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Big Lots Reports Second Quarter Income From Continuing Operations Of $0.31 Per Diluted Share

COMPARABLE STORE SALES INCREASE 1.7%

COLUMBUS, Ohio, Aug. 29, 2014 /PRNewswire/ -- Big Lots, Inc. (NYSE: BIG) today reported income from continuing operations of $17.2 million, or $0.31 per diluted share, for the second quarter of fiscal 2014 ended August 2, 2014. This result compares to our guidance of $0.24 to $0.30 per diluted share affirmed on June 25, 2014 and to adjusted income from continuing U.S. operations of $21.5 million, or $0.37 per diluted share (non-GAAP), for the second quarter of fiscal 2013. Net sales for continuing operations for the second quarter of fiscal 2014 increased 1.2% to $1,195.4 million, compared to net sales from continuing U.S. operations of $1,180.9 million for the same period of fiscal 2013. Comparable store sales increased 1.7% for the quarter, compared to our guidance of +1% to +3%. A reconciliation of all non-GAAP amounts to the most comparable GAAP amounts is provided later in this release.

For the year-to-date period ended August 2, 2014, income from continuing operations totaled $45.8 million, or $0.81 per diluted share, which compares to adjusted income from continuing U.S. operations of $61.8 million, or $1.07 per diluted share (non-GAAP), for the same period in fiscal 2013.

Commenting on today's earnings release, David Campisi, Chief Executive Officer and President of Big Lots, stated, "I'm very pleased with the results we reported today. For the second consecutive quarter, our comps were positive and comfortably within the guidance range we provided, and our earnings were above the high end of our range. We believe this is an indication that our core customer, Jennifer, is responding to our improved merchandising strategies and marketing execution."

SECOND QUARTER HIGHLIGHTS

  • Income from continuing operations of $0.31 per diluted share, compared to adjusted income from continuing U.S. operations of $0.37 per diluted share (non-GAAP) last year
  • Net sales of $1.2 billion, an increase of 1.2% compared to last year
  • Comparable store sales increase of 1.7%
  • Returned $52 million of cash to shareholders in the form of share repurchases and dividend payments

 


Earnings per Share













Q2 2014


Q2 2013 (1)


YTD 2014


YTD 2013 (1)












Continuing U.S. Operations


$0.31


$0.38


$0.81


$1.02


Add back non-recurring charges


-


($0.01)


-


$0.05












Continuing U.S. Operations - adjusted basis


$0.31


$0.37


$0.81


$1.07












Discontinued Operations


$0.05


($0.07)


($0.40)


($0.15)






















(1)  Non-GAAP detailed reporting provided below.

Discontinued Operations

Income from discontinued operations for the second quarter of fiscal 2014 totaled $2.7 million, or $0.05 per diluted share, compared to our guidance of an immaterial net loss. The income was a result of tax benefits that were generated with the wind down of our Canadian operations, which was only partially offset by miscellaneous expenses incurred in the quarter associated with the wind down.

Inventory and Cash Management

Inventory ended the second quarter of fiscal 2014 at $799 million, compared to $914 million for the second quarter of fiscal 2013. The reduction in inventory was driven by a 6% decrease in inventory per store (U.S. stores), lower store count, and the strategic decisions to liquidate our Canadian business and our wholesale operations.

We ended the second quarter of fiscal 2014 with $62 million of Cash and Cash Equivalents and $57 million of borrowings under our credit facility compared to $64 million of Cash and Cash Equivalents and $142 million of borrowings under our credit facility as of the end of the second quarter of fiscal 2013. Our use of cash generated by our U.S. operations was focused on returning cash to our shareholders, lowering debt levels, and funding the closure of our Canadian operations.

Quarterly Dividend Program

During the second quarter of fiscal 2014, the Board of Directors unanimously approved the establishment of our first-ever quarterly dividend program. The second quarter dividend of $0.17 per share was paid on July 29, 2014 to shareholders of record as of the close of business on July 11, 2014.

As announced in a separate press release earlier today, on August 28, 2014, the Board of Directors declared a quarterly cash dividend for the third quarter of fiscal 2014 of $0.17 per common share payable on September 26, 2014, to shareholders of record as of the close of business on September 12, 2014.

Share Repurchase Update

As a reminder, in March 2014, our Board of Directors authorized a share repurchase program ("March 2014 Share Repurchase Program") providing for the repurchase of up to $125 million of our common shares. As previously reported, we exhausted our March 2014 Share Repurchase Program during May 2014 by investing $42.5 million to repurchase 1.1 million shares at an average price of $38.38. In total, we invested $125 million to repurchase 3.3 million shares at an average price of $38.12.

Yesterday, on August 28, 2014, our Board of Directors approved a new share repurchase program ("August 2014 Share Repurchase Program") providing for the repurchase of up to $125 million of our common shares. The $125 million authorization is expected to be utilized to repurchase shares in the open market and/or in privately negotiated transactions at our discretion, subject to market conditions and other factors. The August 2014 Share Repurchase Program is eligible to begin on September 3, 2014 and will continue until exhausted.

Common shares acquired through the share repurchase programs will be available to meet obligations under equity compensation plans and for general corporate purposes.

2014 OUTLOOK

  • Updates outlook for fiscal 2014 income from continuing operations to $2.40 to $2.50 per diluted share, compared to fiscal 2013 adjusted income from continuing U.S. operations of $2.45 per diluted share (non-GAAP)
  • Affirms comparable store sales range of +1% to +2% for fiscal 2014
  • Increases estimate of cash flow from continuing U.S. operations to $250 million

Based on operating results for the first two quarters and our expectations for the third and fourth quarters of fiscal 2014, we now estimate our fiscal 2014 income from continuing operations to be in the range of $2.40 to $2.50 per diluted share compared to adjusted income from continuing U.S. operations of $2.45 per diluted share for fiscal 2013 (non-GAAP). This outlook is based on comparable store sales in the range of +1% to +2%. We estimate this financial performance will result in cash flow (defined as cash provided by operating activities less cash used in investing activities) of approximately $250 million from continuing U.S. operations.



Full Year






EPS from Continuing Operations


2014 Guidance


2013 (1)






U.S. Operations


$2.40  -  $2.50


$2.44

Impact of other non-recurring charges


-


$0.01

U.S. Operations - adjusted basis


$2.40  -  $2.50


$2.45






EPS from Discontinued Operations


Approx. ($0.40)


($0.29)






(1) Non-GAAP detailed reporting 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 and provide commentary on our outlook for fiscal 2014. 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 12, 2014. A replay of this call will also be available beginning today at 12:00 noon through September 12 by dialing 1.888.203.1112 (Toll Free USA and Canada) or 1.719.457.0820 (International), and entering Replay Passcode 3761105. All times are Eastern Time.

Headquartered in Columbus, Ohio, Big Lots (NYSE: BIG) is a unique, non-traditional, discount retailer operating 1,495 BIG LOTS stores in 48 states with product assortments in the merchandise categories of Food, Consumables, Furniture & Home Decor, Seasonal, Soft Home, Hard Home, and Electronics & 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. For more information, 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.

BIG LOTS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)










AUGUST 2


AUGUST 3




2014


2013




(Unaudited)


(Unaudited)








ASSETS











Current assets:






Cash and cash equivalents


$62,033


$63,810


Inventories


799,479


913,687


Deferred income taxes


53,464


42,524


Other current assets


121,801


111,341


   Total current assets


1,036,777


1,131,362







Property and equipment - net


551,452


592,945







Deferred income taxes


12,937


7,482

Goodwill


0


12,991

Other assets


41,226


56,531




$1,642,392


$1,801,311














LIABILITIES AND SHAREHOLDERS' EQUITY      











Current liabilities:






Accounts payable


$379,992


$427,243


Property, payroll and other taxes


78,136


77,685


Accrued operating expenses


60,235


70,420


Insurance reserves


37,609


36,440


KB bankruptcy lease obligation


0


3,069


Accrued salaries and wages


33,167


26,827


Income taxes payable


1,552


1,792


   Total current liabilities


590,691


643,476







Long-term obligations under bank credit facility


56,500


141,700







Deferred rent


71,064


79,309

Insurance reserves


55,840


63,107

Unrecognized tax benefits


17,985


17,168

Other liabilities


27,691


38,931







Shareholders' equity


822,621


817,620




$1,642,392


$1,801,311

 

BIG LOTS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)












13 WEEKS ENDED


13 WEEKS ENDED




AUGUST 2, 2014


AUGUST 3, 2013





%



%




(Unaudited)


(Recast)

















Net sales


$1,195,363

100.0


$1,180,905

100.0










Gross margin


469,527

39.3


464,115

39.3










Selling and administrative expenses 


412,142

34.5


400,088

33.9










Depreciation expense


29,443

2.5


27,534

2.3









Operating profit


27,942

2.3


36,493

3.1










Interest expense


(510)

(0.0)


(730)

(0.1)










Other income (expense)


0

0.0


(11)

(0.0)









Income from continuing operations before income taxes


27,432

2.3


35,752

3.0










Income tax expense


10,220

0.9


13,808

1.2









Income from continuing operations


17,212

1.4


21,944

1.9










Income (loss) from discontinued operations, net of tax








   benefit (expense) of $3,841 and ($28), respectively


2,726

0.2


(3,818)

(0.3)









Net income


$19,938

1.7


$18,126

1.5

















Earnings per common share - basic (a)
















Continuing operations


$0.31



$0.38











Discontinued operations


0.05



(0.07)











Net income


$0.36



$0.32


















Earnings per common share - diluted (a)
















Continuing operations


$0.31



$0.38











Discontinued operations


0.05



(0.07)











Net income


$0.36



$0.31


















Weighted average common shares outstanding
















Basic


54,991



57,382











Dilutive effect of share-based awards


698



542











Diluted


55,689



57,924










Cash dividends declared per common share


$0.17



$0.00










(a)

The earnings per share for Continuing Operations, Discontinued Operations and Net Income are separately calculated in accordance with accounting pronouncements; therefore, the sum of earnings per share for Continuing Operations and Discontinued Operations may differ, due to rounding, from the calculated earnings per share of Net Income.

 

BIG LOTS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)












26 WEEKS ENDED


26 WEEKS ENDED




AUGUST 2, 2014


AUGUST 3, 2013





%



%




(Unaudited)


(Recast)

















Net sales


$2,476,634

100.0


$2,447,925

100.0










Gross margin


963,083

38.9


966,310

39.5










Selling and administrative expenses 


829,688

33.5


813,990

33.3










Depreciation expense


58,268

2.4


54,379

2.2









Operating profit


75,127

3.0


97,941

4.0










Interest expense


(860)

(0.0)


(1,456)

(0.1)










Other income (expense)


0

0.0


(11)

(0.0)









Income from continuing operations before income taxes


74,267

3.0


96,474

3.9










Income tax expense 


28,474

1.1


37,465

1.5









Income from continuing operations


45,793

1.8


59,009

2.4










Loss from discontinued operations, net of tax








   benefit of $12,796 and $142, respectively


(22,507)

(0.9)


(8,550)

(0.3)









Net income 


$23,286

0.9


$50,459

2.1

















Earnings per common share - basic (a)
















Continuing operations


$0.82



$1.03











Discontinued operations


(0.40)



(0.15)











Net income 


$0.42



$0.88


















Earnings per common share - diluted (a)
















Continuing operations


$0.81



$1.02











Discontinued operations


(0.40)



(0.15)











Net income 


$0.41



$0.87


















Weighted average common shares outstanding
















Basic


56,001



57,344











Dilutive effect of share-based awards


630



540











Diluted


56,631



57,884










Cash dividends declared per common share


$0.17



$0.00










(a)

The earnings per share for Continuing Operations, Discontinued Operations and Net Income are separately calculated in accordance with accounting pronouncements; therefore, the sum of earnings per share for Continuing Operations and Discontinued Operations may differ, due to rounding, from the calculated earnings per share of Net Income.

 

BIG LOTS, INC. AND SUBSIDIARIES


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


(In thousands)












13 WEEKS ENDED


13 WEEKS ENDED






AUGUST 2, 2014


AUGUST 3, 2013






 (Unaudited) 


 (Unaudited) 




  Net cash provided by operating activities 


$55,003


$21,835












  Net cash used in investing activities


(22,124)


(34,278)












  Net cash (used in) provided by financing activities


(37,888)


4,802












    Impact of foreign currency on cash


(119)


(218)











Decrease in cash and cash equivalents


(5,128)


(7,859)




Cash and cash equivalents:








  Beginning of period


67,161


71,669




  End of period


$62,033


$63,810



 

BIG LOTS, INC. AND SUBSIDIARIES


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


(In thousands)












26 WEEKS ENDED


26 WEEKS ENDED






AUGUST 2, 2014


AUGUST 3, 2013






 (Unaudited) 


 (Unaudited) 




  Net cash provided by operating activities 


$157,169


$82,018












  Net cash used in investing activities


(37,608)


(50,101)












  Net cash used in financing activities


(131,296)


(28,362)












    Impact of foreign currency on cash


5,139


(326)











(Decrease) increase in cash and cash equivalents


(6,596)


3,229




Cash and cash equivalents:








  Beginning of period


68,629


60,581




  End of period


$62,033


$63,810



 

BIG LOTS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(Unaudited)

The following tables reconcile: (1) selling and administrative expenses, selling and administrative expense rate, operating profit (loss), operating profit (loss) rate, income tax expense (benefit), effective income tax rate, income (loss) from continuing operations, net income (loss), diluted earnings (loss) per share from continuing operations, and diluted earnings (loss) per share for the second quarter of 2013, the year-to-date 2013, the third quarter of 2013, and the full year of 2013 (GAAP financial measures) to adjusted selling and administrative expenses, adjusted selling and administrative expense rate, adjusted operating profit (loss), adjusted operating profit (loss) rate, adjusted income tax expense (benefit), adjusted effective income tax rate, adjusted income (loss) from continuing operations, adjusted net income (loss), adjusted diluted earnings (loss) per share from continuing operations, and adjusted diluted earnings (loss) per share (non-GAAP financial measures).

 Second quarter of 2013 - Thirteen weeks ended August 3, 2013 












 As Recast 


 Adjustment to loss
contingency 


 As Adjusted
(non-GAAP) 

 Selling and administrative expenses 

$   400,088


$                                               677


$                          400,765

 Selling and administrative expense rate 

33.9%


0.1%


33.9%

 Operating profit 


36,493


(677)


35,816

 Operating profit rate 


3.1%


(0.1%)


3.0%

 Income tax expense 


13,808


(247)


13,561

 Effective income tax rate 

38.6%


0.0%


38.7%

 Income from continuing operations 

21,944


(430)


21,514

 Net income 


18,126


(430)


17,696

 Diluted earnings per share from  






      continuing operations 

$         0.38


$                                             (0.01)


$                                0.37

 Diluted earnings per share  

$         0.31


$                                             (0.01)


$                                0.31

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 income from continuing operations, adjusted net income, adjusted diluted earnings per share from continuing operations, 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") an adjustment for the settlement of a pretax accrual of a loss contingency related to legal matters of $677 ($430, net of tax). 

 Year-to-date 2013 - Twenty-six weeks ended August 3, 2013 












 As Recast 


 Adjustment to loss
contingency 


 As Adjusted
(non-GAAP) 

 Selling and administrative expenses 

$   813,990


$                                           (4,375)


$                          809,615

 Selling and administrative expense rate 

33.3%


(0.2%)


33.1%

 Operating profit 


97,941


4,375


102,316

 Operating profit rate 


4.0%


0.2%


4.2%

 Income tax expense 


37,465


1,615


39,080

 Effective income tax rate 

38.8%


(0.1%)


38.8%

 Income from continuing operations 

59,009


2,760


61,769

 Net income 


50,459


2,760


53,219

 Diluted earnings per share from  






      continuing operations 

$         1.02


$                                              0.05


$                                1.07

 Diluted earnings per share  

$         0.87


$                                              0.05


$                                0.92

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 income from continuing operations, adjusted net income, adjusted diluted earnings per share from continuing operations, 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 accrual of a loss contingency related to a legal matter of $5,052 ($3,190, net of tax) combined with a pretax adjustment for settlement of the related legal matter, which resulted in a reduction of the accrual of $677 ($430, net of tax) for a total adjustment of $4,375 ($2,760, net of tax).

 Third quarter of 2013 - Thirteen weeks ended November 2, 2013 












 As Recast 


 Gain on sale of
real estate 


 As Adjusted
(non-GAAP) 

 Selling and administrative expenses 

$   405,279


$                                   3,579


$                          408,858

 Selling and administrative expense rate 

36.7%


0.3%


37.0%

 Operating loss 


(2,865)


(3,579)


(6,444)

 Operating loss rate 


(0.3%)


(0.3%)


(0.6%)

 Income tax benefit 


(1,951)


(1,400)


(3,351)

 Effective income tax rate 

50.0%


(5.2%)


44.8%

 Loss from continuing operations 

(1,948)


(2,179)


(4,127)

 Net loss 



(9,517)


(2,179)


(11,696)

 Diluted earnings (loss) per share from  






      continuing operations 

$       (0.03)


$                                   (0.04)


$                               (0.07)

 Diluted earnings (loss) per share  

$       (0.17)


$                                   (0.04)


$                               (0.20)

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 loss from continuing operations, adjusted net loss, adjusted diluted earnings (loss) per share from continuing operations, 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") a pretax adjustment for the gain on the sale of real estate of $3,579 ($2,179, net of tax).  

 Full-year 2013 - Fifty-two weeks ended February 1, 2014 















 As Recast 


 Adjustment
to exclude
loss
contingency 

 Gain on sale
of real
estate 


 As Adjusted
(non-GAAP) 

 Selling and administrative expenses 

$ 1,664,031


$           (4,375)

$           3,579


$         1,663,235

 Selling and administrative expense rate 

32.5%


(0.1%)

0.1%


32.5%

 Operating profit 


230,110


4,375

(3,579)


230,906

 Operating profit rate 


4.5%


0.1%

(0.1%)


4.5%

 Income tax expense 


85,515


1,615

(1,400)


85,730

 Effective income tax rate 

37.7%


0.0%

(0.0%)


37.7%

 Income from continuing operations 

141,290


2,760

(2,179)


141,871

 Net income 


125,295


2,760

(2,179)


125,876

 Diluted earnings per share from  







      continuing operations 

$          2.44


$              0.05

$            (0.04)


$                  2.45

 Diluted earnings per share  

$          2.16


$              0.05

$            (0.04)


$                  2.17

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 income from continuing operations, adjusted net income, adjusted diluted earnings per share from continuing operations, 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) a pretax charge related to the settlement of a legal matter of $4,375 ($2,760, net of tax); and (2) a pretax adjustment for the gain on the sale of real estate of $3,579 ($2,179, 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.

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