Comparable sales growth and gross margins in
line with guidance
Q2 GAAP EPS loss of $2.91; adjusted EPS loss of $2.28
Inventory reduction efforts on track;
reiterating Q4 gross margin normalization
Accelerating initiatives to drive shareholder
value
For the Q2 Results Presentation, Please
Visit: https://www.biglots.com/corporate/investors
COLUMBUS, Ohio, Aug. 30,
2022 /PRNewswire/ -- Big Lots, Inc. (NYSE: BIG) today
reported a net loss of $84.2 million,
or $2.91 per share, for the second
quarter of fiscal 2022 ended July 30,
2022. This result includes an after-tax charge of
$18.1 million, or $0.63 per share associated with store asset
impairment charges. Excluding this charge, the adjusted net loss
was $66.0 million, or $2.28 per share (see non-GAAP table included
later in this release). Net income for the second quarter of fiscal
2021 was $37.7 million, or
$1.09 per diluted share.
Net sales for the second quarter of fiscal 2022 totaled
$1.35 billion, a 7.6% decrease
compared to $1.46 billion for the
same period last year, and an increase of 7.5% compared to the
second quarter of 2019. The decline to last year was driven by a
comparable sales decrease of 9.2%. The 3-year comparable sales
growth rate was 3.6% in the second quarter of fiscal 2022, an
acceleration from 1.9% in the first quarter. Net new stores and
relocations contributed approximately 160 basis points of sales
growth compared to the second quarter of 2021.
Commenting on today's results announcement, Bruce Thorn, President and CEO of Big Lots
stated, "We remain laser focused on helping our customers navigate
these challenging times by delivering outstanding value across our
assortment. We are managing the business prudently, while working
hard to build a stronger company and deliver on our commitments to
our customers, associates, and shareholders."
Mr. Thorn continued, "I'd like to thank our associates for
rising to the challenge in Q2, by continuing to provide an elevated
customer shopping experience and again achieving a top-tier Net
Promoter Score above 80%. Our outstanding team helped us to deliver
results in line with the financial guidance we provided coming into
the quarter. We managed costs tightly, made great progress on
repositioning our assortment towards better bargains/closeouts and
lower price points, and took important steps to enhance our balance
sheet and secure our liquidity. We also brought inventories down
materially versus Q1, putting us on track to right-size our
inventory position by Q4."
"This, in turn, better positions us to bring even more deals to
our customers. Consumers are stretched by inflation and starting to
trade down more. We are here to help them, with strategically
adjusted opening price points and great value throughout our
stores. Further, we are making our bargains/closeouts and treasures
even easier to find with end-caps and signage that are simpler and
more compelling."
"We are moving faster to provide even better deals and
assortments for our customers by leveraging our vendor
relationships and excellent private label brands. We are also
building additional capabilities to grow our ecommerce business. We
remain highly confident in the enormous value creation opportunity
from Operation North Star, and I've never been more excited about
the future."
A summary of adjustments to loss per diluted share is included
in the table below.
|
|
|
Q2 2022
|
Earnings (loss) per
diluted share - as reported
|
($2.91)
|
Adjustment to exclude
store asset impairment charges(1)
|
$0.63
|
Earnings (loss) per
diluted share – adjusted basis
|
($2.28)
|
|
|
(1) Non-GAAP detailed
reconciliation provided in statement below
|
Inventory and Cash Management
Inventory ended the second quarter of fiscal 2022 at $1,159.0 million compared to $943.8 million for the same period last year,
with the 22.8% increase encompassing significantly higher unit
costs and a significant increase in in-transit inventory.
The company ended the second quarter of fiscal 2022 with
$49.1 million of Cash and Cash
Equivalents and $252.6 million of
Long-term Debt, compared to $293.3
million of Cash and Cash Equivalents and no Long-term Debt
as of the end of the second quarter of fiscal 2021. On July 29th, the company entered into an engagement
letter with PNC Capital Markets LLC and PNC Bank, National
Association, pursuant to which PNC Capital Markets has agreed to
arrange, on a best efforts basis, a 5-year syndicated asset-based
revolving credit facility up to $900
million, with an additional uncommitted increase option of
up to $300 million. The company
expects to enter into the new credit facility during the third
fiscal quarter ending October 28,
2022, replacing and refinancing its existing $600 million 5-year unsecured credit
facility.
Dividend and Share Repurchases
As announced in a prior release, on August
23, 2022 the Board of Directors declared a quarterly cash
dividend of $0.30 per common share.
This dividend payment of approximately $8.7
million will be payable on September
23, 2022, to shareholders of record as of the close of
business on September 9, 2022. The
company did not execute any share repurchases during the quarter.
The company has $159 million
remaining under its December 2021
$250 million authorization.
Company Outlook
For the third quarter, the company expects one-year comps to be
down in the low double-digit range. Net new stores will add about
140 bps of growth versus 2021. The company expects continued
significant promotional activity in Q3, resulting in a quarter
gross margin rate into the mid-30s, and that SG&A dollars will
grow low single-digits to 2021. Given an atypically wide range of
outcomes, the company is not providing EPS guidance at this point.
The company expects a share count of approximately 28.9 million for
Q3. The company is taking aggressive actions to significantly
improve the gross margin rate in Q4, to a rate that is
approximately in-line with the prior year quarter. In addition, the
company will continue to take actions to reduce expenses.
Conference Call/Webcast
The company will host a conference call today at 8:00 a.m. ET to discuss the financial results for
the second quarter of fiscal 2022. 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 http://www.biglots.com/ after 12:00 p.m. ET today and will remain available
through midnight ET on Tuesday, September
13, 2022. A replay of this call will also be available
beginning today at 12:00 p.m. ET
through September 13 by dialing
877.660.6853 (Toll Free) or 201.612.7415 (Toll) and entering Replay
Conference ID 13732156.
About Big Lots
Headquartered in Columbus,
Ohio, Big Lots, Inc. (NYSE: BIG) is one of America's
largest home discount retailers, operating more than 1,440 stores
in 48 states, as well as a best-in-class ecommerce platform with
expanded fulfillment and delivery capabilities. The Company's
mission is to help customers "Live Big and Save Lots" by offering
unique treasures and exceptional bargains on everything for their
home, including furniture, seasonal decor, kitchenware, pet
supplies, food items, laundry and cleaning essentials and more. Big
Lots is the recipient of Home Textiles Today's 2021 Retail Titan
Award. For more information about the company or to find the store
nearest you, visit 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 risk that the
company is unable to refinance or replace its $600 million five-year unsecured credit facility
or amend the synthetic lease for its distribution center in
Apple Valley, California as
contemplated by the consent letters entered into by the company
with respect to the credit facility and synthetic lease, 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)
|
|
|
|
|
|
|
|
|
|
|
|
JULY
30
|
|
JULY
31
|
|
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$49,144
|
|
$293,322
|
|
|
|
Inventories
|
|
1,159,008
|
|
943,776
|
|
|
|
Other current
assets
|
|
110,926
|
|
142,066
|
|
|
|
Total
current assets
|
|
1,319,078
|
|
1,379,164
|
|
|
|
|
|
|
|
|
|
|
Operating lease
right-of-use assets
|
|
1,700,600
|
|
1,652,631
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment - net
|
|
753,696
|
|
737,259
|
|
|
|
|
|
|
|
|
|
|
Deferred income
taxes
|
|
20,991
|
|
18,316
|
|
|
Other
assets
|
|
36,995
|
|
35,355
|
|
|
|
|
|
$3,831,360
|
|
$3,822,725
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$403,697
|
|
$390,597
|
|
|
|
Current operating
lease liabilities
|
|
233,883
|
|
218,930
|
|
|
|
Property, payroll
and other taxes
|
|
95,323
|
|
102,477
|
|
|
|
Accrued operating
expenses
|
|
121,583
|
|
137,874
|
|
|
|
Insurance
reserves
|
|
40,210
|
|
36,033
|
|
|
|
Accrued salaries and
wages
|
|
23,476
|
|
72,306
|
|
|
|
Income taxes
payable
|
|
1,632
|
|
1,396
|
|
|
|
Total
current liabilities
|
|
919,804
|
|
959,613
|
|
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
252,600
|
|
0
|
|
|
|
|
|
|
|
|
|
|
Noncurrent operating
lease liabilities
|
|
1,572,575
|
|
1,492,148
|
|
|
Deferred income
taxes
|
|
0
|
|
1,287
|
|
|
Insurance
reserves
|
|
59,621
|
|
58,955
|
|
|
Unrecognized tax
benefits
|
|
8,266
|
|
10,392
|
|
|
Other
liabilities
|
|
127,767
|
|
146,961
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
890,727
|
|
1,153,369
|
|
|
|
|
|
$3,831,360
|
|
$3,822,725
|
|
|
BIG LOTS, INC. AND
SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
13 WEEKS
ENDED
|
|
13 WEEKS
ENDED
|
|
|
|
JULY 30,
2022
|
|
JULY 31,
2021
|
|
|
|
|
%
|
|
|
%
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales
|
|
$1,346,221
|
100.0
|
|
$1,457,374
|
100.0
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
|
438,548
|
32.6
|
|
577,797
|
39.6
|
|
|
|
|
|
|
|
|
|
Selling and
administrative expenses
|
|
510,444
|
37.9
|
|
488,658
|
33.5
|
|
|
|
|
|
|
|
|
|
Depreciation
expense
|
|
37,197
|
2.8
|
|
35,289
|
2.4
|
|
|
|
|
|
|
|
|
Operating (loss)
profit
|
|
(109,093)
|
(8.1)
|
|
53,850
|
3.7
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(3,904)
|
(0.3)
|
|
(2,296)
|
(0.2)
|
|
|
|
|
|
|
|
|
|
Other income
(expense)
|
|
257
|
0.0
|
|
(133)
|
(0.0)
|
|
|
|
|
|
|
|
|
(Loss) income before
income taxes
|
|
(112,740)
|
(8.4)
|
|
51,421
|
3.5
|
|
|
|
|
|
|
|
|
|
Income tax (benefit)
expense
|
|
(28,590)
|
(2.1)
|
|
13,714
|
0.9
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
($84,150)
|
(6.3)
|
|
$37,707
|
2.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
($2.91)
|
|
|
$1.11
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
($2.91)
|
|
|
$1.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
28,919
|
|
|
34,004
|
|
|
|
|
|
|
|
|
|
|
Dilutive effect of
share-based awards
|
|
-
|
|
|
712
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
28,919
|
|
|
34,716
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per common share
|
|
$0.30
|
|
|
$0.30
|
|
BIG LOTS, INC. AND
SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
26 WEEKS
ENDED
|
|
26 WEEKS
ENDED
|
|
|
|
JULY 30,
2022
|
|
JULY 31,
2021
|
|
|
|
|
%
|
|
|
%
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales
|
|
$2,720,935
|
100.0
|
|
$3,082,926
|
100.0
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
|
943,142
|
34.7
|
|
1,231,744
|
40.0
|
|
|
|
|
|
|
|
|
|
Selling and
administrative expenses
|
|
991,223
|
36.4
|
|
986,076
|
32.0
|
|
|
|
|
|
|
|
|
|
Depreciation
expense
|
|
74,553
|
2.7
|
|
69,266
|
2.2
|
|
|
|
|
|
|
|
|
Operating (loss)
profit
|
|
(122,634)
|
(4.5)
|
|
176,402
|
5.7
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(6,654)
|
(0.2)
|
|
(4,864)
|
(0.2)
|
|
|
|
|
|
|
|
|
|
Other income
(expense)
|
|
1,297
|
0.0
|
|
827
|
0.0
|
|
|
|
|
|
|
|
|
(Loss) income before
income taxes
|
|
(127,991)
|
(4.7)
|
|
172,365
|
5.6
|
|
|
|
|
|
|
|
|
|
Income tax (benefit)
expense
|
|
(32,759)
|
(1.2)
|
|
40,095
|
1.3
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
($95,232)
|
(3.5)
|
|
$132,270
|
4.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
($3.31)
|
|
|
$3.81
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
($3.31)
|
|
|
$3.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
28,770
|
|
|
34,676
|
|
|
|
|
|
|
|
|
|
|
Dilutive effect of
share-based awards
|
|
-
|
|
|
643
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
28,770
|
|
|
35,319
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per common share
|
|
$0.60
|
|
|
$0.60
|
|
|
|
|
|
|
|
|
|
BIG LOTS, INC. AND
SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
13 WEEKS
ENDED
|
|
13 WEEKS
ENDED
|
|
|
|
|
|
JULY 30,
2022
|
|
JULY 31,
2021
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
Net cash
provided by (used in) operating activities
|
|
$60,824
|
|
($62,135)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used
in investing activities
|
|
(45,631)
|
|
(44,916)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used
in financing activities
|
|
(27,756)
|
|
(212,956)
|
|
|
|
|
|
|
|
|
|
|
Decrease in cash and
cash equivalents
|
|
(12,563)
|
|
(320,007)
|
|
|
|
Cash and cash
equivalents:
|
|
|
|
|
|
|
|
Beginning of
period
|
|
61,707
|
|
613,329
|
|
|
|
End of
period
|
|
$49,144
|
|
$293,322
|
|
|
BIG LOTS, INC. AND
SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
26 WEEKS
ENDED
|
|
26 WEEKS
ENDED
|
|
|
|
|
|
JULY 30,
2022
|
|
JULY 31,
2021
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
Net cash
(used in) provided by operating activities
|
|
($135,409)
|
|
$142,158
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used
in investing activities
|
|
(86,872)
|
|
(77,086)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
provided by (used in) financing activities
|
|
217,703
|
|
(331,306)
|
|
|
|
|
|
|
|
|
|
|
Decrease in cash and
cash equivalents
|
|
(4,578)
|
|
(266,234)
|
|
|
|
Cash and cash
equivalents:
|
|
|
|
|
|
|
|
Beginning of
period
|
|
53,722
|
|
559,556
|
|
|
|
End of
period
|
|
$49,144
|
|
$293,322
|
|
|
BIG LOTS, INC. AND
SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES
(In thousands, except per share
data)
(Unaudited)
The following tables reconcile: selling and administrative
expenses, selling and administrative expense rate, operating loss,
operating loss rate, income tax benefit, effective income tax rate,
net loss, and diluted earnings (loss) per share for the second
quarter of 2022 and the year-to-date 2022 (GAAP financial measures)
to adjusted selling and administrative expenses, adjusted selling
and administrative expense rate, adjusted operating loss, adjusted
operating loss rate, adjusted income tax benefit, adjusted
effective income tax rate, adjusted net loss, and adjusted diluted
earnings (loss) per share (non-GAAP financial measures).
Second Quarter
of 2022 - Thirteen weeks ended July 30, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
Adjustment
to
exclude store asset
impairment charges
|
|
As
Adjusted
(non-GAAP)
|
Selling and
administrative expenses
|
$
510,444
|
|
$
(24,105)
|
|
$
486,339
|
Selling and
administrative expense rate
|
37.9 %
|
|
(1.8 %)
|
|
36.1 %
|
Operating
loss
|
|
(109,093)
|
|
24,105
|
|
(84,988)
|
Operating loss
rate
|
|
(8.1 %)
|
|
1.8 %
|
|
(6.3 %)
|
Income tax
benefit
|
|
(28,590)
|
|
5,956
|
|
(22,634)
|
Effective
income tax rate
|
|
25.4 %
|
|
0.1 %
|
|
25.5 %
|
Net
loss
|
|
|
(84,150)
|
|
18,149
|
|
(66,001)
|
Diluted
earnings (loss) per share
|
$
(2.91)
|
|
$
0.63
|
|
$
(2.28)
|
The above adjusted selling and administrative expenses, adjusted
selling and administrative expense rate, adjusted operating loss,
adjusted operating loss rate, adjusted income tax benefit, adjusted
effective income tax rate, adjusted net loss, and adjusted diluted
earnings (loss) per share are "non-GAAP financial measures" as that
term is defined by Rule 101 of Regulation G (17 CFR Part 244) and
Item 10 of Regulation S-K (17 CFR Part 229). These non-GAAP
financial measures exclude from the most directly comparable
financial measures calculated and presented in accordance with
accounting principles generally accepted in the United States of America ("GAAP") store
asset impairment charges of $24,105
($18,149, net of tax).
Year-to-Date
2022 - Twenty-six weeks ended July 30, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
Adjustment
to
exclude store asset
impairment charges
|
|
As
Adjusted
(non-GAAP)
|
Selling and
administrative expenses
|
$
991,223
|
|
$
(24,105)
|
|
$
967,118
|
Selling and
administrative expense rate
|
36.4 %
|
|
(0.9 %)
|
|
35.5 %
|
Operating
loss
|
|
(122,634)
|
|
24,105
|
|
(98,529)
|
Operating loss
rate
|
|
(4.5 %)
|
|
0.9 %
|
|
(3.6 %)
|
Income tax
benefit
|
|
(32,759)
|
|
5,956
|
|
(26,803)
|
Effective
income tax rate
|
|
25.6 %
|
|
0.2 %
|
|
25.8 %
|
Net
loss
|
|
|
(95,232)
|
|
18,149
|
|
(77,083)
|
Diluted
earnings (loss) per share
|
$
(3.31)
|
|
$
0.63
|
|
$
(2.68)
|
The above adjusted selling and administrative expenses, adjusted
selling and administrative expense rate, adjusted operating loss,
adjusted operating loss rate, adjusted income tax benefit, adjusted
effective income tax rate, adjusted net loss, and adjusted diluted
earnings (loss) per share are "non-GAAP financial measures" as that
term is defined by Rule 101 of Regulation G (17 CFR Part 244) and
Item 10 of Regulation S-K (17 CFR Part 229). These non-GAAP
financial measures exclude from the most directly comparable
financial measures calculated and presented in accordance with GAAP
store asset impairment charges of $24,105 ($18,149,
net of tax).
Our management believes that the disclosure of these non-GAAP
financial measures provides useful information to investors because
the non-GAAP financial measures present an alternative and more
relevant method for measuring our operating performance, excluding
special items included in the most directly comparable GAAP
financial measures, that management believes is more indicative of
our on-going operating results and financial condition. Our
management uses these non-GAAP financial measures, along with the
most directly comparable GAAP financial measures, in evaluating our
operating performance.
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SOURCE Big Lots, Inc.