Big Lots Reports Q3 EPS From Continuing Operations of $0.03, $0.04 on an Adjusted Basis

COLUMBUS, Ohio, Dec. 2, 2016

Commenting on today's release, David Campisi, Chief Executive Officer and President of Big Lots, stated, "We are pleased to report in a challenging retail environment the team delivered upon our financial commitments. Sales were in line with our communicated guidance while EPS was above our expectations. Jennifer continues to positively respond to our focus on ownable and winnable merchandise categories, improved merchandise presentations and more consistent in-store execution."

THIRD QUARTER HIGHLIGHTS

• Adjusted income from continuing operations of $0.04 per diluted share (non-GAAP), compared to an adjusted loss of $0.2 million, or $0.00 per share (non-GAAP) last year
• Comparable store sales were flat which was in line with guidance

	Earnings per Share
		Q3 2016		Q3 2015 ARIVA.DE Börsen-Geflüster Kurse Big Lots 3,40 € -1,16%		YTD 2016		YTD 2015
Continuing operations		$0.03		($0.03)		$1.36		$0.94
Impact of legacy pension costs (1)		$0.01		$0.03		$0.05		$0.06
Impact of non-recurring expense (1)		-		-		-		$0.05
Continuing operations - adjusted basis (1)		$0.04		$0.00		$1.41		$1.05
% Change (2016 vs. 2015)						+34%
(1)  Non-GAAP detailed reconciliation provided below.

Inventory and Cash Management
Inventory ended the third quarter of fiscal 2016 at $1,036 million, a 1% decrease compared to $1,047 million for the third quarter of fiscal 2015 as Inventory per store was flat to last year coupled with a lower store count year-over-year.

We ended the third quarter of fiscal 2016 with $60 million of Cash and Cash Equivalents and $363 million of borrowings under our credit facility compared of $62 million of Cash and Cash Equivalents and $335 million of borrowings under our credit facility as of the end of the third quarter of fiscal 2015. Our growth in year-over-year borrowings resulted from returning a higher amount of cash to shareholders (dividends and share repurchases) while investing in capital expenditures to support our strategic plan.

Total Cash Returned To Shareholders
As announced earlier today in a separate press release, on November 30, 2016, our Board of Directors declared a quarterly cash dividend of $0.21 per common share. This dividend payment of approximately $9 million is payable on December 30, 2016, to shareholders of record as of the close of business on December 16, 2016.

Based on today's announcement and including year-to-date activity for fiscal 2016, we will return $288 million to shareholders through our share repurchase investments ($250 million) and quarterly dividend payments ($38 million).

FISCAL Q4 2016 GUIDANCE

• Affirms Q4 guidance for adjusted income from continuing operations in the range of $2.18 to $2.23 per diluted share (non-GAAP), compared to adjusted income from continuing operations of $2.01 per diluted share (non-GAAP) for the same period last year
• Affirms Q4 guidance for comparable store sales in the range of flattish to +2%

For the fourth quarter of fiscal 2016, we estimate adjusted income from continuing operations will be in the range of $2.18 to $2.23 per diluted share (non-GAAP), compared to adjusted income from continuing operations of $2.01 per diluted share (non-GAAP) for the fourth quarter of fiscal 2015. This guidance is based on estimated comparable store sales in the range of flattish to +2% compared to a 0.7% comparable store sales increase in Q4 of fiscal 2015.

FISCAL 2016 GUIDANCE

• Increases guidance for fiscal 2016 adjusted income from continuing operations to be in the range of $3.55 to $3.60 per diluted share (non-GAAP), representing an 18% to 20% increase compared to fiscal 2015 adjusted income from continuing operations of $3.01 per diluted share (non-GAAP)
• Affirms guidance for fiscal 2016 comparable store sales increase in the range of 1% to 2%
• Updates guidance for fiscal 2016 cash flow to $195 million

Based on operating results for the first three quarters and our expectations for the fourth quarter of fiscal 2016 noted above, we now estimate fiscal 2016 adjusted income from continuing operations to be in the range of $3.55 to $3.60 per diluted share (non-GAAP), compared to our previous guidance of $3.45 to $3.55 per diluted share. This compares to adjusted income from continuing operations of $3.01 per diluted share (non-GAAP) for fiscal 2015. This outlook is based on a comparable store sales increase in the range of +1% to +2% and total sales up slightly.

In addition, we now expect to complete the process of terminating legacy pension plans during the fourth quarter of fiscal 2016 with cash payouts totaling approximately $15 million.  Including the impact of these payouts, we now estimate full year cash flow of approximately $195 million.

Conference Call/Webcast
We will host a conference call today at 8:00 a.m. to discuss our financial results for the third quarter and provide commentary on our outlook for fiscal 2016. 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 16, 2016. A replay of this call will also be available beginning today at 12:00 noon through December 16 by dialing 1.888.203.1112 (Toll Free USA and Canada) or 1.719.457.0820 (International), and entering Replay Passcode 4545762. All times are Eastern Time.

Headquartered in Columbus, Ohio, Big Lots, Inc. (NYSE: BIG) is a unique, non-traditional, discount retailer operating 1,445 BIG LOTS stores in 47 states with product assortments in the merchandise categories of Food, Consumables, Furniture, Seasonal, Soft Home, Hard Home, and Electronics & Accessories. Our vision is to be recognized for providing an outstanding 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 29		OCTOBER 31
			2016		2015
			(Unaudited)		(Recast)
	ASSETS
Current assets:
	Cash and cash equivalents		$59,743		$61,541
	Inventories		1,036,337		1,047,322
	Other current assets		112,251		110,184
	Total current assets		1,208,331		1,219,047
Property and equipment - net			540,669		576,563
Deferred income taxes			56,102		54,478
Other assets			42,141		39,209
			$1,847,243		$1,889,297
	LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
	Accounts payable		$503,625		$490,049 Werbung Mehr Nachrichten zur Big Lots Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 02:00 - PR Newswire Vesuvius Plc - Transaction in Own Shares 02:00 - PR Newswire FirstGroup Plc - Transaction in Own Shares 22.04.24 - PR Newswire Ninety One UK Ltd - Form 8.3 - Mondi Plc Auf zur INVEST am 26.+ 27.04.2024    Foto: Landesmesse Stuttgart GmbH - Jetzt kostenloses Ticket sichern! weiterlesen» Anzeige wo-site-teaser-box-16688_site-teaser-box_2024-04-17_09%253A00%253A00_2024-04-22_09%253A00%253A59