BIG
$54.83
Big Lots
$.04
.07%
Earnings Details
2nd Quarter July 2017
Friday, August 25, 2017 6:00:00 AM
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Summary

Big Lots Beats

Big Lots (BIG) reported 2nd Quarter July 2017 earnings of $0.67 per share on revenue of $1.2 billion. The consensus earnings estimate was $0.62 per share on revenue of $1.2 billion. The Earnings Whisper number was $0.63 per share. Revenue grew 1.5% on a year-over-year basis.

The company said it expects third quarter earnings of $0.01 to $0.05 per share and fiscal 2018 earnings of $4.15 to $4.25 per share. The company's previous guidance was fiscal year earnings of $4.05 to $4.20 per share. The current consensus earnings estimate is $0.04 per share for the quarter ending October 31, 2017 and $4.20 per share for the year 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
$0.67
Earnings Whisper
$0.63
Consensus Estimate
$0.62
Reported Revenue
$1.22 Bil
Revenue Estimate
$1.21 Bil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Big Lots Reports Record Second Quarter Earnings Of $0.67 Per Diluted Share

Big Lots, Inc. (BIG) today reported income of $29.1 million, or $0.67 per diluted share, for the second quarter of fiscal 2017 ended July 29, 2017. This result compares to our guidance of income in the range of $0.58 to $0.63 per diluted share and represents a 29% increase over adjusted income of $23.4 million, or $0.52 per diluted share (see non-GAAP table included later in this release), for the second quarter of fiscal 2016. Comparable store sales increased 1.8% for the second quarter of fiscal 2017, compared to our guidance of a low single digit increase. Net sales for the second quarter of fiscal 2017 increased 1.5% to $1,221.3 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 second quarter results. In a challenging retail environment with the pressures of online competitors and changing consumer shopping behaviors, our ownable and winnable merchandise categories are resonating with Jennifer and continue to demonstrate resiliency with solid sales growth in Q2. Our strategy is working as evidenced by our comps in ownable categories and our consistency of delivering growth in operating profit dollars and EPS. We are controlling what we can control and our teams are energized and excited as our new Fall merchandise has begun to arrive in stores."

SECOND QUARTER HIGHLIGHTS

Record income of $0.67 per diluted share, a 29% increase compared to last year’s adjusted income of $0.52 per diluted share (non-GAAP)

-- Comparable store sales increase of 1.8%

Earnings per diluted share
Q2 2017
Q2 2016
Earnings per diluted share
$0.67
$0.50
Impact of legacy pension costs (1)
-
$0.01
Earnings per diluted share - adjusted basis
$0.67
$0.52
% change to LY
+29%
(1)
Non-GAAP detailed reconciliation provided below.

Inventory and Cash Management Inventory ended the second quarter of fiscal 2017 at $810 million, compared to $809 million for the second 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 second quarter of fiscal 2017 with $56 million of Cash and Cash Equivalents and $227 million of borrowings under our credit facility compared to $58 million of Cash and Cash Equivalents and $258 million of borrowings under our credit facility as of the end of the second quarter of fiscal 2016. Cash flow (cash provided by operating activities less cash used in investing activities) was focused on returning cash to our shareholders (stock repurchases and dividend payments) and lowering our overall debt levels.

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 second quarter of fiscal 2017, we invested $95 million to repurchase 2.0 million shares at an average price of $47.86 per share. Year to date through the second quarter of fiscal 2017, we invested $128 million to repurchase 2.7 million shares at an average price of $48.00 per share. We ended the second quarter of fiscal 2017 with approximately $22 million of authorization remaining under the 2017 Share Repurchase Program. 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 August 24, 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 September 22, 2017, to shareholders of record as of the close of business on September 8, 2017.

During the second quarter of fiscal 2017, the combination of share repurchase activity and our quarterly dividend payment represents approximately $106 million returned to shareholders. Year to date, approximately $152 million has been returned to shareholders through dividends and share repurchase activity.

FISCAL Q3 2017 GUIDANCE

Provides initial Q3 guidance for income of $0.01 to $0.05 per diluted share, compared to adjusted income of $0.04 per diluted share (non-GAAP) for the same period last year

Provides initial Q3 guidance for comparable store sales increase in the low single digits

For the third quarter of fiscal 2017, we estimate income will be in the range of $0.01 to $0.05 per diluted share, compared to adjusted income of $0.04 per diluted share (non-GAAP) for the third quarter of fiscal 2016. This guidance is based on a comparable store sales increase in the low single digit range.

FISCAL Q4 2017 GUIDANCE

Provides initial Q4 guidance for income of $2.30 to $2.38 per diluted share, compared to adjusted income of $2.26 per diluted share (non-GAAP) for the same period last year

-- Provides initial 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 $2.30 to $2.38 per diluted share, compared 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 income to be in the range of $4.15 to $4.25 per diluted share, representing a 14% to 17% increase compared to fiscal 2016 adjusted income of $3.64 per diluted share (non-GAAP)

-- Affirms guidance for fiscal 2017 cash flow of $180 to $190 million

Based on the actual results for the first two quarters and our expectations for the third and fourth quarters of fiscal 2017 noted above, we now estimate fiscal 2017 income to be in the range of $4.15 to $4.25 per diluted share, compared to our prior guidance of $4.05 to $4.20 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 1% to 1.5% and total sales up 2% to 2.5% to last year as the comp and the 53rd week are expected to be partially offset by a lower overall store count. We estimate this financial performance will result in cash flow of $180 to $190 million.

Full Year
2017 Guidance
2016 (1)
Earnings per diluted share
$4.15 -
$4.25
$3.64
% Change (2017 vs. 2016)
+14% to +17%
(1)
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 second quarter of fiscal 2017 and provide commentary on our outlook for 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 http://www.biglots.com/ after 12:00 noon today and will remain available through midnight on Friday, September 8, 2017. A replay of this call will also be available beginning today at 12:00 noon through September 8 by dialing 1.888.203.1112 (Toll Free USA and Canada) or 1.719.457.0820 (International), and entering Replay Passcode 7742976. All times are Eastern Time.

Headquartered in Columbus, Ohio, Big Lots, Inc. (BIG) is a unique, non-traditional, discount retailer operating 1,428 BIG LOTS stores in 47 states with product assortments in the merchandise categories of Furniture, Seasonal, Soft Home, Food, Consumables, Hard Home, and Electronics, Toys & 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.

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BIG LOTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
JULY 29
JULY 30
2017
2016
(Unaudited)
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$56,009
$58,369
Inventories
810,485
808,631
Other current assets
107,899
110,043
Total current assets
974,393
977,043
Property and equipment - net
523,719
545,271
Deferred income taxes
47,084
59,380
Other assets
46,268
42,966
$1,591,464
$1,624,660
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$363,276
$385,633
Property, payroll and other taxes
84,625
84,060
Accrued operating expenses
70,092
76,799
Insurance reserves
47,710
43,265
Accrued salaries and wages
32,419
54,580
Income taxes payable
2,072
1,418
Total current liabilities
600,194
645,755
Long-term obligations under bank credit facility
226,600
257,900
Deferred rent
57,640
58,138
Insurance reserves
57,687
58,242
Unrecognized tax benefits
17,480
14,905
Other liabilities
46,925
46,222
Shareholders’ equity
584,938
543,498
$1,591,464
$1,624,660
BIG LOTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
13 WEEKS ENDED
13 WEEKS ENDED
JULY 29, 2017
JULY 30, 2016
%
%
(Unaudited)
(Unaudited)
Net sales
$1,221,301 100.0
$1,203,155 100.0
Gross margin
492,500
40.3
486,423
40.4
Selling and administrative expenses
415,154
34.0
416,746
34.6
Depreciation expense
29,386
2.4
30,757
2.6
Operating profit
47,960
3.9
38,920
3.2
Interest expense
(1,619)
(0.1)
(1,494)
(0.1)
Other income (expense)
435
0.0
(406)
(0.0)
Income before income taxes
46,776
3.8
37,020
3.1
Income tax expense
17,656
1.4
14,305
1.2
Net income
$29,120
2.4
$22,715
1.9
Earnings per common share
Basic
$0.68
$0.51
Diluted
$0.67
$0.50
Weighted average common shares outstanding
Basic
43,136
44,402
Dilutive effect of share-based awards
428
612
Diluted
43,564
45,014
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)
26 WEEKS ENDED
26 WEEKS ENDED
JULY 29, 2017
JULY 30, 2016
%
%
(Unaudited)
(Unaudited)
Net sales
$2,518,088 100.0
$2,515,730 100.0
Gross margin
1,016,775
40.4
1,004,104
39.9
Selling and administrative expenses
831,126
33.0
842,149
33.5
Depreciation expense
57,981
2.3
60,476
2.4
Operating profit
127,668
5.1
101,479
4.0
Interest expense
(2,628)
(0.1)
(2,128)
(0.1)
Other income (expense)
(82)
(0.0)
358
0.0
Income before income taxes
124,958
5.0
99,709
4.0
Income tax expense
44,326
1.8
38,335
1.5
Net income
$80,632
3.2
$61,374
2.4
Earnings per common share
Basic
$1.84
$1.32
Diluted
$1.83
$1.31
Weighted average common shares outstanding
Basic
43,749
46,434
Dilutive effect of share-based awards
373
494
Diluted
44,122
46,928
Cash dividends declared per common share
$0.50
$0.42
BIG LOTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
13 WEEKS ENDED
13 WEEKS ENDED
JULY 29, 2017
JULY 30, 2016
(Unaudited)
(Unaudited)
Net cash provided by operating activities
$14,508
$32,889
Net cash used in investing activities
(29,681)
(26,278)
Net cash provided by (used in) financing activities
5,451
(12,632)
Decrease in cash and cash equivalents
(9,722)
(6,021)
Cash and cash equivalents:
Beginning of period
65,731
64,390
End of period
$56,009
$58,369
BIG LOTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
26 WEEKS ENDED
26 WEEKS ENDED
JULY 29, 2017
JULY 30, 2016
(Unaudited)
(Unaudited)
Net cash provided by operating activities
$99,962
$111,500
Net cash used in investing activities
(51,691)
(45,030)
Net cash used in financing activities
(43,426)
(62,245)
Increase in cash and cash equivalents
4,845
4,225
Cash and cash equivalents:
Beginning of period
51,164
54,144
End of period
$56,009
$58,369

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, effective income tax rate, net income, and diluted earnings per share for the second quarter of 2016, the year-to-date 2016, the third quarter of 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, adjusted effective income tax rate, adjusted net income, and adjusted diluted earnings per share (non-GAAP financial measures).

Second quarter of 2016 - Thirteen weeks ended July 30, 2016
As Reported
Adjustment to
As Adjusted (non-
exclude pension
GAAP)
costs
Selling and administrative expenses
$
416,746
$
(1,070)
$
415,676
Selling and administrative expense rate
34.6%
(0.1%)
34.5%
Operating profit
38,920
1,070
39,990
Operating profit rate
3.2%
0.1%
3.3%
Income tax expense
14,305
424
14,729
Effective income tax rate
38.6%
0.0%
38.7%
Net income
22,715
646
23,361
Diluted earnings per share
$
0.50
$
0.01
$
0.52

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") 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 $1,070 ($646, 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 - Twenty-six weeks ended July 30, 2016
As Reported
Adjustment to
As Adjusted
exclude pension
(non-GAAP)
costs
Selling and administrative expenses
$
842,149
$
(3,210)
$
838,939
Selling and administrative expense rate
33.5%
(0.1%)
33.3%
Operating profit
101,479
3,210
104,689
Operating profit rate
4.0%
0.1%
4.2%
Income tax expense
38,335
1,270
39,605
Effective income tax rate
38.4%
0.0%
38.5%
Net income
61,374
1,940
63,314
Diluted earnings per share
$
1.31
$
0.04
$
1.35

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 $3,210 ($1,940, 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.

Third quarter of 2016 - Thirteen weeks ended October 29, 2016
As Reported
Adjustment to
As Adjusted
exclude pension
(non-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.

Fourth quarter of 2016 - Thirteen weeks ended January 28, 2017
As Reported
Adjustment to
Gain on sale of
As Adjusted
exclude pension
real estate
(non-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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