAAP)
• Comparable store sales increase of 1.0%

	Earnings per diluted share
		Q3 2017		Q3 2016 ARIVA.DE Börsen-Geflüster Kurse Big Lots 3,415 $ +0,15%
Earnings per diluted share		$0.10		$0.03
Impact of gain from insurance recoveries (1)		($0.04)		-
Impact of legacy pension costs (1)		-		$0.01
Earnings per diluted share - adjusted basis		$0.06		$0.04
% change to LY		+50%
(1)  Non-GAAP detailed reconciliation provided below.

Inventory and Cash Management
Inventory ended the third quarter of fiscal 2017 at $1,038 million, compared to $1,036 million for the third quarter of fiscal 2016. Inventory levels per store increased 1% compared to last year, partially offset by a lower store count year-over-year.

We ended the third quarter of fiscal 2017 with $58 million of Cash and Cash Equivalents and $372 million of borrowings under our credit facility compared to $60 million of Cash and Cash Equivalents and $363 million of borrowings under our credit facility as of the end of the third quarter of fiscal 2016. Cash flow (cash provided by operating activities less cash used in investing activities) was focused on reinvesting in the Company's strategic initiatives to support long-term sustainable growth, including the Store of the Future, and returning cash to our shareholders through share repurchases and dividend payments.

Total Cash Returned To Shareholders
As a reminder, on February 28, 2017, our Board of Directors approved a share repurchase program ("2017 Share Repurchase Program") providing for the repurchase of up to $150 million of our common shares in open market and/or privately negotiated transactions at our discretion, subject to market conditions and other factors. During the third quarter of fiscal 2017, we completed the 2017 Share Repurchase Program. In total for the program, we invested $150 million to repurchase 3.1 million shares, or approximately 7% of the Company's shares outstanding, at an average price of $48.04 per share. Common shares acquired through the 2017 Share Repurchase Program will be available to meet obligations under our equity compensation plans and for general corporate purposes.

As announced in a separate press release earlier today, on November 29, 2017, our Board of Directors declared a quarterly cash dividend of $0.25 per common share. This dividend payment of approximately $11 million is payable on December 29, 2017, to shareholders of record as of the close of business on December 15, 2017.

Year to date, the combination of share repurchase activity and our quarterly dividend payments have returned approximately $184 million to shareholders.

FISCAL Q4 2017 GUIDANCE

• Increases Q4 guidance for income of $2.35 to $2.40 per diluted share, compared to adjusted income of $2.26 per diluted share (non-GAAP) for the same period last year
• Affirms Q4 guidance for comparable store sales in the range of flat to +2%

For the fourth quarter of fiscal 2017, we estimate income will be in the range of $2.35 to $2.40 per diluted share, compared to our prior guidance of $2.30 to $2.38 per diluted share. This compares to adjusted income of $2.26 per diluted share (non-GAAP) for the fourth quarter of fiscal 2016. This guidance is based on comparable store sales in the range of flat to +2%.

FISCAL 2017 GUIDANCE

• Increases guidance for fiscal 2017 adjusted income to be in the range of $4.23 to $4.28 per diluted share (non-GAAP), representing a 16% to 18% increase compared to fiscal 2016 adjusted income of $3.64 per diluted share (non-GAAP)
• Estimates fiscal 2017 cash flow of approximately $180 million

Based on operating results for the first three quarters and our expectations for the fourth quarter of fiscal 2017 noted above, we now estimate fiscal 2017 adjusted income to be in the range of $4.23 to $4.28 per diluted share (non-GAAP), compared to our prior guidance of $4.15 to $4.25 per diluted share. This compares to adjusted income of $3.64 per diluted share (non-GAAP) for fiscal 2016. This annual guidance is based on a comparable store sales increase of approximately 1% and total sales up approximately 2% to last year as the comp and the 53^rd week in fiscal 2017 are expected to be partially offset by a lower overall store count.

Conference Call/Webcast
We will host a conference call today at 8:00 a.m. to discuss our financial results for the third quarter of fiscal 2017 and provide commentary on our outlook for the fourth quarter and full year of fiscal 2017. We invite you to listen to the webcast of the conference call through the Investor Relations section of our website http://www.biglots.com. If you are unable to join the live webcast, an archive of the call will be available through the Investor Relations section of our website after 12:00 noon today and will remain available through midnight on Friday, December 15, 2017. A replay of this call will also be available beginning today at 12:00 noon through December 15 by dialing 1.888.203.1112 (Toll Free USA and Canada) or 1.719.457.0820 (International), and entering Replay Passcode 8562612. All times are Eastern Time.

Headquartered in Columbus, Ohio, Big Lots, Inc. (NYSE: BIG) is a community retailer operating 1,430 BIG LOTS stores in 47 states, dedicated to friendly service, trustworthy value, and affordable solutions in every season and category – furniture, food, décor, and more. We exist to serve everyone like family, providing a better shopping experience for our customers, valuing and developing our associates, and creating growth for our shareholders. Big Lots supports the communities it serves through the Big Lots Foundation, a charitable organization focused on four areas of need: hunger, housing, healthcare, and education. For more information about the Company, visit www.biglots.com.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and such statements are intended to qualify for the protection of the safe harbor provided by the Act. The words "anticipate," "estimate," "expect," "objective," "goal," "project," "intend," "plan," "believe," "will," "should," "may," "target," "forecast," "guidance," "outlook" and similar expressions generally identify forward-looking statements. Similarly, descriptions of our objectives, strategies, plans, goals or targets are also forward-looking statements. Forward-looking statements relate to the expectations of management as to future occurrences and trends, including statements expressing optimism or pessimism about future operating results or events and projected sales, earnings, capital expenditures and business strategy. Forward-looking statements are based upon a number of assumptions concerning future conditions that may ultimately prove to be inaccurate. Forward-looking statements are and will be based upon management's then-current views and assumptions regarding future events and operating performance, and are applicable only as of the dates of such statements. Although we believe the expectations expressed in forward-looking statements are based on reasonable assumptions within the bounds of our knowledge, forward-looking statements, by their nature, involve risks, uncertainties and other factors, any one or a combination of which could materially affect our business, financial condition, results of operations or liquidity.

Forward-looking statements that we make herein and in other reports and releases are not guarantees of future performance and actual results may differ materially from those discussed in such forward-looking statements as a result of various factors, including, but not limited to, current economic and credit conditions, the cost of goods, our inability to successfully execute strategic initiatives, competitive pressures, economic pressures on our customers and us, the availability of brand name closeout merchandise, trade restrictions, freight costs, the risks discussed in the Risk Factors section of our most recent Annual Report on Form 10-K, and other factors discussed from time to time in our other filings with the SEC, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. This release should be read in conjunction with such filings, and you should consider all of these risks, uncertainties and other factors carefully in evaluating forward-looking statements.

You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date thereof. We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any further disclosures we make on related subjects in our public announcements and SEC filings.

BIG LOTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
			OCTOBER 28		OCTOBER 29
			2017		2016
			(Unaudited)		(Unaudited)
	ASSETS
Current assets:
	Cash and cash equivalents		$58,012		$59,743
	Inventories		1,038,156		1,036,337
	Other current assets		118,822		112,251
	Total current assets		1,214,990		1,208,331
Property and equipment - net			537,563		540,669
Deferred income taxes			47,027		56,102
Other assets			46,529		42,141
			$1,846,109		$1,847,243
	LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
	Accounts payable		$493,097		$503,625
	Property, payroll and other taxes		87,007		88,941
	Accrued operating expenses		77,683		80,227
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