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 Big Lots Reports Record Second Quarter Earnings Of $0.67 Per Diluted Share
   Friday, August 25, 2017 6:00:00 AM ET

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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