BIG
$59.24
Big Lots
$.08
.14%
Earnings Details
3rd Quarter October 2017
Friday, December 01, 2017 6:00:00 AM
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Summary

Big Lots Misses

Big Lots (BIG) reported 3rd Quarter October 2017 earnings of $0.06 per share on revenue of $1.1 billion. The consensus earnings estimate was $0.05 per share on revenue of $1.1 billion. The Earnings Whisper number was $0.07 per share. Revenue grew 0.5% on a year-over-year basis.

The company said it expects fourth quarter earnings of $2.35 to $2.40 per share. The current consensus earnings estimate is $2.37 per share for the quarter ending January 31, 2018.

Big Lots Inc operates as a broadline closeout retailer in the United States. It offers products under six merchandising categories: Food, Consumables, Soft Home, Hard Home, Furniture & Home Decor, Seasonal, and Electronics & Accessories.

Results
Reported Earnings
$0.06
Earnings Whisper
$0.07
Consensus Estimate
$0.05
Reported Revenue
$1.11 Bil
Revenue Estimate
$1.12 Bil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

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

Big Lots, Inc. (BIG) today reported income of $4.4 million, or $0.10 per diluted share, for the third quarter of fiscal 2017 ended October 28, 2017. This result includes after tax income of $1.9 million, or $0.04 per diluted share, associated with a gain from insurance recoveries on merchandise-related legal matters. Excluding this gain, adjusted income totaled $2.5 million, or $0.06 per diluted share (see non-GAAP table included later in this release), which compares to our guidance of income in the range of $0.01 to $0.05 per diluted share. Comparable store sales increased 1.0% for the third quarter of fiscal 2017, compared to our guidance of a low single digit increase. Net sales for the third quarter of fiscal 2017 increased 0.5% to $1,111 million, a result of the comparable store sales increase partially offset by a lower store count year-over-year.

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
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 53rd week in fiscal 2017 are expected to be partially offset by a lower overall store count.

Full Year
2017 Guidance (1)
2016 (2)
Earnings per diluted share
$4.23 -
$4.28
$3.64
% Change (2017 vs. 2016)
+16% to +18%
(1)
Non-GAAP - excludes impact of gain from insurance recovery.
(2)
Non-GAAP detailed reconciliation provided below.

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. (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, d?cor, 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.

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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
Insurance reserves
41,561
42,141
Accrued salaries and wages
31,563
50,243
Income taxes payable
865
1,407
Total current liabilities
731,776
766,584
Long-term obligations under bank credit facility
371,900
362,900
Deferred rent
56,622
55,291
Insurance reserves
56,948
58,647
Unrecognized tax benefits
15,732
14,639
Other liabilities
47,467
44,107
Shareholders’ equity
565,664
545,075
$1,846,109
$1,847,243
BIG LOTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
13 WEEKS ENDED
13 WEEKS ENDED
OCTOBER 28, 2017
OCTOBER 29, 2016
%
%
(Unaudited)
(Unaudited)
Net sales
$1,110,824 100.0
$1,105,498 100.0
Gross margin
443,626
39.9
441,992
40.0
Selling and administrative expenses
408,314
36.8
409,695
37.1
Depreciation expense
29,508
2.7
30,294
2.7
Operating profit
5,804
0.5
2,003
0.2
Interest expense
(2,077)
(0.2)
(1,665)
(0.2)
Other income (expense)
405
0.0
673
0.1
Income before income taxes
4,132
0.4
1,011
0.1
Income tax benefit
(240)
(0.0)
(365)
(0.0)
Net income
$4,372
0.4
$1,376
0.1
Earnings per common share
Basic
$0.10
$0.03
Diluted
$0.10
$0.03
Weighted average common shares outstanding
Basic
41,967
44,165
Dilutive effect of share-based awards
557
761
Diluted
42,524
44,926
Cash dividends declared per common share
$0.25
$0.21
BIG LOTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
39 WEEKS ENDED
39 WEEKS ENDED
OCTOBER 28, 2017
OCTOBER 29, 2016
%
%
(Unaudited)
(Unaudited)
Net sales
$3,628,912 100.0
$3,621,228 100.0
Gross margin
1,460,401
40.2
1,446,096
39.9
Selling and administrative expenses
1,239,440
34.2
1,251,844
34.6
Depreciation expense
87,489
2.4
90,770
2.5
Operating profit
133,472
3.7
103,482
2.9
Interest expense
(4,705)
(0.1)
(3,793)
(0.1)
Other income (expense)
323
0.0
1,031
0.0
Income before income taxes
129,090
3.6
100,720
2.8
Income tax expense
44,086
1.2
37,970
1.0
Net income
$85,004
2.3
$62,750
1.7
Earnings per common share
Basic
$1.97
$1.37
Diluted
$1.95
$1.36
Weighted average common shares outstanding
Basic
43,155
45,678
Dilutive effect of share-based awards
409
578
Diluted
43,564
46,256
Cash dividends declared per common share
$0.75
$0.63
BIG LOTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
13 WEEKS ENDED
13 WEEKS ENDED
OCTOBER 28, 2017
OCTOBER 29, 2016
(Unaudited)
(Unaudited)
Net cash used in operating activities
($70,890)
($67,964)
Net cash used in investing activities
(41,602)
(26,812)
Net cash provided by financing activities
114,495
96,150
Increase in cash and cash equivalents
2,003
1,374
Cash and cash equivalents:
Beginning of period
56,009
58,369
End of period
$58,012
$59,743
BIG LOTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
39 WEEKS ENDED
39 WEEKS ENDED
OCTOBER 28, 2017
OCTOBER 29, 2016
(Unaudited)
(Unaudited)
Net cash provided by operating activities
$29,072
$43,536
Net cash used in investing activities
(93,293)
(71,842)
Net cash provided by financing activities
71,069
33,905
Increase in cash and cash equivalents
6,848
5,599
Cash and cash equivalents:
Beginning of period
51,164
54,144
End of period
$58,012
$59,743

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 profit, operating profit rate, income tax expense (benefit), effective income tax rate, net income, and diluted earnings per share for the third quarter of 2017, the year-to-date 2017, the third quarter of 2016, the year-to-date 2016, the fourth quarter of 2016, and the full-year 2016 (GAAP financial measures) to adjusted selling and administrative expenses, adjusted selling and administrative expense rate, adjusted operating profit, adjusted operating profit rate, adjusted income tax expense (benefit), adjusted effective income tax rate, adjusted net income, and adjusted diluted earnings per share (non-GAAP financial measures).

Third quarter of 2017 - Thirteen weeks ended October 28, 2017
As Reported
Adjustment to
As Adjusted (non-
exclude gain on
GAAP)
insurance
recoveries
Selling and administrative expenses
$
408,314
$
3,000
$
411,314
Selling and administrative expense rate
36.8%
0.3%
37.0%
Operating profit
5,804
(3,000)
2,804
Operating profit rate
0.5%
(0.3%)
0.3%
Income tax benefit
(241)
(1,149)
(1,390)
Effective income tax rate
(5.8%)
(117.0%)
(122.8%)
Net income
4,372
(1,851)
2,521
Diluted earnings per share
$
0.10
$
(0.04)
$
0.06

The above adjusted selling and administrative expenses, adjusted selling and administrative expense rate, adjusted operating profit, adjusted operating profit rate, adjusted income tax benefit, 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 accounting principles generally accepted in the United States of America ("GAAP") a pretax gain on insurance recoveries associated with merchandise-related legal matters of $3,000 ($1,851, net of tax).

Year-to-date 2017 - Thirty-nine weeks ended October 28, 2017
As Reported
Adjustment to
As Adjusted (non-
exclude gain on
GAAP)
insurance
recoveries
Selling and administrative expenses
$
1,239,440
$
3,000
$
1,242,440
Selling and administrative expense rate
34.2%
0.1%
34.2%
Operating profit
133,472
(3,000)
130,472
Operating profit rate
3.7%
(0.1%)
3.6%
Income tax expense
44,086
(1,149)
42,937
Effective income tax rate
34.2%
(0.1%)
34.1%
Net income
85,004
(1,851)
83,153
Diluted earnings per share
$
1.95
$
(0.04)
$
1.91

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 a pretax gain on insurance recoveries associated with merchandise-related legal matters of $3,000 ($1,851, net of tax).

Third quarter of 2016 - Thirteen weeks ended October 29, 2016
As Reported
Adjustment to
As Adjusted (non-
exclude pension
GAAP)
costs
Selling and administrative expenses
$
409,695
$
(863)
$
408,832
Selling and administrative expense rate
37.1%
(0.1%)
37.0%
Operating profit
2,003
863
2,866
Operating profit rate
0.2%
0.1%
0.3%
Income tax benefit
(365)
342
(23)
Effective income tax rate
(36.1%)
34.9%
(1.2%)
Net income
1,376
521
1,897
Diluted earnings per share
$
0.03
$
0.01
$
0.04

The above adjusted selling and administrative expenses, adjusted selling and administrative expense rate, adjusted operating profit, adjusted operating profit rate, adjusted income tax benefit, 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 accounting principles generally accepted in the United States of America ("GAAP") all costs associated with the Company’s pension plans, as the Company froze benefits and began termination activities for its pension plans in 2015 with the intentions of completing the termination and distributing all plan assets during 2016, which totaled $863 ($521, net of tax). The pension costs encompass all items associated with net periodic benefit costs, including curtailment and settlement charges, and professional fees associated with the plan and plan termination proceedings.

Year-to-date 2016 - Thirty-nine weeks ended October 29, 2016
As Reported
Adjustment to
As Adjusted (non-
exclude pension
GAAP)
costs
Selling and administrative expenses
$
1,251,844
$
(4,073)
$
1,247,771
Selling and administrative expense rate
34.6%
(0.1%)
34.5%
Operating profit
103,482
4,073
107,555
Operating profit rate
2.9%
0.1%
3.0%
Income tax expense
37,970
1,612
39,582
Effective income tax rate
37.7%
0.1%
37.8%
Net income
62,750
2,461
65,211
Diluted earnings per share
$
1.36
$
0.05
$
1.41

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 all costs associated with the Company’s pension plans, as the Company froze benefits and began termination activities for its pension plans in 2015 with the intentions of completing the termination and distributing all plan assets during 2016, which totaled $4,073 ($2,461, net of tax). The pension costs encompass all items associated with net periodic benefit costs, including curtailment and settlement charges, and professional fees associated with the plan and plan termination proceedings.

Fourth quarter of 2016 - Thirteen weeks ended January 28, 2017
As Reported
Adjustment to
Gain on sale of
As Adjusted (non-
exclude pension
real estate
GAAP)
costs
Selling and administrative expenses
$
479,112
$
(23,693)
$
3,823
$
459,242
Selling and administrative expense rate
30.3%
(1.5%)
0.2%
29.1%
Operating profit
144,521
23,693
(3,823)
164,391
Operating profit rate
9.2%
1.5%
(0.2%)
10.4%
Income tax expense
53,501
9,364
(1,412)
61,453
Effective income tax rate
37.3%
0.3%
0.0%
37.6%
Net income
90,078
14,329
(2,411)
101,996
Diluted earnings per share
$
1.99
$
0.32
$
(0.05)
$
2.26

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 accounting principles generally accepted in the United States of America ("GAAP"): (1) all costs associated with the Company’s pension plans, as the Company completed termination and distribution proceedings in the fourth quarter of 2016, which totaled $23,693 ($14,329, net of tax); and (2) a pretax adjustment for a gain on the sale of real estate of $3,823 ($2,411, net of tax). The pension costs encompass all items associated with net periodic benefit costs, including curtailment and settlement charges, and professional fees associated with the plan and plan termination proceedings.

Full Year 2016 - Fifty-two weeks ended January 28, 2017
As Reported
Adjustment to
Gain on sale of
As Adjusted (non-
exclude pension
real estate
GAAP)
costs
Selling and administrative expenses
$
1,730,956
$
(27,766)
$
3,823
$
1,707,013
Selling and administrative expense rate
33.3%
(0.5%)
0.1%
32.8%
Operating profit
248,003
27,766
(3,823)
271,946
Operating profit rate
4.8%
0.5%
(0.1%)
5.2%
Income tax expense
91,471
10,976
(1,412)
101,035
Effective income tax rate
37.4%
0.2%
0.0%
37.7%
Net income
152,828
16,790
(2,411)
167,207
Diluted earnings per share
$
3.32
$
0.37
$
(0.05)
$
3.64

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: (1) all costs associated with the Company’s pension plans, as the Company completed termination and distribution proceedings in 2016, which totaled $27,766 ($16,790, net of tax); and (2) a pretax adjustment for a gain on the sale of real estate of $3,823 ($2,411, net of tax). The pension costs encompass all items associated with net periodic benefit costs, including curtailment and settlement charges, and professional fees associated with the plan and plan termination proceedings.

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.

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