Q4 comparable sales and gross margins in line
with guidance; expenses, excluding adjustments, better than
expected
Q4 GAAP EPS loss of $0.43; adjusted EPS loss of $0.28
Right-sized inventory position and
strengthened balance sheet with asset monetization
Expect to drive significant business
improvements during FY 2023
For the Q4 Results Presentation, Please
Visit: https://www.biglots.com/corporate/investors
COLUMBUS, Ohio, March 2,
2023 /PRNewswire/ -- Big Lots, Inc. (NYSE: BIG) today
reported a net loss of $12.5 million,
or $0.43 per share, for the fourth
quarter of fiscal 2022 ended January 28,
2023. This result includes a net after-tax charge of
$4.4 million, or $0.15 per share, associated with the net impact
of store asset impairment charges and a gain on the sale of real
estate and related expenses. Excluding this charge, the adjusted
net loss in the fourth quarter of 2022 was $8.1 million, or $0.28 per share (see non-GAAP table included
later in this release). Adjusted net income for the fourth quarter
of fiscal 2021 was $53.6 million, or
$1.75 per diluted share
(non-GAAP).
Net sales for the fourth quarter of fiscal 2022 totaled
$1.543 billion, a 10.9% decrease
compared to $1.732 billion for the
same period last year. The decline to last year was driven by a
comparable sales decrease of 13.0%. We estimate comparable sales
were adversely impacted by approximately 130 basis points due to
product shortages in furniture, resulting from the unexpected
closure of our largest vendor in November. This impact excludes the
attachment impact on adjacent categories, such as soft
home. Net new stores and relocations contributed approximately
210 basis points of sales growth compared to the fourth quarter of
2021.
Commenting on today's results announcement, Bruce Thorn, President and CEO of Big Lots
stated, "Despite the extremely difficult consumer environment
throughout 2022, we've taken action to strengthen and transform our
business model. Against that backdrop, we made sequential progress
to improve our margins, tightly manage expenses, and right-size our
inventories over the last few quarters."
"Even though our furniture business was adversely impacted by
the unexpected closure of our largest vendor, we were able to
deliver fourth quarter sales and gross margins that were in line
with guidance. Further, our year-over-year inventories came down
materially to appropriate levels. We also saw favorability in
SG&A, as we tightly managed costs, and have further
strengthened our balance sheet through asset monetization efforts.
I remain impressed by the agility and efforts of the team, who once
again delivered on our targets under challenging conditions."
"As we enter 2023, we remain excited about the opportunity to
provide more value to our customers, while improving our sales and
earnings momentum as the year progresses. We continue to accelerate
the transformation of our business through key action points.
These include offering even more compelling opening price points
and better bargains and treasures, which are easier to find and
more convenient to shop. In addition, we will continue to take
strides to meet our customer's needs, grow our relevance, and be
more efficient across our fleet. We remain focused on growing
margin, reducing expenses, and making highly disciplined investment
decisions."
A summary of adjustments to loss per diluted share is included
in the table below.
|
|
|
|
Q4 2022
|
FY 2022
|
Earnings (loss) per
diluted share - as reported
|
($0.43)
|
($7.30)
|
Adjustment to exclude
store asset impairment charges and a gain on the sale of real
estate and related expenses (1)
|
$0.15
|
$1.35
|
Earnings (loss) per
diluted share – adjusted basis
|
($0.28)
|
($5.96)
|
(1) Non-GAAP detailed
reconciliation provided in statement below
|
|
|
Fiscal 2022
For fiscal 2022, the company reported a net loss of $210.7 million, or $7.30 per diluted share. Excluding the net charge
for store asset impairments and a gain on the sale of real estate
and related expenses, the adjusted net loss was $171.9 million, or $5.96 per diluted share compared to adjusted net
income of $181.6 million, or
$5.44 per diluted share (non-GAAP)
for fiscal 2021.
Net sales for fiscal 2022 totaled $5.468
billion, an 11.1% decrease compared to $6.15 billion last year, with the decrease
resulting from a comparable sales decrease of 12.9% partially
offset by sales growth in new and relocated non-comp stores.
Inventory and Cash Management
Inventory ended the fourth quarter of fiscal 2022 at $1.148 billion compared to $1.238 billion for the same period last year,
with the 7.3% decrease driven by lower in-transit inventory and
on-hand units.
The company ended the fourth quarter of fiscal 2022 with
$44.7 million of Cash and Cash
Equivalents and $301.4 million of
Long-term Debt, compared to $53.7
million of Cash and Cash Equivalents and $3.5 million of Long-term Debt as of the end of
the fourth quarter of fiscal 2021.
Dividend and Share Repurchases
As announced in a separate release, on February 28, 2023 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
March 31, 2023, to shareholders of
record as of the close of business on March
17, 2023. 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 first quarter, the company expects comps to be down in the
low to mid-teens range. Net new stores will add about 40 basis
points of growth versus 2022. The company expects the first quarter
gross margin rate to improve sequentially versus Q4 into the
high-30s range. Given an atypically wide range of potential
outcomes, the company is not providing EPS guidance at this point.
The company expects a share count of approximately 29.1 million for
Q1.
With regard to the full year, the company is targeting
improvement in financial results versus 2022. Earnings momentum
will be weighted towards the back half of the year, as key actions
to improve the business gain traction, and as freight cost
reductions continue to be realized. Given greater than usual
uncertainty in the macroeconomic environment, at this point the
company is not providing formal full year guidance.
Conference Call/Webcast
The company will host a conference call today at 8:00 a.m. ET to discuss the financial results for
the fourth 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 Thursday, March 16,
2023. A replay of this call will also be available beginning
today at 12:00 p.m. ET through
March 16 by dialing 877.660.6853
(Toll Free) or 201.612.7415 (Toll) and entering Replay Conference
ID 13736230.
About Big Lots
Headquartered in Columbus,
Ohio, Big Lots, Inc. (NYSE: BIG) is one of America's
largest home discount retailers, operating more than 1,425 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 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 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, developments related to the COVID-19
pandemic, the current economic and credit conditions, inflation,
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 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 they are made. 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)
|
|
|
|
|
|
|
|
|
|
|
|
JANUARY
28
|
|
JANUARY
29
|
|
|
|
|
|
2023
|
|
2022
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$44,730
|
|
$53,722
|
|
|
|
Inventories
|
|
1,147,949
|
|
1,237,797
|
|
|
|
Other current
assets
|
|
92,635
|
|
119,449
|
|
|
|
Total
current assets
|
|
1,285,314
|
|
1,410,968
|
|
|
|
|
|
|
|
|
|
|
Operating lease
right-of-use assets
|
|
1,619,756
|
|
1,731,995
|
|
|
|
|
|
|
|
|
|
|
Property and
equipment - net
|
|
691,111
|
|
735,826
|
|
|
|
|
|
|
|
|
|
|
Deferred income
taxes
|
|
56,301
|
|
10,973
|
|
|
Other
assets
|
|
38,449
|
|
37,491
|
|
|
|
|
|
$3,690,931
|
|
$3,927,253
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$421,680
|
|
$587,496
|
|
|
|
Current operating
lease liabilities
|
|
252,320
|
|
242,275
|
|
|
|
Property, payroll
and other taxes
|
|
71,274
|
|
90,728
|
|
|
|
Accrued operating
expenses
|
|
111,752
|
|
120,684
|
|
|
|
Insurance
reserves
|
|
35,871
|
|
36,748
|
|
|
|
Accrued salaries and
wages
|
|
26,112
|
|
45,762
|
|
|
|
Income taxes
payable
|
|
845
|
|
894
|
|
|
|
Total
current liabilities
|
|
919,854
|
|
1,124,587
|
|
|
|
|
|
|
|
|
|
|
Long-term
debt
|
|
301,400
|
|
3,500
|
|
|
|
|
|
|
|
|
|
|
Noncurrent operating
lease liabilities
|
|
1,514,009
|
|
1,569,713
|
|
|
Deferred income
taxes
|
|
0
|
|
21,413
|
|
|
Insurance
reserves
|
|
58,613
|
|
62,591
|
|
|
Unrecognized tax
benefits
|
|
8,091
|
|
10,557
|
|
|
Other
liabilities
|
|
125,057
|
|
127,529
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
763,907
|
|
1,007,363
|
|
|
|
|
|
$3,690,931
|
|
$3,927,253
|
|
|
BIG LOTS, INC. AND
SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
13 WEEKS
ENDED
|
|
13 WEEKS
ENDED
|
|
|
|
JANUARY 28,
2023
|
|
JANUARY 29,
2022
|
|
|
|
|
%
|
|
|
%
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales
|
|
$1,543,113
|
100.0
|
|
$1,732,021
|
100.0
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
|
560,901
|
36.3
|
|
646,082
|
37.3
|
|
|
|
|
|
|
|
|
|
Selling and
administrative expenses
|
|
525,905
|
34.1
|
|
541,228
|
31.2
|
|
|
|
|
|
|
|
|
|
Depreciation
expense
|
|
43,051
|
2.8
|
|
37,376
|
2.2
|
|
|
|
|
|
|
|
|
Operating (loss)
profit
|
|
(8,055)
|
(0.5)
|
|
67,478
|
3.9
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(7,370)
|
(0.5)
|
|
(2,133)
|
(0.1)
|
|
|
|
|
|
|
|
|
|
Other income
(expense)
|
|
4
|
0.0
|
|
227
|
0.0
|
|
|
|
|
|
|
|
|
(Loss) income before
income taxes
|
|
(15,421)
|
(1.0)
|
|
65,572
|
3.8
|
|
|
|
|
|
|
|
|
|
Income tax (benefit)
expense
|
|
(2,958)
|
(0.2)
|
|
15,734
|
0.9
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
($12,463)
|
(0.8)
|
|
$49,838
|
2.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
($0.43)
|
|
|
$1.67
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
($0.43)
|
|
|
$1.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
28,957
|
|
|
29,860
|
|
|
|
|
|
|
|
|
|
|
Dilutive effect of
share-based awards
|
|
-
|
|
|
807
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
28,957
|
|
|
30,667
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
52 WEEKS
ENDED
|
|
52 WEEKS
ENDED
|
|
|
|
JANUARY 28,
2023
|
|
JANUARY 29,
2022
|
|
|
|
|
%
|
|
|
%
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales
|
|
$5,468,329
|
100.0
|
|
$6,150,603
|
100.0
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
|
1,913,503
|
35.0
|
|
2,397,007
|
39.0
|
|
|
|
|
|
|
|
|
|
Selling and
administrative expenses
|
|
2,020,144
|
36.9
|
|
2,014,682
|
32.8
|
|
|
|
|
|
|
|
|
|
Depreciation
expense
|
|
154,859
|
2.8
|
|
142,572
|
2.3
|
|
|
|
|
|
|
|
|
Operating (loss)
profit
|
|
(261,500)
|
(4.8)
|
|
239,753
|
3.9
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(20,280)
|
(0.4)
|
|
(9,281)
|
(0.2)
|
|
|
|
|
|
|
|
|
|
Other income
(expense)
|
|
1,363
|
0.0
|
|
1,339
|
0.0
|
|
|
|
|
|
|
|
|
(Loss) income before
income taxes
|
|
(280,417)
|
(5.1)
|
|
231,811
|
3.8
|
|
|
|
|
|
|
|
|
|
Income tax (benefit)
expense
|
|
(69,709)
|
(1.3)
|
|
54,033
|
0.9
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
($210,708)
|
(3.9)
|
|
$177,778
|
2.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
($7.30)
|
|
|
$5.43
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
($7.30)
|
|
|
$5.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
28,860
|
|
|
32,723
|
|
|
|
|
|
|
|
|
|
|
Dilutive effect of
share-based awards
|
|
-
|
|
|
632
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
28,860
|
|
|
33,355
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per common share
|
|
$1.20
|
|
|
$1.20
|
|
BIG LOTS, INC. AND
SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
13 WEEKS
ENDED
|
|
13 WEEKS
ENDED
|
|
|
|
|
|
JANUARY 28,
2023
|
|
JANUARY 29,
2022
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
Net cash
provided by operating activities
|
|
$134,753
|
|
$118,056
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
provided by (used in) investing activities
|
|
15,911
|
|
(37,141)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used
in financing activities
|
|
(168,072)
|
|
(97,789)
|
|
|
|
|
|
|
|
|
|
|
Decrease in cash and
cash equivalents
|
|
(17,408)
|
|
(16,874)
|
|
|
|
Cash and cash
equivalents:
|
|
|
|
|
|
|
|
Beginning of
period
|
|
62,138
|
|
70,596
|
|
|
|
End of
period
|
|
$44,730
|
|
$53,722
|
|
|
BIG LOTS, INC. AND
SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
52 WEEKS
ENDED
|
|
52 WEEKS
ENDED
|
|
|
|
|
|
JANUARY 28,
2023
|
|
JANUARY 29,
2022
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
Net cash
(used in) provided by operating activities
|
|
($144,286)
|
|
$193,762
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used
in investing activities
|
|
(108,940)
|
|
(159,686)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
provided by (used in) financing activities
|
|
244,234
|
|
(539,910)
|
|
|
|
|
|
|
|
|
|
|
Decrease in cash and
cash equivalents
|
|
(8,992)
|
|
(505,834)
|
|
|
|
Cash and cash
equivalents:
|
|
|
|
|
|
|
|
Beginning of
period
|
|
53,722
|
|
559,556
|
|
|
|
End of
period
|
|
$44,730
|
|
$53,722
|
|
|
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, depreciation
expense, depreciation expense rate, operating (loss) profit,
operating (loss) profit rate, income tax (benefit) expense,
effective income tax rate, net (loss) income, and diluted earnings
(loss) per share for the fourth quarter of 2022, the full year
2022, and the full year 2021 (GAAP financial measures) to adjusted
selling and administrative expenses, adjusted selling and
administrative expense rate, adjusted depreciation expense,
adjusted depreciation expense rate, adjusted operating (loss)
profit, adjusted operating (loss) profit rate, adjusted income tax
(benefit) expense, adjusted effective income tax rate, adjusted net
(loss) income, and adjusted diluted earnings (loss) per share
(non-GAAP financial measures).
Fourth Quarter
of 2022 - Thirteen weeks ended January 28,
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
Adjustment
to
exclude store asset
impairment
|
|
Adjustment to
exclude
gain on sale of real
estate and related
expenses
|
|
As
Adjusted
(non-GAAP)
|
Selling and
administrative expenses
|
$
525,905
|
|
$
(22,568)
|
|
$
18,581
|
|
$
521,918
|
Selling and
administrative expense rate
|
34.1 %
|
|
(1.5 %)
|
|
1.2 %
|
|
33.8 %
|
Depreciation
expense
|
|
43,051
|
|
-
|
|
(1,734)
|
|
41,317
|
Depreciation
expense rate
|
|
2.8 %
|
|
-
|
|
(0.1 %)
|
|
2.7 %
|
Operating
loss
|
|
(8,055)
|
|
22,568
|
|
(16,847)
|
|
(2,334)
|
Operating loss
rate
|
|
(0.5 %)
|
|
1.5 %
|
|
(1.1 %)
|
|
(0.2 %)
|
Income tax
benefit
|
|
(2,958)
|
|
5,408
|
|
(4,040)
|
|
(1,590)
|
Effective
income tax rate
|
|
19.2 %
|
|
(1.6 %)
|
|
(1.2 %)
|
|
16.4 %
|
Net
loss
|
|
|
(12,463)
|
|
17,160
|
|
(12,807)
|
|
(8,110)
|
Diluted
earnings (loss) per share
|
$
(0.43)
|
|
$
0.59
|
|
$
(0.44)
|
|
$
(0.28)
|
The above adjusted selling and administrative expenses, adjusted
selling and administrative expense rate, adjusted depreciation
expense, adjusted depreciation 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 $22,568 ($17,160,
net of tax) and a gain on sale of real estate and related expenses
of $16,847 ($12,807, net of tax). The depreciation expense
included within the adjustment to exclude gain on sale of real
estate and related expenses is the accelerated depreciation
associated with the disposal of fixtures and equipment at each of
the store locations included in the sale.
Full Year 2022
- Fifty-two weeks ended January 28, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
Adjustment
to
exclude store asset
impairment
|
|
Adjustment to
exclude
gain on sale of real
estate and related
expenses
|
|
As
Adjusted
(non-GAAP)
|
Selling and
administrative expenses
|
$
2,020,144
|
|
$
(68,396)
|
|
$
18,581
|
|
$
1,970,329
|
Selling and
administrative expense rate
|
36.9 %
|
|
(1.3 %)
|
|
0.3 %
|
|
36.0 %
|
Depreciation
expense
|
|
154,859
|
|
-
|
|
(1,734)
|
|
153,125
|
Depreciation
expense rate
|
|
2.8 %
|
|
-
|
|
(0.0 %)
|
|
2.8 %
|
Operating
loss
|
|
(261,500)
|
|
68,396
|
|
(16,847)
|
|
(209,951)
|
Operating loss
rate
|
|
(4.8 %)
|
|
1.3 %
|
|
(0.3 %)
|
|
(3.8 %)
|
Income tax
benefit
|
|
(69,709)
|
|
16,739
|
|
(4,040)
|
|
(57,010)
|
Effective
income tax rate
|
|
24.9 %
|
|
0.0 %
|
|
0.0 %
|
|
24.9 %
|
Net
loss
|
|
|
(210,708)
|
|
51,657
|
|
(12,807)
|
|
(171,858)
|
Diluted
earnings (loss) per share
|
$
(7.30)
|
|
$
1.79
|
|
$
(0.44)
|
|
$
(5.96)
|
The above adjusted selling and administrative expenses, adjusted
selling and administrative expense rate, adjusted depreciation
expense, adjusted depreciation 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 $68,396 ($51,657,
net of tax) and a gain on sale of real estate and related expenses
of $16,847 ($12,807, net of tax). The depreciation expense
included within the adjustment to exclude gain on sale of real
estate and related expenses is the accelerated depreciation
associated with the disposal of fixtures and equipment at each of
the store locations included in the sale.
Fourth Quarter
of 2021 - Thirteen weeks ended January 29,
2022
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
Adjustment
to
exclude store asset
impairment charges
|
|
As
Adjusted
(non-GAAP)
|
Selling and
administrative expenses
|
$
541,228
|
|
$
(5,033)
|
|
$
536,195
|
Selling and
administrative expense rate
|
31.2 %
|
|
(0.3 %)
|
|
31.0 %
|
Operating
profit
|
67,478
|
|
5,033
|
|
72,511
|
Operating
profit rate
|
3.9 %
|
|
0.3 %
|
|
4.2 %
|
Income tax
expense
|
15,734
|
|
1,251
|
|
16,985
|
Effective
income tax rate
|
24.0 %
|
|
0.1 %
|
|
24.1 %
|
Net
income
|
49,838
|
|
3,782
|
|
53,620
|
Diluted
earnings per share
|
$
1.63
|
|
$
0.12
|
|
$
1.75
|
The above adjusted selling and administrative expenses, adjusted
selling and administrative expense rate, adjusted operating profit,
adjusted operating profit rate, adjusted income tax expense,
adjusted effective income tax rate, adjusted net income, and
adjusted diluted earnings 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 $5,033 ($3,782, net
of tax).
Full Year 2021
- Fifty-two weeks ended January 29, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported
|
|
Adjustment
to
exclude store asset
impairment charges
|
|
As
Adjusted
(non-GAAP)
|
Selling and
administrative expenses
|
$ 2,014,682
|
|
$
(5,033)
|
|
$
2,009,649
|
Selling and
administrative expense rate
|
32.8 %
|
|
(0.1 %)
|
|
32.7 %
|
Operating
profit
|
|
239,753
|
|
5,033
|
|
244,786
|
Operating
profit rate
|
|
3.9 %
|
|
0.1 %
|
|
4.0 %
|
Income tax
expense
|
|
54,033
|
|
1,251
|
|
55,284
|
Effective
income tax rate
|
23.3 %
|
|
0.0 %
|
|
23.3 %
|
Net
income
|
|
177,778
|
|
3,782
|
|
181,560
|
Diluted
earnings per share
|
$
5.33
|
|
$
0.11
|
|
$
5.44
|
The above adjusted selling and administrative expenses, adjusted
selling and administrative expense rate, adjusted operating profit,
adjusted operating profit rate, adjusted income tax expense,
adjusted effective income tax rate, adjusted net income, and
adjusted diluted earnings 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 $5,033 ($3,782, 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.