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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 | |
---|---|---|---|---|---|---|---|---|
-0.109 | -2.83% | 3.741 | 3.84 | 3.67 | 3.84 | 368,973 | 15:54:39 |
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common shares
|
BIG
|
New York Stock Exchange
|
Large accelerated filer þ
|
Accelerated filer o
|
Non-accelerated filer o
|
Smaller reporting company o
|
Emerging growth company o
|
|
|
|
Page
|
|
|
|
Item 1.
|
||
|
|
|
a)
|
Consolidated Statements of Operations and Comprehensive Income for the Thirteen and Twenty-Six Weeks Ended August 3, 2019 (Unaudited) and August 4, 2018 (Unaudited)
|
|
|
|
|
b)
|
Consolidated Balance Sheets at August 3, 2019 (Unaudited) and February 2, 2019 (Unaudited)
|
|
|
|
|
c)
|
Consolidated Statements of Shareholders’ Equity for the Thirteen and Twenty-Six Weeks Ended August 3, 2019 (Unaudited) and August 4, 2018 (Unaudited)
|
|
|
|
|
d)
|
Consolidated Statements of Cash Flows for the Twenty-Six Weeks Ended August 3, 2019 (Unaudited) and August 4, 2018 (Unaudited)
|
|
|
|
|
e)
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 3.
|
||
|
|
|
Item 4.
|
||
|
|
|
|
|
|
Item 1.
|
||
|
|
|
Item 1A.
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 3.
|
||
|
|
|
Item 4.
|
||
|
|
|
Item 5.
|
||
|
|
|
Item 6.
|
||
|
|
|
|
BIG LOTS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations and Comprehensive Income (Unaudited) (In thousands, except per share amounts) |
|
Thirteen Weeks Ended
|
|
Twenty-Six Weeks Ended
|
||||||||||
|
August 3, 2019
|
August 4, 2018
|
|
August 3, 2019
|
August 4, 2018
|
||||||||
Net sales
|
$
|
1,252,414
|
|
$
|
1,222,169
|
|
|
$
|
2,548,210
|
|
$
|
2,490,152
|
|
Cost of sales (exclusive of depreciation expense shown separately below)
|
754,184
|
|
730,750
|
|
|
1,530,933
|
|
1,486,775
|
|
||||
Gross margin
|
498,230
|
|
491,419
|
|
|
1,017,277
|
|
1,003,377
|
|
||||
Selling and administrative expenses
|
455,026
|
|
426,605
|
|
|
915,631
|
|
864,697
|
|
||||
Depreciation expense
|
30,023
|
|
30,496
|
|
|
62,820
|
|
59,025
|
|
||||
Operating profit
|
13,181
|
|
34,318
|
|
|
38,826
|
|
79,655
|
|
||||
Interest expense
|
(4,565
|
)
|
(2,407
|
)
|
|
(8,298
|
)
|
(3,983
|
)
|
||||
Other income (expense)
|
(789
|
)
|
149
|
|
|
121
|
|
657
|
|
||||
Income before income taxes
|
7,827
|
|
32,060
|
|
|
30,649
|
|
76,329
|
|
||||
Income tax expense
|
1,649
|
|
7,896
|
|
|
8,931
|
|
20,926
|
|
||||
Net income and comprehensive income
|
$
|
6,178
|
|
$
|
24,164
|
|
|
$
|
21,718
|
|
$
|
55,403
|
|
|
|
|
|
|
|
||||||||
Earnings per common share
|
|
|
|
|
|
|
|
||||||
Basic
|
$
|
0.16
|
|
$
|
0.59
|
|
|
$
|
0.55
|
|
$
|
1.33
|
|
Diluted
|
$
|
0.16
|
|
$
|
0.59
|
|
|
$
|
0.55
|
|
$
|
1.33
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding
|
|
|
|
|
|
|
|
||||||
Basic
|
39,000
|
|
41,061
|
|
|
39,461
|
|
41,587
|
|
||||
Dilutive effect of share-based awards
|
77
|
|
220
|
|
|
83
|
|
106
|
|
||||
Diluted
|
39,077
|
|
41,281
|
|
|
39,544
|
|
41,693
|
|
||||
|
|
|
|
|
|
||||||||
Cash dividends declared per common share
|
$
|
0.30
|
|
$
|
0.30
|
|
|
$
|
0.60
|
|
$
|
0.60
|
|
BIG LOTS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)
(In thousands, except par value)
|
|
August 3, 2019
|
|
February 2, 2019
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
53,705
|
|
|
$
|
46,034
|
|
Inventories
|
874,058
|
|
|
969,561
|
|
||
Other current assets
|
112,675
|
|
|
112,408
|
|
||
Total current assets
|
1,040,438
|
|
|
1,128,003
|
|
||
Operating lease right-of-use assets
|
1,208,349
|
|
|
—
|
|
||
Property and equipment - net
|
860,648
|
|
|
822,338
|
|
||
Deferred income taxes
|
16,077
|
|
|
8,633
|
|
||
Other assets
|
66,783
|
|
|
64,373
|
|
||
Total assets
|
$
|
3,192,295
|
|
|
$
|
2,023,347
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
345,355
|
|
|
$
|
396,903
|
|
Current operating lease liabilities
|
239,592
|
|
|
—
|
|
||
Property, payroll, and other taxes
|
86,177
|
|
|
75,317
|
|
||
Accrued operating expenses
|
206,733
|
|
|
99,422
|
|
||
Insurance reserves
|
37,745
|
|
|
38,883
|
|
||
Accrued salaries and wages
|
35,192
|
|
|
26,798
|
|
||
Income taxes payable
|
614
|
|
|
1,237
|
|
||
Total current liabilities
|
951,408
|
|
|
638,560
|
|
||
Long-term obligations
|
467,800
|
|
|
374,100
|
|
||
Noncurrent operating lease liabilities
|
1,021,130
|
|
|
—
|
|
||
Deferred rent
|
—
|
|
|
60,700
|
|
||
Insurance reserves
|
52,122
|
|
|
54,507
|
|
||
Unrecognized tax benefits
|
13,381
|
|
|
14,189
|
|
||
Synthetic lease obligation
|
—
|
|
|
144,477
|
|
||
Other liabilities
|
41,911
|
|
|
43,773
|
|
||
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 39,001 shares and 40,042 shares, respectively
|
1,175
|
|
|
1,175
|
|
||
Treasury shares - 78,494 shares and 77,453 shares, respectively, at cost
|
(2,547,556
|
)
|
|
(2,506,086
|
)
|
||
Additional paid-in capital
|
617,993
|
|
|
622,685
|
|
||
Retained earnings
|
2,572,931
|
|
|
2,575,267
|
|
||
Total shareholders' equity
|
644,543
|
|
|
693,041
|
|
||
Total liabilities and shareholders' equity
|
$
|
3,192,295
|
|
|
$
|
2,023,347
|
|
BIG LOTS, INC. AND SUBSIDIARIES
Consolidated Statements of Shareholders’ Equity (Unaudited) (In thousands) |
|
Common
|
Treasury
|
Additional
Paid-In
Capital
|
Retained Earnings
|
|
||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Total
|
||||||||||||||
Thirteen Weeks Ended August 4, 2018
|
|||||||||||||||||||
Balance - May 5, 2018
|
42,338
|
|
$
|
1,175
|
|
75,157
|
|
$
|
(2,412,437
|
)
|
$
|
613,621
|
|
$
|
2,486,753
|
|
$
|
689,112
|
|
Comprehensive income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
24,164
|
|
24,164
|
|
|||||
Dividends declared ($0.30 per share)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(12,474
|
)
|
(12,474
|
)
|
|||||
Purchases of common shares
|
(2,376
|
)
|
—
|
|
2,376
|
|
(96,148
|
)
|
(3,920
|
)
|
—
|
|
(100,068
|
)
|
|||||
Exercise of stock options
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||
Restricted shares vested
|
22
|
|
—
|
|
(22
|
)
|
718
|
|
(718
|
)
|
—
|
|
—
|
|
|||||
Performance shares vested
|
3
|
|
—
|
|
(3
|
)
|
84
|
|
(84
|
)
|
—
|
|
—
|
|
|||||
Other
|
—
|
|
—
|
|
—
|
|
(1
|
)
|
(1
|
)
|
—
|
|
(2
|
)
|
|||||
Share-based employee compensation expense
|
—
|
|
—
|
|
—
|
|
—
|
|
4,993
|
|
—
|
|
4,993
|
|
|||||
Balance - August 4, 2018
|
39,987
|
|
1,175
|
|
77,508
|
|
(2,507,784
|
)
|
613,891
|
|
2,498,443
|
|
605,725
|
|
|||||
|
|
|
|
|
|
|
|
||||||||||||
Twenty-Six Weeks Ended August 4, 2018
|
|||||||||||||||||||
Balance - February 3, 2018
|
41,925
|
|
1,175
|
|
75,570
|
|
(2,422,396
|
)
|
622,550
|
|
2,468,258
|
|
$
|
669,587
|
|
||||
Comprehensive income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
55,403
|
|
55,403
|
|
|||||
Dividends declared ($0.60 per share)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(25,218
|
)
|
(25,218
|
)
|
|||||
Purchases of common shares
|
(2,623
|
)
|
—
|
|
2,623
|
|
(107,341
|
)
|
(3,920
|
)
|
—
|
|
(111,261
|
)
|
|||||
Exercise of stock options
|
1
|
|
—
|
|
(1
|
)
|
20
|
|
—
|
|
—
|
|
20
|
|
|||||
Restricted shares vested
|
388
|
|
—
|
|
(388
|
)
|
12,454
|
|
(12,454
|
)
|
—
|
|
—
|
|
|||||
Performance shares vested
|
296
|
|
—
|
|
(296
|
)
|
9,475
|
|
(9,475
|
)
|
—
|
|
—
|
|
|||||
Other
|
—
|
|
—
|
|
—
|
|
4
|
|
1
|
|
—
|
|
5
|
|
|||||
Share-based employee compensation expense
|
—
|
|
—
|
|
—
|
|
—
|
|
17,189
|
|
—
|
|
17,189
|
|
|||||
Balance - August 4, 2018
|
39,987
|
|
1,175
|
|
77,508
|
|
(2,507,784
|
)
|
613,891
|
|
2,498,443
|
|
605,725
|
|
|||||
|
|
|
|
|
|
|
|
||||||||||||
Thirteen Weeks Ended August 3, 2019
|
|||||||||||||||||||
Balance - May 4, 2019
|
39,042
|
|
1,175
|
|
78,453
|
|
(2,545,967
|
)
|
614,174
|
|
2,578,949
|
|
648,331
|
|
|||||
Comprehensive income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
6,178
|
|
6,178
|
|
|||||
Dividends declared ($0.30 per share)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(12,196
|
)
|
(12,196
|
)
|
|||||
Purchases of common shares
|
(53
|
)
|
—
|
|
53
|
|
(1,994
|
)
|
—
|
|
—
|
|
(1,994
|
)
|
|||||
Exercise of stock options
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||
Restricted shares vested
|
12
|
|
—
|
|
(12
|
)
|
406
|
|
(406
|
)
|
—
|
|
—
|
|
|||||
Performance shares vested
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||
Other
|
—
|
|
—
|
|
—
|
|
(1
|
)
|
—
|
|
—
|
|
(1
|
)
|
|||||
Share-based employee compensation expense
|
—
|
|
—
|
|
—
|
|
—
|
|
4,225
|
|
—
|
|
4,225
|
|
|||||
Balance - August 3, 2019
|
39,001
|
|
$
|
1,175
|
|
78,494
|
|
$
|
(2,547,556
|
)
|
$
|
617,993
|
|
$
|
2,572,931
|
|
$
|
644,543
|
|
|
|
|
|
|
|
|
|
||||||||||||
Twenty-Six Weeks Ended August 3, 2019
|
|||||||||||||||||||
Balance - February 2, 2019
|
40,042
|
|
1,175
|
|
77,453
|
|
(2,506,086
|
)
|
622,685
|
|
2,575,267
|
|
693,041
|
|
|||||
Comprehensive income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
21,718
|
|
21,718
|
|
|||||
Dividends declared ($0.60 per share)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(24,402
|
)
|
(24,402
|
)
|
|||||
Adjustment for ASU 2016-02
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
348
|
|
348
|
|
|||||
Purchases of common shares
|
(1,456
|
)
|
—
|
|
1,456
|
|
(54,919
|
)
|
—
|
|
—
|
|
(54,919
|
)
|
|||||
Exercise of stock options
|
6
|
|
—
|
|
(6
|
)
|
202
|
|
(2
|
)
|
—
|
|
200
|
|
|||||
Restricted shares vested
|
154
|
|
—
|
|
(154
|
)
|
4,995
|
|
(4,995
|
)
|
—
|
|
—
|
|
|||||
Performance shares vested
|
255
|
|
—
|
|
(255
|
)
|
8,255
|
|
(8,255
|
)
|
—
|
|
—
|
|
|||||
Other
|
—
|
|
—
|
|
—
|
|
(3
|
)
|
—
|
|
—
|
|
(3
|
)
|
|||||
Share-based employee compensation expense
|
—
|
|
—
|
|
—
|
|
—
|
|
8,560
|
|
—
|
|
8,560
|
|
|||||
Balance - August 3, 2019
|
39,001
|
|
$
|
1,175
|
|
78,494
|
|
$
|
(2,547,556
|
)
|
$
|
617,993
|
|
$
|
2,572,931
|
|
$
|
644,543
|
|
BIG LOTS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited) (In thousands) |
|
Twenty-Six Weeks Ended
|
|||||
|
August 3, 2019
|
August 4, 2018
|
||||
Operating activities:
|
|
|
||||
Net income
|
$
|
21,718
|
|
$
|
55,403
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|||
Depreciation and amortization expense
|
63,259
|
|
53,996
|
|
||
Non-cash lease amortization expense
|
114,348
|
|
—
|
|
||
Deferred income taxes
|
(7,551
|
)
|
(9,678
|
)
|
||
Non-cash impairment charge
|
2,914
|
|
—
|
|
||
Loss on disposition of equipment
|
130
|
|
287
|
|
||
Non-cash share-based compensation expense
|
8,560
|
|
17,189
|
|
||
Unrealized gain on fuel derivatives
|
(152
|
)
|
(562
|
)
|
||
Change in assets and liabilities:
|
|
|
|
|
||
Inventories
|
95,504
|
|
18,598
|
|
||
Accounts payable
|
(51,548
|
)
|
4,495
|
|
||
Operating lease liabilities
|
(93,364
|
)
|
—
|
|
||
Current income taxes
|
(10,944
|
)
|
(23,990
|
)
|
||
Other current assets
|
(23,597
|
)
|
(24,034
|
)
|
||
Other current liabilities
|
43,344
|
|
12,646
|
|
||
Other assets
|
(2,578
|
)
|
(782
|
)
|
||
Other liabilities
|
(1,758
|
)
|
6,992
|
|
||
Net cash provided by operating activities
|
158,285
|
|
110,560
|
|
||
Investing activities:
|
|
|
|
|
||
Capital expenditures
|
(162,840
|
)
|
(89,065
|
)
|
||
Cash proceeds from sale of property and equipment
|
127
|
|
210
|
|
||
Assets acquired under synthetic lease
|
—
|
|
(82,607
|
)
|
||
Other
|
(18
|
)
|
36
|
|
||
Net cash used in investing activities
|
(162,731
|
)
|
(171,426
|
)
|
||
Financing activities:
|
|
|
|
|
||
Net proceeds from borrowings under bank credit facility
|
93,700
|
|
124,900
|
|
||
Payment of finance lease obligations
|
(1,946
|
)
|
(1,597
|
)
|
||
Dividends paid
|
(24,915
|
)
|
(26,527
|
)
|
||
Proceeds from the exercise of stock options
|
200
|
|
20
|
|
||
Payment for treasury shares acquired
|
(54,919
|
)
|
(111,261
|
)
|
||
Proceeds from synthetic lease
|
—
|
|
82,607
|
|
||
Other
|
(3
|
)
|
5
|
|
||
Net cash provided by financing activities
|
12,117
|
|
68,147
|
|
||
Increase in cash and cash equivalents
|
7,671
|
|
7,281
|
|
||
Cash and cash equivalents:
|
|
|
|
|
||
Beginning of period
|
46,034
|
|
51,176
|
|
||
End of period
|
$
|
53,705
|
|
$
|
58,457
|
|
|
Twenty-Six Weeks Ended
|
||||||
(In thousands)
|
August 3, 2019
|
|
August 4, 2018
|
||||
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
||
Cash paid for interest, including financing or capital leases
|
$
|
8,662
|
|
|
$
|
3,642
|
|
Cash paid for income taxes, excluding impact of refunds
|
27,779
|
|
|
54,979
|
|
||
Gross proceeds from borrowings under bank credit facility
|
866,500
|
|
|
923,700
|
|
||
Gross payments of borrowings under bank credit facility
|
772,800
|
|
|
798,800
|
|
||
Cash paid for operating lease liabilities
|
144,318
|
|
|
—
|
|
||
Non-cash activity:
|
|
|
|
|
|
||
Assets acquired under financing or capital leases
|
70,831
|
|
|
750
|
|
||
Accrued property and equipment
|
44,458
|
|
|
34,031
|
|
||
Operating lease right-of-use assets obtained in exchange for operating lease liabilities
|
$
|
1,383,557
|
|
|
$
|
—
|
|
Practical expedient package
|
|
We have not reassessed whether any expired or existing contracts are, or contain, leases.
|
We have not reassessed the lease classification for any expired or existing leases.
|
||
We have not reassessed initial direct costs for any expired or existing leases.
|
||
Hindsight practical expedient
|
|
We have not elected the hindsight practical expedient, which permits the use of hindsight when determining lease term and impairment of operating lease assets.
|
Separation of lease and non-lease components
|
|
We have elected to establish an accounting policy to account for lease and non-lease components as a single component for our real estate class of assets.
|
Short-term policy
|
|
We have elected to establish a short-term lease exception policy, permitting us to not apply the recognition requirements of the new standard to short-term leases (i.e., leases with terms of 12 months or less).
|
Leases
|
Balance Sheet Location
|
August 3, 2019
|
||
Assets
|
|
(In thousands)
|
||
Operating
|
Operating lease right-of-use assets
|
$
|
1,208,349
|
|
Finance
|
Property and equipment - net
|
80,578
|
|
|
Total right-of-use assets
|
|
$
|
1,288,927
|
|
Liabilities
|
|
|
||
Current
|
|
|
||
Operating
|
Current operating lease liabilities
|
$
|
239,592
|
|
Finance
|
Accrued operating expenses
|
75,211
|
|
|
Noncurrent
|
|
|
||
Operating
|
Noncurrent operating lease liabilities
|
1,021,130
|
|
|
Finance
|
Other liabilities
|
6,631
|
|
|
Total lease liabilities
|
$
|
1,342,564
|
|
|
Statements of Operations and Comprehensive Income Location
|
Second Quarter
|
|
Year-to-date
|
||||
Lease cost
|
2019
|
|
2019
|
|||||
|
|
(In thousands)
|
||||||
Operating lease cost
|
Selling and administrative expenses
|
$
|
73,863
|
|
|
$
|
143,049
|
|
Finance lease cost
|
|
|
|
|
||||
Amortization of leased assets
|
Depreciation
|
988
|
|
|
1,976
|
|
||
Interest on lease liabilities
|
Interest expense
|
120
|
|
|
252
|
|
||
Short-term lease cost
|
Selling and administrative expenses
|
1,505
|
|
|
3,083
|
|
||
Variable lease cost
|
Selling and administrative expenses
|
87
|
|
|
219
|
|
||
Total lease cost
|
$
|
76,563
|
|
|
$
|
148,579
|
|
Fiscal Year
|
Operating Leases
|
|
Finance Leases
|
||||
2019 (excluding the first and second quarters of 2019)
|
$
|
146,028
|
|
|
$
|
5,436
|
|
2020
|
274,928
|
|
|
74,713
|
|
||
2021
|
239,318
|
|
|
3,338
|
|
||
2022
|
200,988
|
|
|
610
|
|
||
2023
|
166,300
|
|
|
117
|
|
||
Thereafter
|
415,526
|
|
|
71
|
|
||
Total lease payments
|
$
|
1,443,088
|
|
|
$
|
84,285
|
|
Less amount to discount to present value
|
$
|
(182,366
|
)
|
|
$
|
(2,443
|
)
|
Present value of lease liabilities
|
$
|
1,260,722
|
|
|
$
|
81,842
|
|
|
August 3, 2019
|
|
Weighted average remaining lease term (years)
|
6.8
|
|
Weighted average discount rate
|
4.3
|
%
|
Fiscal Year
|
Operating Leases
|
|
Capital Leases
|
||||
2019 (full 12 months)
|
$
|
279,844
|
|
|
$
|
9,050
|
|
2020
|
244,978
|
|
|
10,815
|
|
||
2021
|
204,362
|
|
|
9,725
|
|
||
2022
|
159,479
|
|
|
6,992
|
|
||
2023
|
120,023
|
|
|
6,512
|
|
||
Thereafter
|
310,474
|
|
|
127,864
|
|
||
Total lease payments
|
$
|
1,319,160
|
|
|
$
|
170,958
|
|
Less amount to discount to present value
|
|
|
$
|
(14,758
|
)
|
||
Present value of lease liabilities
|
|
|
$
|
156,200
|
|
|
Dividends
Per Share |
|
Amount Declared
|
|
Amount Paid
|
||||||
2019:
|
|
|
(In thousands)
|
|
(In thousands)
|
||||||
First quarter
|
$
|
0.30
|
|
|
$
|
12,206
|
|
|
$
|
13,197
|
|
Second quarter
|
$
|
0.30
|
|
|
$
|
12,196
|
|
|
$
|
11,718
|
|
Total
|
$
|
0.60
|
|
|
$
|
24,402
|
|
|
$
|
24,915
|
|
|
|
|
|
|
|
|
Number of Shares
|
Weighted Average Grant-Date Fair Value Per Share
|
|||
Outstanding non-vested restricted stock units at February 2, 2019
|
483,182
|
|
$
|
46.50
|
|
Granted
|
333,222
|
|
36.45
|
|
|
Vested
|
(141,820
|
)
|
47.72
|
|
|
Forfeited
|
(20,418
|
)
|
42.73
|
|
|
Outstanding non-vested restricted stock units at May 4, 2019
|
654,166
|
|
$
|
41.25
|
|
Granted
|
46,487
|
|
27.86
|
|
|
Vested
|
(12,509
|
)
|
40.74
|
|
|
Forfeited
|
(9,110
|
)
|
40.43
|
|
|
Outstanding non-vested restricted stock units at August 3, 2019
|
679,034
|
|
$
|
40.35
|
|
Issue Year
|
Outstanding PSUs at August 3, 2019
|
Actual Grant Date
|
Expected Valuation (Grant) Date
|
Actual or Expected Expense Period
|
|
2016
|
6,775
|
|
March 2018
|
|
Fiscal 2018
|
2017
|
205,420
|
|
March 2019
|
|
Fiscal 2019
|
2018
|
219,378
|
|
|
March 2020
|
Fiscal 2020
|
2019
|
317,832
|
|
|
March 2021
|
Fiscal 2021
|
Total
|
749,405
|
|
|
|
|
|
Number of Units
|
Weighted Average Grant-Date Fair Value Per Share
|
|||
Outstanding PSUs at February 2, 2019
|
282,083
|
|
$
|
55.67
|
|
Granted
|
217,518
|
|
31.89
|
|
|
Vested
|
(275,308
|
)
|
55.67
|
|
|
Forfeited
|
(8,144
|
)
|
31.89
|
|
|
Outstanding PSUs at May 4, 2019
|
216,149
|
|
$
|
32.51
|
|
Granted
|
—
|
|
—
|
|
|
Vested
|
—
|
|
—
|
|
|
Forfeited
|
(3,954
|
)
|
31.89
|
|
|
Outstanding PSUs at August 3, 2019
|
212,195
|
|
$
|
32.52
|
|
|
Number of Options
|
Weighted Average Exercise Price Per Share
|
Weighted Average Remaining Contractual Term (years)
|
Aggregate Intrinsic Value (000's)
|
|||||
Outstanding stock options at February 2, 2019
|
237,501
|
|
$
|
38.30
|
|
|
|
||
Exercised
|
(6,250
|
)
|
32.04
|
|
|
|
|||
Forfeited
|
(77,500
|
)
|
43.85
|
|
|
|
|||
Outstanding stock options at May 4, 2019
|
153,751
|
|
$
|
35.76
|
|
0.9
|
$
|
288
|
|
Exercised
|
—
|
|
—
|
|
|
|
|||
Forfeited
|
—
|
|
—
|
|
|
|
|||
Outstanding stock options at August 3, 2019
|
153,751
|
|
$
|
35.76
|
|
0.6
|
$
|
—
|
|
Vested or expected to vest at August 3, 2019
|
153,751
|
|
$
|
35.76
|
|
0.6
|
$
|
—
|
|
Exercisable at August 3, 2019
|
153,751
|
|
$
|
35.76
|
|
0.6
|
$
|
—
|
|
|
Second Quarter
|
|
Year-to-Date
|
||||||||||
(In thousands)
|
2019
|
2018
|
|
2019
|
2018
|
||||||||
Total intrinsic value of stock options exercised
|
$
|
—
|
|
$
|
—
|
|
|
$
|
42
|
|
$
|
8
|
|
Total fair value of restricted stock vested
|
341
|
|
943
|
|
|
5,383
|
|
18,188
|
|
||||
Total fair value of performance shares vested
|
$
|
—
|
|
$
|
109
|
|
|
$
|
9,706
|
|
$
|
12,792
|
|
Balance at February 2, 2019
|
|
$
|
—
|
|
Charges
|
|
7,253
|
|
|
Payments
|
|
(803
|
)
|
|
Other
|
|
—
|
|
|
Balance at May 4, 2019
|
|
$
|
6,450
|
|
Charges
|
|
7,344
|
|
|
Payments
|
|
(1,882
|
)
|
|
Other
|
|
(1,182
|
)
|
|
Balance at August 3, 2019
|
|
$
|
10,730
|
|
|
|
Second Quarter
|
|
Year-to-Date
|
||||||||||||
(In thousands)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Furniture
|
|
$
|
303,358
|
|
|
$
|
271,172
|
|
|
$
|
687,255
|
|
|
$
|
627,573
|
|
Seasonal
|
|
246,106
|
|
|
241,972
|
|
|
429,597
|
|
|
417,573
|
|
||||
Consumables
|
|
196,955
|
|
|
192,701
|
|
|
383,457
|
|
|
378,735
|
|
||||
Soft Home
|
|
190,767
|
|
|
182,796
|
|
|
399,904
|
|
|
382,522
|
|
||||
Food
|
|
169,157
|
|
|
174,511
|
|
|
350,282
|
|
|
363,935
|
|
||||
Hard Home
|
|
81,891
|
|
|
91,955
|
|
|
163,751
|
|
|
179,641
|
|
||||
Electronics, Toys, & Accessories
|
|
64,180
|
|
|
67,062
|
|
|
133,964
|
|
|
140,173
|
|
||||
Net sales
|
|
$
|
1,252,414
|
|
|
$
|
1,222,169
|
|
|
$
|
2,548,210
|
|
|
$
|
2,490,152
|
|
(In thousands)
|
August 3, 2019
|
|
February 2, 2019
|
||
Diesel fuel collars (in gallons)
|
5,400
|
|
|
7,200
|
|
•
|
Net sales increased $30.2 million, or 2.5%.
|
•
|
Comparable store sales for stores open at least fifteen months, including e-commerce, increased $14.4 million, or 1.2%.
|
•
|
Gross margin dollars increased $6.8 million, while gross margin rate declined 40 basis points to 39.8% of net sales.
|
•
|
Selling and administrative expenses increased $28.4 million. As a percentage of net sales, selling and administrative expenses increased 140 basis points to 36.3% of net sales.
|
•
|
Operating profit rate decreased 170 basis points to 1.1%.
|
•
|
Diluted earnings per share decreased to $0.16 per share from $0.59 per share.
|
•
|
Inventory increased by 2.3%, or $19.9 million, to $874.1 million from the second quarter of 2018.
|
•
|
We declared and paid a quarterly cash dividend in the amount of $0.30 per common share in the second quarter of 2019 consistent with the quarterly cash dividend of $0.30 per common share paid in the second quarter of 2018.
|
|
|
2019
|
2018
|
||
Stores open at the beginning of the fiscal year
|
1,401
|
|
1,416
|
|
|
Stores opened during the period
|
29
|
|
5
|
|
|
Stores closed during the period
|
(19
|
)
|
(6
|
)
|
|
|
Stores open at the end of the period
|
1,411
|
|
1,415
|
|
|
Second Quarter
|
Year-to-Date
|
||||||
|
2019
|
2018
|
2019
|
2018
|
||||
Net sales
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
Cost of sales (exclusive of depreciation expense shown separately below)
|
60.2
|
|
59.8
|
|
60.1
|
|
59.7
|
|
Gross margin
|
39.8
|
|
40.2
|
|
39.9
|
|
40.3
|
|
Selling and administrative expenses
|
36.3
|
|
34.9
|
|
35.9
|
|
34.7
|
|
Depreciation expense
|
2.4
|
|
2.5
|
|
2.5
|
|
2.4
|
|
Operating profit
|
1.1
|
|
2.8
|
|
1.5
|
|
3.2
|
|
Interest expense
|
(0.4
|
)
|
(0.2
|
)
|
(0.3
|
)
|
(0.2
|
)
|
Other income (expense)
|
(0.1
|
)
|
0.0
|
|
0.0
|
|
0.0
|
|
Income before income taxes
|
0.6
|
|
2.6
|
|
1.2
|
|
3.1
|
|
Income tax expense
|
0.1
|
|
0.6
|
|
0.4
|
|
0.8
|
|
Net income
|
0.5
|
%
|
2.0
|
%
|
0.9
|
%
|
2.2
|
%
|
Second Quarter
|
||||||||||||||||||||
($ in thousands)
|
2019
|
|
2018
|
|
Change
|
|
Comps
|
|||||||||||||
Furniture
|
$
|
303,358
|
|
24.2
|
%
|
|
$
|
271,172
|
|
22.2
|
%
|
|
$
|
32,186
|
|
11.9
|
%
|
|
9.1
|
%
|
Seasonal
|
246,106
|
|
19.7
|
|
|
241,972
|
|
19.8
|
|
|
4,134
|
|
1.7
|
|
|
0.8
|
|
|||
Consumables
|
196,955
|
|
15.7
|
|
|
192,701
|
|
15.8
|
|
|
4,254
|
|
2.2
|
|
|
1.9
|
|
|||
Soft Home
|
190,767
|
|
15.2
|
|
|
182,796
|
|
14.9
|
|
|
7,971
|
|
4.4
|
|
|
2.9
|
|
|||
Food
|
169,157
|
|
13.6
|
|
|
174,511
|
|
14.3
|
|
|
(5,354
|
)
|
(3.1
|
)
|
|
(3.3
|
)
|
|||
Hard Home
|
81,891
|
|
6.5
|
|
|
91,955
|
|
7.5
|
|
|
(10,064
|
)
|
(10.9
|
)
|
|
(11.6
|
)
|
|||
Electronics, Toys, & Accessories
|
64,180
|
|
5.1
|
|
|
67,062
|
|
5.5
|
|
|
(2,882
|
)
|
(4.3
|
)
|
|
(6.4
|
)
|
|||
Net sales
|
$
|
1,252,414
|
|
100.0
|
%
|
|
$
|
1,222,169
|
|
100.0
|
%
|
|
$
|
30,245
|
|
2.5
|
%
|
|
1.2
|
%
|
•
|
Our Furniture category experienced increases in net sales and comps during the second quarter of 2019, primarily driven by the upholstery, case goods, and mattresses departments. The newness in the upholstery and case goods departments continue to appeal to Jennifer, our core customer.
|
•
|
Our Seasonal category experienced increased net sales and comps, driven by the summer and lawn & garden departments, resulting from enhanced quality and assortment range, as well as pricing and promotional changes that were implemented due to challenging weather during the early portion of the second quarter of 2019.
|
•
|
The increased net sales and comps in our Soft Home category were primarily attributable to the home décor, home organization, and flooring departments, as we gradually expand our space allocation in this category through our store of the future conversions.
|
•
|
Our Consumables category experienced increases in both net sales and comps, driven by housekeeping, paper, pet, and our health, beauty, and cosmetics departments. The housekeeping department increase was heavily impacted by a new everyday assortment and branded products.
|
•
|
Our Food category experienced decreases in comps and net sales primarily driven by competitive pressures on our staple food offerings. Though our comp in Food was negative in the second quarter of 2019, it did improve compared to the first quarter of 2019 as we gradually started to experience the impact of our merchandise category reset that occurred prior to the beginning of the second quarter of 2019.
|
•
|
Our Hard Home and Electronics, Toys, & Accessories categories experienced decreases in net sales and negative comps primarily due to intentionally narrowed assortments, as we gradually reduce our space allocation from these categories through our store of the future conversions. Additionally, Hard Home was impacted by the liquidation of our greetings card offering during the second quarter of 2019.
|
Year-to-Date
|
||||||||||||||||||||
($ in thousands)
|
2019
|
|
2018
|
|
Change
|
|
Comps
|
|||||||||||||
Furniture
|
$
|
687,255
|
|
27.0
|
%
|
|
$
|
627,573
|
|
25.2
|
%
|
|
$
|
59,682
|
|
9.5
|
%
|
|
7.3
|
%
|
Seasonal
|
429,597
|
|
16.9
|
|
|
417,573
|
|
16.8
|
|
|
12,024
|
|
2.9
|
|
|
2.1
|
|
|||
Soft Home
|
399,904
|
|
15.7
|
|
|
382,522
|
|
15.4
|
|
|
17,382
|
|
4.5
|
|
|
3.4
|
|
|||
Consumables
|
383,457
|
|
15.0
|
|
|
378,735
|
|
15.2
|
|
|
4,722
|
|
1.2
|
|
|
1.2
|
|
|||
Food
|
350,282
|
|
13.7
|
|
|
363,935
|
|
14.6
|
|
|
(13,653
|
)
|
(3.8
|
)
|
|
(3.7
|
)
|
|||
Hard Home
|
163,751
|
|
6.4
|
|
|
179,641
|
|
7.2
|
|
|
(15,890
|
)
|
(8.8
|
)
|
|
(9.3
|
)
|
|||
Electronics, Toys, & Accessories
|
133,964
|
|
5.3
|
|
|
140,173
|
|
5.6
|
|
|
(6,209
|
)
|
(4.4
|
)
|
|
(6.2
|
)
|
|||
Net sales
|
$
|
2,548,210
|
|
100.0
|
%
|
|
$
|
2,490,152
|
|
100.0
|
%
|
|
$
|
58,058
|
|
2.3
|
%
|
|
1.4
|
%
|
•
|
Our Furniture category experienced increases in net sales and comps during the year-to-date 2019, primarily driven by the case goods, upholstery, and mattresses departments. Our core customer, Jennifer, continued to respond to our newness of trend-right products, particularly in upholstery and case goods. Additionally, we continue to experience growth and acceptance of our lease-to-own finance offering.
|
•
|
Our Seasonal category experienced increased net sales and comps, specifically in the summer and lawn & garden departments, despite weather challenges during the early portion of the second quarter of 2019. These increases were attributable to improved quality and expansion of assortment along with more aggressive promotional activity.
|
•
|
The increased net sales and comps in our Soft Home category were primarily attributable to the home décor, flooring, bath, and home organization departments, reflecting continued improvement in quality, assortment, and value, captured in the expanded space allocation in our store of the future conversions.
|
•
|
Consumables had slight increases in both net sales and comps, mainly driven by housekeeping and the health, beauty, and cosmetics departments. The housekeeping department increase was heavily impacted by a new branded everyday assortment.
|
•
|
Food experienced decreases in comps and net sales primarily driven by competitive pressures on our staple food offerings. We performed a category reset at the end of the first quarter of 2019 looking to generate a trend change during the balance of the year, and our comp slightly improved from the first quarter of 2019 to the second quarter of 2019.
|
•
|
The negative comps and decreased net sales in Hard Home was due to gradual space reduction as we convert stores to our store of the future concept and the liquidation of our greeting card offering during the second quarter of 2019, partially offset by positive comps in our tabletop department.
|
•
|
Our Electronics, Toys, & Accessories category has experienced reduced net sales due to an intentionally narrowed assortment, particularly in our electronics department.
|
(In thousands)
|
2019
|
|
2018
|
|
Change
|
||||||
Net cash provided by operating activities
|
$
|
158,285
|
|
|
$
|
110,560
|
|
|
$
|
47,725
|
|
Net cash used in investing activities
|
(162,731
|
)
|
|
(171,426
|
)
|
|
8,695
|
|
|||
Net cash provided by financing activities
|
$
|
12,117
|
|
|
$
|
68,147
|
|
|
$
|
(56,030
|
)
|
Calendar Year of Maturity
|
|
Diesel Fuel Derivatives
|
|
Fair Value
|
||||||
|
Puts
|
|
Calls
|
|
Asset (Liability)
|
|||||
|
|
(Gallons, in thousands)
|
|
(In thousands)
|
||||||
2019
|
|
1,800
|
|
|
1,800
|
|
|
$
|
56
|
|
2020
|
|
2,400
|
|
|
2,400
|
|
|
(403
|
)
|
|
2021
|
|
1,200
|
|
|
1,200
|
|
|
(186
|
)
|
|
Total
|
|
5,400
|
|
|
5,400
|
|
|
$
|
(533
|
)
|
(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
|
||||||
May 5, 2019 - June 1, 2019
|
53
|
|
$
|
37.54
|
|
53
|
|
$
|
—
|
|
June 2, 2019 - June 29, 2019
|
—
|
|
—
|
|
—
|
|
—
|
|
||
June 30, 2019 - August 3, 2019
|
—
|
|
—
|
|
—
|
|
—
|
|
||
Total
|
53
|
|
$
|
37.54
|
|
53
|
|
$
|
—
|
|
(1)
|
The 2019 Repurchase Program is comprised of a March 6, 2019 authorization by our Board for the repurchase of up to $50.0 million of our common shares. During the second quarter of 2019, we purchased approximately 0.1 million of our common shares for approximately $2.0 million, which exhausted the 2019 Repurchase Program.
|
|
Exhibit No.
|
|
Document
|
|
|
|
|
|
|
Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
XBRL Taxonomy Definition Linkbase Document
|
|
|
|
XBRL Taxonomy Presentation Linkbase Document
|
|
|
|
XBRL Taxonomy Labels Linkbase Document
|
|
|
|
XBRL Taxonomy Calculation Linkbase Document
|
|
|
101.Sch
|
|
XBRL Taxonomy Schema Linkbase Document
|
|
101.Ins
|
|
XBRL Taxonomy Instance Document - the instance document does not appear in the Interactive Date File because its XBRL tags are embedded within the Inline XBRL document
|
|
BIG LOTS, INC.
|
|
|
|
By: /s/ Jonathan E. Ramsden
|
|
|
|
Jonathan E. Ramsden
|
|
Executive Vice President, Chief Financial and Administrative Officer
|
|
(Principal Financial Officer, Principal Accounting Officer and Duly Authorized Officer)
|
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