|
Ohio
|
|
06-1119097
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
4900 E. Dublin-Granville Road, Columbus, Ohio
|
|
43081
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
þ
|
Accelerated filer
o
|
Non-accelerated filer
o
|
Smaller reporting company
o
|
Emerging growth company
o
|
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Page
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Item 1.
|
||
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a)
|
||
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b)
|
||
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c)
|
||
|
|
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d)
|
||
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|
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e)
|
||
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Item 2.
|
||
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Item 3.
|
||
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Item 4.
|
||
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Item 1.
|
||
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|
|
Item 1A.
|
||
|
|
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Item 2.
|
||
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Item 3.
|
||
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Item 4.
|
||
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Item 5.
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||
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Item 6.
|
||
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|
BIG LOTS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations and Comprehensive Income (Unaudited) (In thousands, except per share amounts) |
|
Thirteen Weeks Ended
|
|||||
|
May 5, 2018
|
April 29, 2017
|
||||
Net sales
|
$
|
1,267,983
|
|
$
|
1,294,970
|
|
Cost of sales (exclusive of depreciation expense shown separately below)
|
756,025
|
|
770,695
|
|
||
Gross margin
|
511,958
|
|
524,275
|
|
||
Selling and administrative expenses
|
438,092
|
|
415,972
|
|
||
Depreciation expense
|
28,529
|
|
28,595
|
|
||
Operating profit
|
45,337
|
|
79,708
|
|
||
Interest expense
|
(1,576
|
)
|
(1,009
|
)
|
||
Other income (expense)
|
508
|
|
(517
|
)
|
||
Income before income taxes
|
44,269
|
|
78,182
|
|
||
Income tax expense
|
13,030
|
|
26,670
|
|
||
Net income and comprehensive income
|
$
|
31,239
|
|
$
|
51,512
|
|
|
|
|
||||
Earnings per common share
|
|
|
|
|
||
Basic
|
$
|
0.74
|
|
$
|
1.16
|
|
Diluted
|
$
|
0.74
|
|
$
|
1.15
|
|
|
|
|
||||
Weighted-average common shares outstanding
|
|
|
|
|
||
Basic
|
42,113
|
|
44,361
|
|
||
Dilutive effect of share-based awards
|
105
|
|
367
|
|
||
Diluted
|
42,218
|
|
44,728
|
|
||
|
|
|
||||
Cash dividends declared per common share
|
$
|
0.30
|
|
$
|
0.25
|
|
BIG LOTS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)
(In thousands, except par value)
|
|
May 5, 2018
|
|
February 3, 2018
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
64,830
|
|
|
$
|
51,176
|
|
Inventories
|
849,627
|
|
|
872,790
|
|
||
Other current assets
|
137,714
|
|
|
98,007
|
|
||
Total current assets
|
1,052,171
|
|
|
1,021,973
|
|
||
Property and equipment - net
|
604,524
|
|
|
565,977
|
|
||
Deferred income taxes
|
21,335
|
|
|
13,986
|
|
||
Other assets
|
48,956
|
|
|
49,790
|
|
||
Total assets
|
$
|
1,726,986
|
|
|
$
|
1,651,726
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
342,185
|
|
|
$
|
351,226
|
|
Property, payroll, and other taxes
|
80,747
|
|
|
80,863
|
|
||
Accrued operating expenses
|
92,080
|
|
|
72,013
|
|
||
Insurance reserves
|
72,669
|
|
|
38,517
|
|
||
Accrued salaries and wages
|
23,019
|
|
|
39,321
|
|
||
Income taxes payable
|
25,612
|
|
|
7,668
|
|
||
Total current liabilities
|
636,312
|
|
|
589,608
|
|
||
Long-term obligations
|
174,000
|
|
|
199,800
|
|
||
Deferred rent
|
59,858
|
|
|
58,246
|
|
||
Insurance reserves
|
56,321
|
|
|
55,015
|
|
||
Unrecognized tax benefits
|
15,165
|
|
|
14,929
|
|
||
Other liabilities
|
96,218
|
|
|
64,541
|
|
||
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 42,338 shares and 41,925 shares, respectively
|
1,175
|
|
|
1,175
|
|
||
Treasury shares - 75,157 shares and 75,570 shares, respectively, at cost
|
(2,412,437
|
)
|
|
(2,422,396
|
)
|
||
Additional paid-in capital
|
613,621
|
|
|
622,550
|
|
||
Retained earnings
|
2,486,753
|
|
|
2,468,258
|
|
||
Total shareholders' equity
|
689,112
|
|
|
669,587
|
|
||
Total liabilities and shareholders' equity
|
$
|
1,726,986
|
|
|
$
|
1,651,726
|
|
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
|
||||||||||||||
Balance - January 28, 2017
|
44,259
|
|
$
|
1,175
|
|
73,236
|
|
$
|
(2,291,379
|
)
|
$
|
617,516
|
|
$
|
2,323,318
|
|
$
|
650,630
|
|
Comprehensive income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
51,512
|
|
51,512
|
|
|||||
Dividends declared ($0.25 per share)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(11,547
|
)
|
(11,547
|
)
|
|||||
Adjustment for ASU 2016-09
|
—
|
|
—
|
|
—
|
|
—
|
|
241
|
|
(146
|
)
|
95
|
|
|||||
Purchases of common shares
|
(992
|
)
|
—
|
|
992
|
|
(48,508
|
)
|
—
|
|
—
|
|
(48,508
|
)
|
|||||
Exercise of stock options
|
105
|
|
—
|
|
(105
|
)
|
3,289
|
|
583
|
|
—
|
|
3,872
|
|
|||||
Restricted shares vested
|
311
|
|
—
|
|
(311
|
)
|
9,741
|
|
(9,741
|
)
|
—
|
|
—
|
|
|||||
Performance shares vested
|
431
|
|
—
|
|
(431
|
)
|
13,523
|
|
(13,523
|
)
|
—
|
|
—
|
|
|||||
Share activity related to deferred compensation plan
|
—
|
|
—
|
|
—
|
|
(1
|
)
|
—
|
|
—
|
|
(1
|
)
|
|||||
Other
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||
Share-based employee compensation expense
|
—
|
|
—
|
|
—
|
|
—
|
|
7,852
|
|
—
|
|
7,852
|
|
|||||
Balance - April 29, 2017
|
44,114
|
|
1,175
|
|
73,381
|
|
(2,313,335
|
)
|
602,928
|
|
2,363,137
|
|
653,905
|
|
|||||
Comprehensive income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
138,320
|
|
138,320
|
|
|||||
Dividends declared ($0.75 per share)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(33,199
|
)
|
(33,199
|
)
|
|||||
Purchases of common shares
|
(2,445
|
)
|
—
|
|
2,445
|
|
(117,249
|
)
|
—
|
|
—
|
|
(117,249
|
)
|
|||||
Exercise of stock options
|
199
|
|
—
|
|
(199
|
)
|
6,370
|
|
1,470
|
|
—
|
|
7,840
|
|
|||||
Restricted shares vested
|
57
|
|
—
|
|
(57
|
)
|
1,821
|
|
(1,821
|
)
|
—
|
|
—
|
|
|||||
Performance shares vested
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||
Share activity related to deferred compensation plan
|
—
|
|
—
|
|
—
|
|
(3
|
)
|
—
|
|
—
|
|
(3
|
)
|
|||||
Other
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||
Share-based employee compensation expense
|
—
|
|
—
|
|
—
|
|
—
|
|
19,973
|
|
—
|
|
19,973
|
|
|||||
Balance - February 3, 2018
|
41,925
|
|
1,175
|
|
75,570
|
|
(2,422,396
|
)
|
622,550
|
|
2,468,258
|
|
669,587
|
|
|||||
Comprehensive income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
31,239
|
|
31,239
|
|
|||||
Dividends declared ($0.30 per share)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(12,744
|
)
|
(12,744
|
)
|
|||||
Purchases of common shares
|
(247
|
)
|
—
|
|
247
|
|
(11,193
|
)
|
—
|
|
—
|
|
(11,193
|
)
|
|||||
Exercise of stock options
|
1
|
|
—
|
|
(1
|
)
|
20
|
|
—
|
|
—
|
|
20
|
|
|||||
Restricted shares vested
|
366
|
|
—
|
|
(366
|
)
|
11,736
|
|
(11,736
|
)
|
—
|
|
—
|
|
|||||
Performance shares vested
|
293
|
|
—
|
|
(293
|
)
|
9,391
|
|
(9,391
|
)
|
—
|
|
—
|
|
|||||
Share activity related to deferred compensation plan
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||
Other
|
—
|
|
—
|
|
—
|
|
5
|
|
2
|
|
—
|
|
7
|
|
|||||
Share-based employee compensation expense
|
—
|
|
—
|
|
—
|
|
—
|
|
12,196
|
|
—
|
|
12,196
|
|
|||||
Balance - May 5, 2018
|
42,338
|
|
$
|
1,175
|
|
75,157
|
|
$
|
(2,412,437
|
)
|
$
|
613,621
|
|
$
|
2,486,753
|
|
$
|
689,112
|
|
BIG LOTS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited) (In thousands) |
|
Thirteen Weeks Ended
|
|||||
|
May 5, 2018
|
April 29, 2017
|
||||
Operating activities:
|
|
|
||||
Net income
|
$
|
31,239
|
|
$
|
51,512
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|||
Depreciation and amortization expense
|
26,056
|
|
26,030
|
|
||
Deferred income taxes
|
(7,349
|
)
|
1,544
|
|
||
Loss on disposition of equipment
|
201
|
|
4
|
|
||
Non-cash share-based compensation expense
|
12,196
|
|
7,852
|
|
||
Unrealized (gain) loss on fuel derivatives
|
(530
|
)
|
221
|
|
||
Change in assets and liabilities, excluding effect of foreign currency adjustments:
|
|
|
|
|
||
Inventories
|
23,163
|
|
22,569
|
|
||
Accounts payable
|
(9,041
|
)
|
(31,359
|
)
|
||
Current income taxes
|
19,742
|
|
24,848
|
|
||
Other current assets
|
(40,818
|
)
|
(4,816
|
)
|
||
Other current liabilities
|
36,606
|
|
(16,093
|
)
|
||
Other assets
|
932
|
|
(4,504
|
)
|
||
Other liabilities
|
4,488
|
|
7,646
|
|
||
Net cash provided by operating activities
|
96,885
|
|
85,454
|
|
||
Investing activities:
|
|
|
|
|
||
Capital expenditures
|
(31,015
|
)
|
(22,125
|
)
|
||
Cash proceeds from sale of property and equipment
|
62
|
|
115
|
|
||
Assets acquired under synthetic lease
|
(34,482
|
)
|
—
|
|
||
Other
|
(2
|
)
|
—
|
|
||
Net cash used in investing activities
|
(65,437
|
)
|
(22,010
|
)
|
||
Financing activities:
|
|
|
|
|
||
Net (repayments of) proceeds from borrowings under bank credit facility
|
(25,800
|
)
|
9,300
|
|
||
Payment of capital lease obligations
|
(924
|
)
|
(857
|
)
|
||
Dividends paid
|
(14,386
|
)
|
(12,683
|
)
|
||
Proceeds from the exercise of stock options
|
20
|
|
3,872
|
|
||
Payment for treasury shares acquired
|
(11,193
|
)
|
(48,508
|
)
|
||
Proceeds from synthetic lease
|
34,482
|
|
—
|
|
||
Other
|
7
|
|
(1
|
)
|
||
Net cash used in financing activities
|
(17,794
|
)
|
(48,877
|
)
|
||
Increase in cash and cash equivalents
|
13,654
|
|
14,567
|
|
||
Cash and cash equivalents:
|
|
|
|
|
||
Beginning of period
|
51,176
|
|
51,164
|
|
||
End of period
|
$
|
64,830
|
|
$
|
65,731
|
|
|
Thirteen Weeks Ended
|
||||||
(In thousands)
|
May 5, 2018
|
|
April 29, 2017
|
||||
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
||
Cash paid for interest, including capital leases
|
$
|
1,513
|
|
|
$
|
822
|
|
Cash paid for income taxes, excluding impact of refunds
|
1,071
|
|
|
609
|
|
||
Gross proceeds from borrowings under bank credit facility
|
387,300
|
|
|
365,100
|
|
||
Gross payments of borrowings under bank credit facility
|
413,100
|
|
|
355,800
|
|
||
Non-cash activity:
|
|
|
|
|
|
||
Assets acquired under capital leases
|
—
|
|
|
18
|
|
||
Accrued property and equipment
|
$
|
13,078
|
|
|
$
|
8,835
|
|
|
Dividends
Per Share |
|
Amount Declared
|
|
Amount Paid
|
||||||
2018:
|
|
|
(In thousands)
|
|
(In thousands)
|
||||||
First quarter
|
$
|
0.30
|
|
|
$
|
12,744
|
|
|
$
|
14,386
|
|
Total
|
$
|
0.30
|
|
|
$
|
12,744
|
|
|
$
|
14,386
|
|
|
|
|
|
|
|
|
Number of Shares
|
Weighted Average Grant-Date Fair Value Per Share
|
|||
Outstanding non-vested restricted stock at February 3, 2018
|
589,843
|
|
$
|
44.77
|
|
Granted
|
212,456
|
|
47.36
|
|
|
Vested
|
(365,667
|
)
|
42.19
|
|
|
Forfeited
|
(26,597
|
)
|
43.51
|
|
|
Outstanding non-vested restricted stock at May 5, 2018
|
410,035
|
|
$
|
47.92
|
|
Issue Year
|
Outstanding PSUs at May 5, 2018
|
Actual Grant Date
|
Expected Valuation (Grant) Date
|
Actual or Expected Expense Period
|
|
2015
|
2,194
|
|
March 2017
|
|
Fiscal 2017
|
2016
|
293,275
|
|
March 2018
|
|
Fiscal 2018
|
2017
|
233,770
|
|
|
March 2019
|
Fiscal 2019
|
2018
|
244,526
|
|
|
March 2020
|
Fiscal 2020
|
Total
|
773,765
|
|
|
|
|
|
Number of Units
|
Weighted Average Grant-Date Fair Value Per Share
|
|||
Outstanding PSUs at February 3, 2018
|
249,324
|
|
$
|
51.49
|
|
Granted
|
337,421
|
|
55.67
|
|
|
Vested
|
(247,130
|
)
|
51.49
|
|
|
Forfeited
|
(44,146
|
)
|
43.94
|
|
|
Outstanding PSUs at May 5, 2018
|
295,469
|
|
$
|
55.64
|
|
|
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 3, 2018
|
280,626
|
|
$
|
39.04
|
|
|
|
||
Exercised
|
(625
|
)
|
31.76
|
|
|
|
|||
Forfeited
|
—
|
|
—
|
|
|
|
|||
Outstanding stock options at May 5, 2018
|
280,001
|
|
$
|
39.06
|
|
1.5
|
$
|
930
|
|
Vested or expected to vest at May 5, 2018
|
280,001
|
|
$
|
39.06
|
|
1.5
|
$
|
930
|
|
Exercisable at May 5, 2018
|
280,001
|
|
$
|
39.06
|
|
1.5
|
$
|
930
|
|
|
First Quarter
|
||||||
(In thousands)
|
2018
|
|
2017
|
||||
Total intrinsic value of stock options exercised
|
$
|
8
|
|
|
$
|
1,538
|
|
Total fair value of restricted stock vested
|
17,245
|
|
|
16,200
|
|
||
Total fair value of performance shares vested
|
$
|
12,683
|
|
|
$
|
21,026
|
|
|
|
First Quarter
|
||||||
(In thousands)
|
|
2018
|
|
2017
|
||||
Furniture
|
|
$
|
356,974
|
|
|
$
|
362,939
|
|
Soft Home
|
|
199,153
|
|
|
188,074
|
|
||
Food
|
|
189,424
|
|
|
195,274
|
|
||
Consumables
|
|
186,034
|
|
|
189,793
|
|
||
Seasonal
|
|
175,601
|
|
|
183,612
|
|
||
Hard Home
|
|
87,686
|
|
|
90,519
|
|
||
Electronics, Toys, & Accessories
|
|
73,111
|
|
|
84,759
|
|
||
Net sales
|
|
$
|
1,267,983
|
|
|
$
|
1,294,970
|
|
(In thousands)
|
May 5, 2018
|
|
February 3, 2018
|
||
Diesel fuel collars
|
5,100
|
|
|
3,600
|
|
•
|
Net sales decreased $27.0 million, or 2.1%.
|
•
|
Comparable store sales for stores open at least fifteen months, including e-commerce, decreased $38.8 million, or 3.0%.
|
•
|
Gross margin dollars decreased $12.3 million with a 10 basis point decrease in gross margin rate to 40.4% of sales.
|
•
|
Selling and administrative expenses increased $22.1 million. As a percentage of net sales, selling and administrative expenses increased 250 basis points to 34.6% of net sales.
|
•
|
Operating profit rate decreased 260 basis points to 3.6%.
|
•
|
Diluted earnings per share decreased to $0.74 per share from $1.15 per share.
|
•
|
Inventory increased by 1.6% or $13.5 million to $849.6 million from the first quarter of
2017
.
|
•
|
We declared and paid a quarterly cash dividend in the amount of $0.30 per common share in the first quarter of 2018 compared to quarterly cash dividend of $0.25 per common share paid in the first quarter of 2017.
|
|
|
2018
|
2017
|
||
Stores open at the beginning of the fiscal year
|
1,416
|
|
1,432
|
|
|
Stores opened during the period
|
1
|
|
2
|
|
|
Stores closed during the period
|
(2
|
)
|
—
|
|
|
|
Stores open at the end of the period
|
1,415
|
|
1,434
|
|
|
First Quarter
|
|||
|
2018
|
2017
|
||
Net sales
|
100.0
|
%
|
100.0
|
%
|
Cost of sales (exclusive of depreciation expense shown separately below)
|
59.6
|
|
59.5
|
|
Gross margin
|
40.4
|
|
40.5
|
|
Selling and administrative expenses
|
34.6
|
|
32.1
|
|
Depreciation expense
|
2.2
|
|
2.2
|
|
Operating profit
|
3.6
|
|
6.2
|
|
Interest expense
|
(0.1
|
)
|
(0.1
|
)
|
Other income (expense)
|
0.0
|
|
(0.0
|
)
|
Income before income taxes
|
3.5
|
|
6.0
|
|
Income tax expense
|
1.0
|
|
2.1
|
|
Net income
|
2.5
|
%
|
4.0
|
%
|
First Quarter
|
|
|
||||||||||||||||||
($ in thousands)
|
2018
|
|
2017
|
|
Change
|
|
Comps
|
|||||||||||||
Furniture
|
$
|
356,974
|
|
28.2
|
%
|
|
$
|
362,939
|
|
28.0
|
%
|
|
$
|
(5,965
|
)
|
(1.6
|
)%
|
|
(1.8
|
)%
|
Soft Home
|
199,153
|
|
15.7
|
|
|
188,074
|
|
14.5
|
|
|
11,079
|
|
5.9
|
|
|
5.3
|
|
|||
Food
|
189,424
|
|
14.9
|
|
|
195,274
|
|
15.1
|
|
|
(5,850
|
)
|
(3.0
|
)
|
|
(2.0
|
)
|
|||
Consumables
|
186,034
|
|
14.7
|
|
|
189,793
|
|
14.7
|
|
|
(3,759
|
)
|
(2.0
|
)
|
|
(1.6
|
)
|
|||
Seasonal
|
175,601
|
|
13.8
|
|
|
183,612
|
|
14.2
|
|
|
(8,011
|
)
|
(4.4
|
)
|
|
(10.9
|
)
|
|||
Hard Home
|
87,686
|
|
6.9
|
|
|
90,519
|
|
7.0
|
|
|
(2,833
|
)
|
(3.1
|
)
|
|
(3.3
|
)
|
|||
Electronics, Toys, & Accessories
|
73,111
|
|
5.8
|
|
|
84,759
|
|
6.5
|
|
|
(11,648
|
)
|
(13.7
|
)
|
|
(14.1
|
)
|
|||
Net sales
|
$
|
1,267,983
|
|
100.0
|
%
|
|
$
|
1,294,970
|
|
100.0
|
%
|
|
$
|
(26,987
|
)
|
(2.1
|
)%
|
|
(3.0
|
)%
|
•
|
Soft Home
experienced increases in net sales and comps which were primarily driven by continued improvement in the product assortment, quality, and perceived value by our customers, particularly in our bath and flooring departments.
|
•
|
The
Furniture
category experienced decreased net sales and comps during the first quarter of 2018, primarily driven by challenges in our mattresses and upholstery departments. Substantial promotional pricing activity in our competitive set in the mattress department presented significant challenges to our sales in the President’s Day time period, and additionally, we are learning we need to change styles more frequently in our upholstery category to continue to drive sales. Partially offsetting the negative merchandise comps was the continued positive impact of our Easy Leasing lease-to-own program and our third party, private label credit card offering.
|
•
|
Seasonal
was negatively impacted by the later than usual increase in spring temperatures, particularly in the eastern half of the U.S. Our summer, lawn & garden, and spring holiday departments were particularly challenged by the later than usual increase in spring temperatures. This challenge impacts not only sales in this merchandise category but also has an impact on store-level traffic and transactions which has a corresponding impact on non-seasonal purchases as well.
|
•
|
Our
Consumables
and
Food
categories experienced decreases in comps and net sales as this category remains highly competitive in the discount, grocery, and online marketplace. Additionally, lower than expected sales and store traffic generated by our Seasonal category has historically generated add-on sales in our customers' basket of goods.
|
•
|
Hard Home
experienced decreases in net sales and negative comps as a result of an intentionally narrowed assortment, particularly in our auto department. In several departments where we have not narrowed our assortment, such as appliances and tabletop, our net sales increased.
|
•
|
The decreased net sales and negative comps in
Electronics, Toys, & Accessories
were a result of our intentionally narrowed assortment and reduced space allocation, particularly in our electronics and infant accessories departments, as we continue to refine our understanding of where we can be successful in this category.
|
(In thousands)
|
2018
|
|
2017
|
|
Change
|
||||||
Net cash provided by operating activities
|
$
|
96,885
|
|
|
$
|
85,454
|
|
|
$
|
11,431
|
|
Net cash used in investing activities
|
(65,437
|
)
|
|
(22,010
|
)
|
|
(43,427
|
)
|
|||
Net cash used in financing activities
|
$
|
(17,794
|
)
|
|
$
|
(48,877
|
)
|
|
$
|
31,083
|
|
Calendar Year of Maturity
|
|
Diesel Fuel Derivatives
|
|
Fair Value
|
||||||
|
Puts
|
|
Calls
|
|
Asset (Liability)
|
|||||
|
|
(Gallons, in thousands)
|
|
(In thousands)
|
||||||
2018
|
|
2,700
|
|
|
2,700
|
|
|
$
|
440
|
|
2019
|
|
2,400
|
|
|
2,400
|
|
|
479
|
|
|
2020
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
|
5,100
|
|
|
5,100
|
|
|
$
|
919
|
|
(In thousands, except price per share data)
|
|
|
|
|
||||||
Period
|
(a) Total Number of Shares Purchased
(1)(2)
|
(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
|
||||||
February 4, 2018 - March 3, 2018
|
—
|
|
$
|
—
|
|
—
|
|
$
|
—
|
|
March 4, 2018 - March 31, 2018
|
44
|
|
48.47
|
|
—
|
|
100,000
|
|
||
April 1, 2018 - May 5, 2018
|
23
|
|
43.28
|
|
—
|
|
100,000
|
|
||
Total
|
67
|
|
$
|
46.66
|
|
—
|
|
$
|
100,000
|
|
(1)
|
In March and April 2018, in connection with the vesting of certain outstanding restricted stock awards, restricted stock units, and performance share units, we acquired 43,501 and 23,241 of our common shares, respectively, which were withheld to satisfy minimum statutory income tax withholdings.
|
(2)
|
The 2018 Repurchase Program is comprised of a March 7, 2018 authorization by our Board of Directors for the repurchase of up to $100.0 million of our common shares. During the first quarter of 2018, we did not acquire any common shares under the 2018 Repurchase Program.
|
|
Exhibit No.
|
|
Document
|
|
|
|
|
|
|
Separation Agreement with David J. Campisi.
|
|
|
|
|
|
|
|
Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
|
Certification of Principal Executive Officer and 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 Executive Officer and Principal 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 Executive Officer, Principal Financial Officer, Principal Accounting Officer and Duly Authorized Officer)
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Big Lots, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
|
By: /s/ Lisa M. Bachmann
|
|
Lisa M. Bachmann
|
|
Executive Vice President, Chief Merchandising and
|
|
Operating Officer
|
|
(Principal Executive Officer)
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Big Lots, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
|
By: /s/ Timothy A. Johnson
|
|
Timothy A. Johnson
|
|
Executive Vice President, Chief Administrative Officer
|
|
and Chief Financial Officer
|
|
(Principal Executive Officer and Principal Financial Officer)
|
(i)
|
the Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
|
(ii)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
By: /s/ Lisa M. Bachmann
|
|
Lisa M. Bachmann
|
|
Executive Vice President, Chief Merchandising and
|
|
Operating Officer
|
|
(Principal Executive Officer)
|
(i)
|
the Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
|
(ii)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
By: /s/ Timothy A. Johnson
|
|
Timothy A. Johnson
|
|
Executive Vice President, Chief Administrative Officer
|
|
and Chief Financial Officer
|
|
(Principal Executive Officer and Principal Financial Officer)
|