Big Lots Reports Record Full Year Performance

COLUMBUS, Ohio, March 5, 2021

Remarking on today's announcement, Bruce Thorn, President and CEO of Big Lots stated, "I am pleased to report that our fiscal fourth quarter ended strongly, with a record fourth quarter comparable sales increase despite softer than planned traffic in December and inventory and supply chain challenges during the quarter. We also delivered another stellar quarter of growth across our ecommerce and omnichannel platforms with sales increasing over 130%. Throughout the quarter, our strategic investments and the nimbleness of our teams allowed us to serve our customers better than ever, as well as adjust to market dynamics to deliver excellent top-line and bottom-line results."

Mr. Thorn further remarked, "Fiscal 2020 was the strongest year in the history of Big Lots, occurring against the backdrop of an unprecedented year of uncertainty for our nation and industry. The results were the culmination of the tremendous efforts of our associates in our distribution centers, our stores, and our corporate headquarters, combined with the ongoing and successful rollout of our Operation North Star strategies. Beyond our 2020 results, we believe these strategies position us for ongoing success, supported by our steadfast focus on customer service, our assortment of everyday essentials and stay-at-home products, and our growing customer file. During 2021, we will continue the roll-out of our Lot and Queue Line programs to the balance of our stores, expand our offerings under the Broyhill brand, further scale our greatly enhanced ecommerce capabilities, and accelerate new store openings. With the dedication and commitment of our 37,000 associates to drive these initiatives, we're confident that 2021 will be another successful year in the evolution of Big Lots."

	Earnings per Share
		Q4 2020		Q4 2019 ARIVA.DE Börsen-Geflüster Kurse Big Lots 3,56 $ -3,26%		FY 2020		FY 2019
Earnings per diluted share		$2.59		$2.39		$16.11		$6.16
Gain on sale of distribution centers (1)		-		-		($8.75)		($3.47)
Impact of the costs associated with the implementation		-		-		-		$0.83
of the strategic transformation (1)
Impact of legal settlement loss contingencies (1)		-		-		-		$0.14
Earnings per diluted share - adjusted basis		$2.59		$2.39		$7.35		$3.67
(1)  Non-GAAP detailed reconciliation provided in our statements below.

FISCAL 2020
For fiscal 2020, net income totaled $629.2 million, or $16.11 per diluted share. Excluding non-recurring items detailed in this release, adjusted net income for the full year period ended January 30, 2021, totaled $287.3 million, or $7.35 per diluted share (non-GAAP), compared to adjusted net income of $144.4 million, or $3.67 per diluted share (non-GAAP), for fiscal 2019.

Net sales for fiscal 2020 totaled $6,199 million, a 16.5% increase compared to $5,323 million last year, with the increase resulting from a comparable sales increase of 16.1% and sales growth in high volume new and relocated non-comp stores.

Inventory and Cash Management
Inventory ended the fourth quarter of fiscal 2020 at $940 million compared to $921 million for the same period last year. The 2% increase was driven by in-transit inventory, which continues to be substantially higher year-over-year as the company has increased its order volume to restore on-hand merchandise and accommodate longer lead times on imported merchandise. Excluding in-transit, on-hand inventory was down approximately 5% to the prior year.

The company ended the fourth quarter of fiscal 2020 with $560 million of Cash and Cash Equivalents and $36 million of Long-term Debt, compared to $53 million of Cash and Cash Equivalents and $279 million of Long-term Debt as of the end of the fourth quarter of fiscal 2019.

Share Repurchase Authorization
As previously announced, on August 27, 2020 the company's Board of Directors authorized the repurchase of up to $500 million of the company's outstanding common shares. The authorization may be utilized to repurchase shares in the open market and/or in privately negotiated transactions at the company's discretion, subject to market conditions and other factors. In the fourth quarter of fiscal 2020, the company invested $73 million to repurchase 1.6 million shares at an average price of $46.38. Through the end of the fourth quarter of fiscal 2020, the company had utilized $173 million under this authorization to repurchase 3.8 million shares, at an average price of $46.05.

Dividend
As announced in a separate press release, on March 4, 2021, the Board of Directors declared a quarterly cash dividend of $0.30 per common share. This dividend payment of approximately $11 million will be payable on April 2, 2021, to shareholders of record as of the close of business on March 19, 2021.

Company Outlook
The company expects that its financial performance in 2021 will be significantly affected by the ongoing Covid-19 pandemic, including the impact of continued evolution in consumer shopping behaviors, and potential impact of further government stimulus. As such, the company does not have the visibility to provide full year guidance for fiscal 2021 at this time. Based on currently available information, for the first quarter of fiscal 2021 the company expects to achieve diluted earnings per share in the range of $1.30 to $1.45, based on a low-single-digit comparable sales increase. The foregoing first quarter guidance does not incorporate further anticipated share repurchases pursuant to the remaining $327 million available under the $500 million share repurchase authorization approved by the company's Board of Directors on August 27, 2020.

Conference Call/Webcast
The company will host a conference call today at 8:00 a.m. to discuss the financial results for the fourth quarter of fiscal 2020. A webcast of the conference call is available through the Investor Relations section of the company's website http://www.biglots.com. An archive of the call will be available through the Investor Relations section of the company's website after 12:00 p.m. today and will remain available through midnight on Friday, March 19, 2021. A replay of this call will also be available beginning today at 12:00 p.m. through March 19 by dialing 877.660.6853 (Toll Free) or 201.612.7415 (Toll) and entering Replay Conference ID 13715962. All times are Eastern Time.

Headquartered in Columbus, Ohio, Big Lots, Inc. (NYSE: BIG) is a neighborhood discount retailer operating 1,410 stores in 47 states, as well as a best-in-class ecommerce platform with expanded capabilities via BOPIS, curbside pickup, Instacart and PICKUP with same day delivery. The company's product assortment is focused on home essentials: Furniture, Seasonal, Soft Home, Food, Consumables, Hard Home, and Electronics, Toys & Accessories. Big Lots' mission is to help people Live BIG and Save Lots. The company strives to be the BIG difference for a better life by delivering unmatched value to customers through surprise and delight, being a "best place to work" culture for associates, rewarding shareholders with consistent growth and top-tier returns, as well as doing good in local communities. 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," "approximate," "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 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 the company believes the expectations expressed in forward-looking statements are based on reasonable assumptions within the bounds of knowledge, forward-looking statements, by their nature, involve risks, uncertainties and other factors, any one or a combination of which could materially affect business, financial condition, results of operations or liquidity.

Forward-looking statements that the company makes 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, developments related to the COVID-19 coronavirus pandemic, current economic and credit conditions, the cost of goods, the inability to successfully execute strategic initiatives, competitive pressures, economic pressures on customers and the company, the availability of brand name closeout merchandise, trade restrictions, freight costs, the risks discussed in the Risk Factors section of the company's most recent Annual Report on Form 10-K, and other factors discussed from time to time in 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. The company undertakes 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 the company makes on related subjects in public announcements and SEC filings.

BIG LOTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
			JANUARY 30		FEBRUARY 1
			2021		2020
			(Unaudited)		(Unaudited)
	ASSETS
Current assets:
	Cash and cash equivalents		$559,556		$52,721
	Inventories		940,294		921,266
	Other current assets		85,939		89,962
	Total current assets		1,585,789		1,063,949
Operating lease right-of-use assets			1,649,009		1,202,252
Property and equipment - net			717,216		849,147
Deferred income taxes			16,329		4,762
Other assets			68,914		69,171
			$4,037,257		$3,189,281
	LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
	Accounts payable		$398,433		$378,241
	Current operating lease liabilities		226,075		212,144
	Property, payroll and other taxes		109,694		82,109 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 11.05.24 - Boersia.de Nvidia Aktie: Sprunghafter Kursanstieg erwartet 11.05.24 - XTB BITCOIN am Wochende: Break über $65.000 voraus?! -- Die aktuelle BITCOIN-Analyse am 11.05.24 11.05.24 - Jörg Schulte +++ ACHTUNG +++: Der Wendepunkt für die Uranindustrie! Jetzt geht es richtig los! Spezial aus aktuellem Anlass:    JanOne – Smallcap über Nacht mit Milliardentransaktionen! weiterlesen» Anzeige wo-site-teaser-box-16911_site-teaser-box_2024-05-11_09%253A00%253A00_2024-05-12_09%253A00%253A59