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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Big Lots Inc | NYSE:BIG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.47 | 3.57 | 3.38 | 3.47 | 597,551 | 01:00:00 |
|
Ohio
|
|
06-1119097
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
300 Phillipi Road, P.O. Box 28512, Columbus, Ohio
|
|
43228-5311
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
þ
|
Accelerated filer
o
|
Non-accelerated filer
o
|
Smaller reporting company
o
|
|
|
|
Page
|
|
|
|
Item 1.
|
||
|
|
|
a)
|
||
|
|
|
b)
|
||
|
|
|
c)
|
||
|
|
|
d)
|
||
|
|
|
e)
|
||
|
|
|
f)
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 3.
|
||
|
|
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Item 4.
|
||
|
|
|
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|
|
Item 1.
|
||
|
|
|
Item 1A.
|
||
|
|
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Item 2.
|
||
|
|
|
Item 3.
|
||
|
|
|
Item 4.
|
||
|
|
|
Item 5.
|
||
|
|
|
Item 6.
|
||
|
|
|
|
BIG LOTS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations (Unaudited) (In thousands, except per share amounts) |
|
Thirteen Weeks Ended
|
|
Thirty-Nine Weeks Ended
|
||||||||||
|
October 29, 2016
|
October 31, 2015
|
|
October 29, 2016
|
October 31, 2015
|
||||||||
Net sales
|
$
|
1,105,498
|
|
$
|
1,116,474
|
|
|
$
|
3,621,228
|
|
$
|
3,606,615
|
|
Cost of sales (exclusive of depreciation expense shown separately below)
|
663,506
|
|
676,467
|
|
|
2,175,132
|
|
2,186,658
|
|
||||
Gross margin
|
441,992
|
|
440,007
|
|
|
1,446,096
|
|
1,419,957
|
|
||||
Selling and administrative expenses
|
409,753
|
|
411,994
|
|
|
1,251,905
|
|
1,246,545
|
|
||||
Depreciation expense
|
30,294
|
|
30,171
|
|
|
90,750
|
|
92,388
|
|
||||
Operating profit (loss)
|
1,945
|
|
(2,158
|
)
|
|
103,441
|
|
81,024
|
|
||||
Interest expense
|
(1,665
|
)
|
(1,272
|
)
|
|
(3,793
|
)
|
(2,737
|
)
|
||||
Other income (expense)
|
698
|
|
(673
|
)
|
|
1,000
|
|
(2,387
|
)
|
||||
Income (loss) from continuing operations before income taxes
|
978
|
|
(4,103
|
)
|
|
100,648
|
|
75,900
|
|
||||
Income tax (benefit) expense
|
(378
|
)
|
(2,400
|
)
|
|
37,942
|
|
27,584
|
|
||||
Income (loss) from continuing operations
|
1,356
|
|
(1,703
|
)
|
|
62,706
|
|
48,316
|
|
||||
Income from discontinued operations, net of tax expense of $13, $118, $28 and $10, respectively
|
20
|
|
195
|
|
|
44
|
|
25
|
|
||||
Net income (loss)
|
$
|
1,376
|
|
$
|
(1,508
|
)
|
|
$
|
62,750
|
|
$
|
48,341
|
|
|
|
|
|
|
|
||||||||
Earnings (loss) per common share - basic:
|
|
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
0.03
|
|
$
|
(0.03
|
)
|
|
$
|
1.37
|
|
$
|
0.95
|
|
Discontinued operations
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||
|
$
|
0.03
|
|
$
|
(0.03
|
)
|
|
$
|
1.37
|
|
$
|
0.95
|
|
|
|
|
|
|
|
||||||||
Earnings (loss) per common share - diluted:
|
|
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
0.03
|
|
$
|
(0.03
|
)
|
|
$
|
1.36
|
|
$
|
0.94
|
|
Discontinued operations
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||
|
$
|
0.03
|
|
$
|
(0.03
|
)
|
|
$
|
1.36
|
|
$
|
0.94
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding:
|
|
|
|
|
|
|
|
||||||
Basic
|
44,165
|
|
49,057
|
|
|
45,678
|
|
50,992
|
|
||||
Dilutive effect of share-based awards
|
761
|
|
—
|
|
|
578
|
|
540
|
|
||||
Diluted
|
44,926
|
|
49,057
|
|
|
46,256
|
|
51,532
|
|
||||
|
|
|
|
|
|
||||||||
Cash dividends declared per common share
|
$
|
0.21
|
|
$
|
0.19
|
|
|
$
|
0.63
|
|
$
|
0.57
|
|
BIG LOTS, INC. AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income (Unaudited) (In thousands) |
|
Thirteen Weeks Ended
|
|
Thirty-Nine Weeks Ended
|
||||||||||
|
October 29, 2016
|
October 31, 2015
|
|
October 29, 2016
|
October 31, 2015
|
||||||||
Net income (loss)
|
$
|
1,376
|
|
$
|
(1,508
|
)
|
|
$
|
62,750
|
|
$
|
48,341
|
|
Other comprehensive income:
|
|
|
|
|
|
||||||||
Amortization of pension, net of tax expense of $217, $190, $686, and $602, respectively
|
323
|
|
313
|
|
|
1,036
|
|
912
|
|
||||
Valuation adjustment of pension, net of tax expense of $111, $2,008, $655 and $2,247, respectively
|
160
|
|
3,050
|
|
|
992
|
|
3,406
|
|
||||
Total other comprehensive income
|
483
|
|
3,363
|
|
|
2,028
|
|
4,318
|
|
||||
Comprehensive income
|
$
|
1,859
|
|
$
|
1,855
|
|
|
$
|
64,778
|
|
$
|
52,659
|
|
BIG LOTS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands, except par value)
|
|
(Unaudited)
|
|
|
||||
|
October 29, 2016
|
|
January 30, 2016
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
59,743
|
|
|
$
|
54,144
|
|
Inventories
|
1,036,337
|
|
|
849,982
|
|
||
Other current assets
|
112,251
|
|
|
90,306
|
|
||
Total current assets
|
1,208,331
|
|
|
994,432
|
|
||
Property and equipment - net
|
540,669
|
|
|
559,924
|
|
||
Deferred income taxes
|
56,102
|
|
|
47,739
|
|
||
Other assets
|
42,141
|
|
|
38,275
|
|
||
Total assets
|
$
|
1,847,243
|
|
|
$
|
1,640,370
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
503,625
|
|
|
$
|
382,277
|
|
Property, payroll, and other taxes
|
88,941
|
|
|
76,568
|
|
||
Accrued operating expenses
|
80,227
|
|
|
81,756
|
|
||
Insurance reserves
|
42,141
|
|
|
40,661
|
|
||
Accrued salaries and wages
|
50,243
|
|
|
72,250
|
|
||
Income taxes payable
|
1,407
|
|
|
24,936
|
|
||
Total current liabilities
|
766,584
|
|
|
678,448
|
|
||
Long-term obligations
|
362,900
|
|
|
62,300
|
|
||
Deferred rent
|
55,291
|
|
|
59,454
|
|
||
Insurance reserves
|
58,647
|
|
|
58,359
|
|
||
Unrecognized tax benefits
|
14,639
|
|
|
17,789
|
|
||
Other liabilities
|
44,107
|
|
|
43,550
|
|
||
Shareholders’ equity:
|
|
|
|
|
|
||
Preferred shares - authorized 2,000 shares; $0.01 par value; none issued
|
—
|
|
|
—
|
|
||
Common shares - authorized 298,000 shares; $0.01 par value; issued 117,495 shares; outstanding 44,178 shares and 49,101 shares, respectively
|
1,175
|
|
|
1,175
|
|
||
Treasury shares - 73,317 shares and 68,394 shares, respectively, at cost
|
(2,293,917
|
)
|
|
(2,063,091
|
)
|
||
Additional paid-in capital
|
608,766
|
|
|
588,124
|
|
||
Retained earnings
|
2,243,000
|
|
|
2,210,239
|
|
||
Accumulated other comprehensive loss
|
(13,949
|
)
|
|
(15,977
|
)
|
||
Total shareholders’ equity
|
545,075
|
|
|
720,470
|
|
||
Total liabilities and shareholders’ equity
|
$
|
1,847,243
|
|
|
$
|
1,640,370
|
|
BIG LOTS, INC. AND SUBSIDIARIES
Consolidated Statements of Shareholders’ Equity (Unaudited) (In thousands) |
|
Common
|
Treasury
|
Additional
Paid-In
Capital
|
Retained Earnings
|
Accumulated Other Comprehensive Loss
|
|
||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Total
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance - January 31, 2015
|
52,912
|
|
$
|
1,175
|
|
64,583
|
|
$
|
(1,878,523
|
)
|
$
|
574,454
|
|
$
|
2,107,100
|
|
$
|
(14,656
|
)
|
$
|
789,550
|
|
Comprehensive income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
48,341
|
|
4,318
|
|
52,659
|
|
||||||
Dividends declared
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(30,097
|
)
|
—
|
|
(30,097
|
)
|
||||||
Purchases of common shares
|
(4,402
|
)
|
—
|
|
4,402
|
|
(201,849
|
)
|
—
|
|
—
|
|
—
|
|
(201,849
|
)
|
||||||
Exercise of stock options
|
448
|
|
—
|
|
(448
|
)
|
13,093
|
|
3,158
|
|
—
|
|
—
|
|
16,251
|
|
||||||
Restricted shares vested
|
127
|
|
—
|
|
(127
|
)
|
3,708
|
|
(3,708
|
)
|
—
|
|
—
|
|
—
|
|
||||||
Performance shares vested
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||
Tax benefit from share-based awards
|
—
|
|
—
|
|
—
|
|
—
|
|
683
|
|
—
|
|
—
|
|
683
|
|
||||||
Share activity related to deferred compensation plan
|
1
|
|
—
|
|
(1
|
)
|
27
|
|
3
|
|
—
|
|
—
|
|
30
|
|
||||||
Share-based employee compensation expense
|
—
|
|
—
|
|
—
|
|
—
|
|
10,045
|
|
—
|
|
—
|
|
10,045
|
|
||||||
Balance - October 31, 2015
|
49,086
|
|
1,175
|
|
68,409
|
|
(2,063,544
|
)
|
584,635
|
|
2,125,344
|
|
(10,338
|
)
|
637,272
|
|
||||||
Comprehensive income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
94,532
|
|
(5,639
|
)
|
88,893
|
|
||||||
Dividends declared
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(9,637
|
)
|
—
|
|
(9,637
|
)
|
||||||
Purchases of common shares
|
(1
|
)
|
—
|
|
1
|
|
(18
|
)
|
—
|
|
—
|
|
—
|
|
(18
|
)
|
||||||
Exercise of stock options
|
2
|
|
—
|
|
(2
|
)
|
56
|
|
(24
|
)
|
—
|
|
—
|
|
32
|
|
||||||
Restricted shares vested
|
1
|
|
—
|
|
(1
|
)
|
39
|
|
(39
|
)
|
—
|
|
—
|
|
—
|
|
||||||
Performance shares vested
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||
Tax benefit from share-based awards
|
—
|
|
—
|
|
—
|
|
—
|
|
4
|
|
—
|
|
—
|
|
4
|
|
||||||
Share activity related to deferred compensation plan
|
—
|
|
—
|
|
—
|
|
(8
|
)
|
1
|
|
—
|
|
—
|
|
(7
|
)
|
||||||
Other
|
13
|
|
—
|
|
(13
|
)
|
384
|
|
113
|
|
—
|
|
—
|
|
497
|
|
||||||
Share-based employee compensation expense
|
—
|
|
—
|
|
—
|
|
—
|
|
3,434
|
|
—
|
|
—
|
|
3,434
|
|
||||||
Balance - January 30, 2016
|
49,101
|
|
1,175
|
|
68,394
|
|
(2,063,091
|
)
|
588,124
|
|
2,210,239
|
|
(15,977
|
)
|
720,470
|
|
||||||
Comprehensive income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
62,750
|
|
2,028
|
|
64,778
|
|
||||||
Dividends declared
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(29,989
|
)
|
—
|
|
(29,989
|
)
|
||||||
Purchases of common shares
|
(5,684
|
)
|
—
|
|
5,684
|
|
(254,289
|
)
|
—
|
|
—
|
|
—
|
|
(254,289
|
)
|
||||||
Exercise of stock options
|
492
|
|
—
|
|
(492
|
)
|
15,309
|
|
3,354
|
|
—
|
|
—
|
|
18,663
|
|
||||||
Restricted shares vested
|
251
|
|
—
|
|
(251
|
)
|
7,623
|
|
(7,623
|
)
|
—
|
|
—
|
|
—
|
|
||||||
Performance shares vested
|
13
|
|
—
|
|
(13
|
)
|
394
|
|
(394
|
)
|
—
|
|
—
|
|
—
|
|
||||||
Tax benefit from share-based awards
|
—
|
|
—
|
|
—
|
|
—
|
|
413
|
|
—
|
|
—
|
|
413
|
|
||||||
Share activity related to deferred compensation plan
|
—
|
|
—
|
|
—
|
|
1
|
|
9
|
|
—
|
|
—
|
|
10
|
|
||||||
Other
|
5
|
|
—
|
|
(5
|
)
|
136
|
|
68
|
|
—
|
|
—
|
|
204
|
|
||||||
Share-based employee compensation expense
|
—
|
|
—
|
|
—
|
|
—
|
|
24,815
|
|
—
|
|
—
|
|
24,815
|
|
||||||
Balance - October 29, 2016
|
44,178
|
|
$
|
1,175
|
|
73,317
|
|
$
|
(2,293,917
|
)
|
$
|
608,766
|
|
$
|
2,243,000
|
|
$
|
(13,949
|
)
|
$
|
545,075
|
|
BIG LOTS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited) (In thousands) |
|
Thirty-Nine Weeks Ended
|
|||||
|
October 29, 2016
|
October 31, 2015
|
||||
Operating activities:
|
|
|
||||
Net income
|
$
|
62,750
|
|
$
|
48,341
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|||
Depreciation and amortization expense
|
81,813
|
|
81,178
|
|
||
Deferred income taxes
|
(9,703
|
)
|
(11,034
|
)
|
||
Loss on disposition of property and equipment
|
760
|
|
970
|
|
||
Non-cash share-based compensation expense
|
24,815
|
|
10,045
|
|
||
Excess tax benefit from share-based awards
|
(1,000
|
)
|
(1,320
|
)
|
||
Unrealized (gain) loss on fuel derivative instruments
|
(2,844
|
)
|
2,224
|
|
||
Pension expense, net of contributions
|
(3,213
|
)
|
(6,479
|
)
|
||
Change in assets and liabilities, excluding effects of foreign currency adjustments:
|
|
|
|
|
||
Inventories
|
(186,355
|
)
|
(195,653
|
)
|
||
Accounts payable
|
121,348
|
|
131,117
|
|
||
Current income taxes
|
(47,032
|
)
|
(15,403
|
)
|
||
Other current assets
|
1,836
|
|
(10,862
|
)
|
||
Other current liabilities
|
(6,105
|
)
|
8,361
|
|
||
Other assets
|
(4,870
|
)
|
2,551
|
|
||
Other liabilities
|
11,336
|
|
8,282
|
|
||
Net cash provided by operating activities
|
43,536
|
|
52,318
|
|
||
Investing activities:
|
|
|
|
|
||
Capital expenditures
|
(72,105
|
)
|
(111,021
|
)
|
||
Cash proceeds from sale of property and equipment
|
266
|
|
12,731
|
|
||
Other
|
(3
|
)
|
(8
|
)
|
||
Net cash used in investing activities
|
(71,842
|
)
|
(98,298
|
)
|
||
Financing activities:
|
|
|
|
|
||
Net proceeds from borrowings under bank credit facility
|
300,600
|
|
272,800
|
|
||
Payment of capital lease obligations
|
(3,114
|
)
|
(3,315
|
)
|
||
Dividends paid
|
(29,169
|
)
|
(29,198
|
)
|
||
Proceeds from the exercise of stock options
|
18,663
|
|
16,251
|
|
||
Excess tax benefit from share-based awards
|
1,000
|
|
1,320
|
|
||
Deferred bank credit facility fees paid
|
—
|
|
(779
|
)
|
||
Payment for treasury shares acquired
|
(254,289
|
)
|
(201,849
|
)
|
||
Other
|
214
|
|
30
|
|
||
Net cash provided by financing activities
|
33,905
|
|
55,260
|
|
||
Increase in cash and cash equivalents
|
5,599
|
|
9,280
|
|
||
Cash and cash equivalents:
|
|
|
|
|
||
Beginning of period
|
54,144
|
|
52,261
|
|
||
End of period
|
$
|
59,743
|
|
$
|
61,541
|
|
|
Thirty-Nine Weeks Ended
|
||||||
(In thousands)
|
October 29, 2016
|
|
October 31, 2015
|
||||
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
||
Cash paid for interest, including capital leases
|
$
|
3,127
|
|
|
$
|
2,162
|
|
Cash paid for income taxes, excluding impact of refunds
|
102,418
|
|
|
55,671
|
|
||
Gross proceeds from borrowings under bank credit facility
|
1,285,500
|
|
|
1,190,900
|
|
||
Gross repayments of borrowings under bank credit facility
|
984,900
|
|
|
918,100
|
|
||
Non-cash activity:
|
|
|
|
|
|
||
Assets acquired under capital leases
|
171
|
|
|
9,600
|
|
||
Accrued property and equipment
|
10,074
|
|
|
10,700
|
|
|
Dividends
Per Share |
|
Amount Declared
|
|
Amount Paid
|
||||||
2016:
|
|
|
(in thousands)
|
|
(in thousands)
|
||||||
First quarter
|
$
|
0.21
|
|
|
$
|
10,616
|
|
|
$
|
10,597
|
|
Second quarter
|
0.21
|
|
|
9,674
|
|
|
9,282
|
|
|||
Third quarter
|
0.21
|
|
|
9,699
|
|
|
9,290
|
|
|||
Total
|
$
|
0.63
|
|
|
$
|
29,989
|
|
|
$
|
29,169
|
|
|
Number of Shares
|
Weighted Average Grant-Date Fair Value Per Share
|
|||
Outstanding non-vested restricted stock at January 30, 2016
|
785,149
|
|
$
|
40.96
|
|
Granted
|
241,897
|
|
45.11
|
|
|
Vested
|
(215,582
|
)
|
41.94
|
|
|
Forfeited
|
—
|
|
—
|
|
|
Outstanding non-vested restricted stock at April 30, 2016
|
811,464
|
|
$
|
41.94
|
|
Granted
|
18,147
|
|
51.93
|
|
|
Vested
|
(27,982
|
)
|
44.36
|
|
|
Forfeited
|
(18,925
|
)
|
43.34
|
|
|
Outstanding non-vested restricted stock at July 30, 2016
|
782,704
|
|
$
|
42.05
|
|
Granted
|
1,748
|
|
51.45
|
|
|
Vested
|
(8,035
|
)
|
35.92
|
|
|
Forfeited
|
(4,084
|
)
|
46.59
|
|
|
Outstanding non-vested restricted stock at October 29, 2016
|
772,333
|
|
$
|
42.12
|
|
Issue Year
|
Outstanding PSUs at October 29, 2016
|
Actual Grant Date
|
Expected Valuation (Grant) Date
|
Actual or Expected Expense Period
|
|
2014
|
360,357
|
|
March 2016
|
|
Fiscal 2016
|
2015
|
259,042
|
|
|
March 2017
|
Fiscal 2017
|
2016
|
352,196
|
|
|
March 2018
|
Fiscal 2018
|
Total
|
971,595
|
|
|
|
|
|
PSUs, excluding 2013 CEO PSUs
|
|
2013 CEO PSUs
|
||||||||
|
Number of Shares
|
Weighted Average Grant-Date Fair Value Per Share
|
|
Number of Shares
|
Weighted Average Grant-Date Fair Value Per Share
|
||||||
Outstanding PSUs at January 30, 2016
|
—
|
|
$
|
—
|
|
|
12,600
|
|
$
|
34.06
|
|
Granted
|
379,794
|
|
41.04
|
|
|
—
|
|
—
|
|
||
Vested
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||
Forfeited
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||
Outstanding PSUs at April 30, 2016
|
379,794
|
|
$
|
41.04
|
|
|
12,600
|
|
$
|
34.06
|
|
Granted
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||
Vested
|
—
|
|
—
|
|
|
(12,600
|
)
|
34.06
|
|
||
Forfeited
|
(15,511
|
)
|
41.04
|
|
|
—
|
|
—
|
|
||
Outstanding PSUs at July 30, 2016
|
364,283
|
|
$
|
41.04
|
|
|
—
|
|
$
|
—
|
|
Granted
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||
Vested
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||
Forfeited
|
(3,926
|
)
|
41.04
|
|
|
—
|
|
—
|
|
||
Outstanding PSUs at October 29, 2016
|
360,357
|
|
$
|
41.04
|
|
|
—
|
|
$
|
—
|
|
|
Number of Options
|
Weighted Average Exercise Price Per Share
|
Weighted Average Remaining Contractual Term (years)
|
Aggregate Intrinsic Value (000's)
|
|||||
Outstanding stock options at January 30, 2016
|
1,174,902
|
|
$
|
38.26
|
|
|
|
||
Exercised
|
(78,813
|
)
|
34.66
|
|
|
|
|||
Forfeited
|
—
|
|
—
|
|
|
|
|||
Outstanding stock options at April 30, 2016
|
1,096,089
|
|
$
|
38.52
|
|
3.0
|
$
|
8,042
|
|
Exercised
|
(375,776
|
)
|
38.69
|
|
|
|
|||
Forfeited
|
(10,000
|
)
|
36.03
|
|
|
|
|||
Outstanding stock options at July 30, 2016
|
710,313
|
|
$
|
38.47
|
|
2.9
|
$
|
10,451
|
|
Exercised
|
(37,450
|
)
|
37.14
|
|
|
|
|||
Forfeited
|
(2,500
|
)
|
35.03
|
|
|
|
|||
Outstanding stock options at October 29, 2016
|
670,363
|
|
$
|
38.55
|
|
2.7
|
$
|
3,197
|
|
Vested or expected to vest at October 29, 2016
|
668,320
|
|
$
|
38.56
|
|
2.7
|
$
|
3,182
|
|
Exercisable at October 29, 2016
|
487,800
|
|
$
|
39.52
|
|
2.5
|
$
|
1,887
|
|
|
Third Quarter
|
|
Year-to-Date
|
||||||||||
(In thousands)
|
2016
|
2015
|
|
2016
|
2015
|
||||||||
Total intrinsic value of stock options exercised
|
$
|
549
|
|
$
|
1,098
|
|
|
$
|
6,129
|
|
$
|
5,940
|
|
Total fair value of restricted stock vested
|
397
|
|
295
|
|
|
11,469
|
|
6,207
|
|
||||
Total fair value of performance shares vested
|
—
|
|
—
|
|
|
621
|
|
—
|
|
|
2016
|
2015
|
||
Discount rate
|
1.1
|
%
|
3.3
|
%
|
Rate of increase in compensation levels
|
0.0
|
%
|
2.8
|
%
|
Expected long-term rate of return
|
2.8
|
%
|
5.2
|
%
|
|
Third Quarter
|
|
Year-to-Date
|
||||||||||
(In thousands)
|
2016
|
2015
|
|
2016
|
2015
|
||||||||
Service cost - benefits earned in the period
|
$
|
—
|
|
$
|
512
|
|
|
$
|
—
|
|
$
|
1,536
|
|
Interest cost on projected benefit obligation
|
208
|
|
594
|
|
|
652
|
|
1,781
|
|
||||
Expected investment return on plan assets
|
(388
|
)
|
(653
|
)
|
|
(1,169
|
)
|
(1,960
|
)
|
||||
Amortization of actuarial loss
|
540
|
|
502
|
|
|
1,722
|
|
1,507
|
|
||||
Amortization of prior service cost
|
—
|
|
1
|
|
|
—
|
|
4
|
|
||||
Curtailment loss
|
—
|
|
192
|
|
|
—
|
|
192
|
|
||||
Settlement loss
|
316
|
|
1,363
|
|
|
1,571
|
|
1,363
|
|
||||
Net periodic pension cost
|
$
|
676
|
|
$
|
2,511
|
|
|
$
|
2,776
|
|
$
|
4,423
|
|
|
|
Third Quarter
|
|
Year-to-Date
|
||||||||||||
(In thousands)
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Furniture
|
|
$
|
272,639
|
|
|
$
|
261,415
|
|
|
$
|
878,972
|
|
|
$
|
834,060
|
|
Consumables
|
|
227,164
|
|
|
229,364
|
|
|
680,649
|
|
|
686,491
|
|
||||
Food
|
|
199,063
|
|
|
206,316
|
|
|
590,742
|
|
|
602,338
|
|
||||
Soft Home
|
|
150,375
|
|
|
143,566
|
|
|
446,779
|
|
|
424,952
|
|
||||
Hard Home
|
|
98,140
|
|
|
110,091
|
|
|
299,348
|
|
|
325,405
|
|
||||
Seasonal
|
|
91,738
|
|
|
94,373
|
|
|
523,692
|
|
|
517,524
|
|
||||
Electronics & Accessories
|
|
66,379
|
|
|
71,349
|
|
|
201,046
|
|
|
215,845
|
|
||||
Net sales
|
|
$
|
1,105,498
|
|
|
$
|
1,116,474
|
|
|
$
|
3,621,228
|
|
|
$
|
3,606,615
|
|
|
Third Quarter
|
|
Year-to-Date
|
||||||||||||
(In thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Beginning of period
|
$
|
(14,432
|
)
|
|
$
|
(13,701
|
)
|
|
$
|
(15,977
|
)
|
|
$
|
(14,656
|
)
|
Other comprehensive income before reclassifications
|
(27
|
)
|
|
2,113
|
|
|
46
|
|
|
2,469
|
|
||||
Amounts reclassified from accumulated other comprehensive loss
|
510
|
|
|
1,250
|
|
|
1,982
|
|
|
1,849
|
|
||||
Net period change
|
483
|
|
|
3,363
|
|
|
2,028
|
|
|
4,318
|
|
||||
End of period
|
(13,949
|
)
|
|
(10,338
|
)
|
|
(13,949
|
)
|
|
(10,338
|
)
|
|
Third Quarter
|
(In thousands)
|
2016
|
Diesel fuel collars (in gallons)
|
5,425
|
|
|
Amount of Gain (Loss)
|
||||||||||||||
(In thousands)
|
|
Third Quarter
|
|
Year-to-Date
|
||||||||||||
Derivative Instrument
|
Statements of Operations Location
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Diesel fuel collars
|
|
|
|
|
|
|
|
|
||||||||
Realized
|
Other income (expense)
|
$
|
(483
|
)
|
|
$
|
(163
|
)
|
|
$
|
(1,845
|
)
|
|
$
|
(163
|
)
|
Unrealized
|
Other income (expense)
|
1,180
|
|
|
(510
|
)
|
|
2,844
|
|
|
(2,224
|
)
|
||||
Total derivative instruments
|
|
$
|
697
|
|
|
$
|
(673
|
)
|
|
$
|
999
|
|
|
$
|
(2,387
|
)
|
•
|
Net sales decreased $11.0 million, or 1.0%.
|
•
|
Comparable store sales for stores open at least fifteen months, including e-commerce, were flat.
|
•
|
Gross margin dollars increased $2.0 million, and gross margin rate increased 60 basis points to 40.0% from 39.4% of sales.
|
•
|
Selling and administrative expenses decreased $2.2 million. As a percentage of net sales, selling and administrative expenses increased 20 basis points to 37.1% of net sales.
|
•
|
Operating profit rate increased 40 basis points to 0.2%.
|
•
|
Diluted earnings per share from continuing operations increased to $0.03 per share from a loss of $(0.03) per share.
|
•
|
Inventory decreased by 1.1%, or $11.0 million, to $1,036.3 million from the third quarter of
2015
.
|
•
|
We declared and paid a quarterly cash dividend in the amount of $0.21 per common share in the
third
quarter of
2016
compared to a quarterly cash dividend of $0.19 per common share paid in the
third
quarter of
2015
.
|
|
|
2016
|
2015
|
||
Stores open at the beginning of the fiscal year
|
1,449
|
|
1,460
|
|
|
Stores opened during the period
|
6
|
|
9
|
|
|
Stores closed during the period
|
(13
|
)
|
(6
|
)
|
|
|
Stores open at the end of the period
|
1,442
|
|
1,463
|
|
|
Third Quarter
|
|
Year-to-Date
|
||||||
|
2016
|
2015
|
|
2016
|
2015
|
||||
Net sales
|
100.0
|
%
|
100.0
|
%
|
|
100.0
|
%
|
100.0
|
%
|
Cost of sales (exclusive of depreciation expense shown separately below)
|
60.0
|
|
60.6
|
|
|
60.1
|
|
60.6
|
|
Gross margin
|
40.0
|
|
39.4
|
|
|
39.9
|
|
39.4
|
|
Selling and administrative expenses
|
37.1
|
|
36.9
|
|
|
34.6
|
|
34.6
|
|
Depreciation expense
|
2.7
|
|
2.7
|
|
|
2.5
|
|
2.6
|
|
Operating profit (loss)
|
0.2
|
|
(0.2
|
)
|
|
2.9
|
|
2.2
|
|
Interest expense
|
(0.2
|
)
|
(0.1
|
)
|
|
(0.1
|
)
|
(0.1
|
)
|
Other income (expense)
|
0.1
|
|
(0.1
|
)
|
|
0.0
|
|
(0.1
|
)
|
Income (loss) from continuing operations before income taxes
|
0.1
|
|
(0.4
|
)
|
|
2.8
|
|
2.1
|
|
Income tax expense (benefit)
|
(0.0
|
)
|
(0.2
|
)
|
|
1.0
|
|
0.8
|
|
Income (loss) from continuing operations
|
0.1
|
|
(0.2
|
)
|
|
1.7
|
|
1.3
|
|
Income from discontinued operations
|
0.0
|
|
0.0
|
|
|
0.0
|
|
0.0
|
|
Net income (loss)
|
0.1
|
%
|
(0.1
|
)%
|
|
1.7
|
%
|
1.3
|
%
|
Third Quarter
|
|
|
||||||||||||||||||
($ in thousands)
|
2016
|
|
2015
|
|
Change
|
|
Comps
|
|||||||||||||
Furniture
|
$
|
272,639
|
|
24.7
|
%
|
|
$
|
261,415
|
|
23.4
|
%
|
|
$
|
11,224
|
|
4.3
|
%
|
|
5.0
|
%
|
Consumables
|
227,164
|
|
20.5
|
|
|
229,364
|
|
20.5
|
|
|
(2,200
|
)
|
(1.0
|
)
|
|
0.2
|
|
|||
Food
|
199,063
|
|
18.0
|
|
|
206,316
|
|
18.5
|
|
|
(7,253
|
)
|
(3.5
|
)
|
|
(2.5
|
)
|
|||
Soft Home
|
150,375
|
|
13.6
|
|
|
143,566
|
|
12.9
|
|
|
6,809
|
|
4.7
|
|
|
5.9
|
|
|||
Hard Home
|
98,140
|
|
8.9
|
|
|
110,091
|
|
9.9
|
|
|
(11,951
|
)
|
(10.9
|
)
|
|
(9.8
|
)
|
|||
Seasonal
|
91,738
|
|
8.3
|
|
|
94,373
|
|
8.5
|
|
|
(2,635
|
)
|
(2.8
|
)
|
|
(1.9
|
)
|
|||
Electronics & Accessories
|
66,379
|
|
6.0
|
|
|
71,349
|
|
6.3
|
|
|
(4,970
|
)
|
(7.0
|
)
|
|
(6.9
|
)
|
|||
Net sales
|
$
|
1,105,498
|
|
100.0
|
%
|
|
$
|
1,116,474
|
|
100.0
|
%
|
|
$
|
(10,976
|
)
|
(1.0
|
)%
|
|
0.0
|
%
|
Year-to-Date
|
|
|
||||||||||||||||||
($ in thousands)
|
2016
|
|
2015
|
|
Change
|
|
Comps
|
|||||||||||||
Furniture
|
$
|
878,972
|
|
24.3
|
%
|
|
$
|
834,060
|
|
23.1
|
%
|
|
$
|
44,912
|
|
5.4
|
%
|
|
5.9
|
%
|
Consumables
|
680,649
|
|
18.8
|
|
|
686,491
|
|
19.0
|
|
|
(5,842
|
)
|
(0.9
|
)
|
|
0.0
|
|
|||
Food
|
590,742
|
|
16.3
|
|
|
602,338
|
|
16.7
|
|
|
(11,596
|
)
|
(1.9
|
)
|
|
(1.1
|
)
|
|||
Seasonal
|
523,692
|
|
14.5
|
|
|
517,524
|
|
14.3
|
|
|
6,168
|
|
1.2
|
|
|
1.8
|
|
|||
Soft Home
|
446,779
|
|
12.3
|
|
|
424,952
|
|
11.8
|
|
|
21,827
|
|
5.1
|
|
|
6.0
|
|
|||
Hard Home
|
299,348
|
|
8.3
|
|
|
325,405
|
|
9.0
|
|
|
(26,057
|
)
|
(8.0
|
)
|
|
(7.2
|
)
|
|||
Electronics & Accessories
|
201,046
|
|
5.5
|
|
|
215,845
|
|
6.1
|
|
|
(14,799
|
)
|
(6.9
|
)
|
|
(6.0
|
)
|
|||
Net sales
|
$
|
3,621,228
|
|
100.0
|
%
|
|
$
|
3,606,615
|
|
100.0
|
%
|
|
$
|
14,613
|
|
0.4
|
%
|
|
1.2
|
%
|
(in thousands)
|
2016
|
|
2015
|
|
Change
|
||||||
Net cash provided by operating activities
|
$
|
43,536
|
|
|
$
|
52,318
|
|
|
$
|
(8,782
|
)
|
Net cash used in investing activities
|
(71,842
|
)
|
|
(98,298
|
)
|
|
26,456
|
|
|||
Net cash provided by financing activities
|
$
|
33,905
|
|
|
$
|
55,260
|
|
|
$
|
(21,355
|
)
|
Calendar Year of Maturity
|
|
Diesel Fuel Derivatives
|
|
Fair Value
|
||||||
|
Puts
|
|
Calls
|
|
Asset (Liability)
|
|||||
|
|
(Gallons, in thousands)
|
|
(In thousands)
|
||||||
2016
|
|
1,000
|
|
|
1,000
|
|
|
$
|
(475
|
)
|
2017
|
|
3,225
|
|
|
3,225
|
|
|
(1,158
|
)
|
|
2018
|
|
1,200
|
|
|
1,200
|
|
|
(188
|
)
|
|
Total
|
|
5,425
|
|
|
5,425
|
|
|
$
|
(1,821
|
)
|
(In thousands, except price per share data)
|
|
|
|
|
||||||
Period
|
(a) Total Number of Shares Purchased
(1)
|
(b) Average Price Paid per Share
|
(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
(d) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
|
||||||
July 31, 2016 - August 27, 2016
|
—
|
|
$
|
54.06
|
|
—
|
|
$
|
—
|
|
August 28, 2016 - September 24, 2016
|
3
|
|
51.10
|
|
—
|
|
—
|
|
||
September 25, 2016 - October 29, 2016
|
—
|
|
44.81
|
|
—
|
|
—
|
|
||
Total
|
3
|
|
$
|
51.02
|
|
—
|
|
$
|
—
|
|
(1)
|
In August, September, and October 2016, in connection with the vesting of certain outstanding restricted stock awards and restricted stock units, we acquired 426, 2,633, and 239 of our common shares, respectively, which were withheld to satisfy minimum statutory income tax withholdings.
|
|
Exhibit No.
|
|
Document
|
|
|
|
|
|
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
|
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
|
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
101**
|
|
XBRL Instance Document.
|
|
BIG LOTS, INC.
|
|
|
|
By:
/s/ Timothy A. Johnson
|
|
|
|
Timothy A. Johnson
|
|
Executive Vice President, Chief Administrative Officer
|
|
and Chief Financial Officer
|
|
(Principal Financial Officer, Principal Accounting Officer and Duly Authorized Officer)
|
1 Year Big Lots Chart |
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