☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-08897 BIG LOTS, INC. (Exact name of registrant as specified in its charter) Title of each class Trading Symbol(s) Name of each exchange on which registered Common shares BIG New York Stock Exchange Indicate by check mark whether the registrant has submitted electronically every Interactive Data File req ...

Financial Performance - Q1 2024 net sales totaled $1.009 billion, a 10.2% decrease compared to $1.124 billion in Q1 2023, driven by a 9.9% comparable sales decline[1] - Q1 2024 GAAP EPS loss of $6.99; adjusted EPS loss of $4.51, compared to an adjusted EPS loss of $3.40 in Q1 2023[9] - Q1 2024 adjusted operating loss improved to $192.9 million from $261.2 million in Q1 2023[23] - Adjusted operating loss for Q1 2024 was $(120.1) million, compared to the reported operating loss of $(192.9) million, after adjustments for FDC costs, store impairments, and Project Springboard fees[42] - Adjusted net loss for Q1 2024 was $(132.3) million, compared to the reported net loss of $(205.0) million, after adjustments for FDC costs, store impairments, and Project Springboard fees[42] - Adjusted diluted earnings (loss) per share for Q1 2024 was $(4.51), compared to the reported $(6.99), after adjustments for FDC costs, store impairments, and Project Springboard fees[42] Liquidity and Debt - The company ended Q1 2024 with $289 million of liquidity, including availability under a new $200 million term loan facility[9] - Q1 2024 long-term debt increased to $573.8 million from $501.6 million in Q1 2023[13] - The company executed a new $200 million term loan facility in Q1 2024, providing additional financial flexibility[30] Gross Margin and Inventory Management - Q1 2024 gross margin improved to 36.8% from 34.9% in Q1 2023, driven by reduced markdown activity and Project Springboard benefits[23] - The company expects Q2 2024 gross margin rate to improve by at least 300 basis points year-over-year[5] - Q1 2024 inventory decreased to $949.9 million from $1.087 billion in Q1 2023, reflecting improved inventory management[21] - Inventory at the end of Q1 2024 was $949.9 million, a 12.7% decrease compared to $1.088 billion in Q1 2023, driven by lower on-hand units and average unit cost[32] Project Springboard - The company raised its target for cumulative benefits from Project Springboard to $185 million by year-end, up from the previous target of $175 million, and is ahead of schedule in realizing these benefits[30] - Adjusted selling and administrative expenses for Q1 2024 were $460.3 million, a decrease from the reported $533.0 million after excluding FDC contract termination costs ($874k), store asset impairment charges ($68.2 million), and Project Springboard fees ($3.6 million)[42] - Adjusted selling and administrative expense rate for Q1 2024 was 45.6%, down from the reported rate of 52.8%, after adjustments for FDC costs, store impairments, and Project Springboard fees[42] - Adjusted operating loss rate for Q1 2024 was (11.9%), compared to the reported rate of (19.1%), after adjustments for FDC costs, store impairments, and Project Springboard fees[42] Sales and Bargain Penetration - The company expects Q2 2024 comp sales to improve sequentially but still be down in the mid to high-single-digit range[5] - The company aims to achieve 75% bargain penetration and 50% extreme bargain penetration by year-end 2024[2] Share Repurchase - The company has $159 million remaining under its December 2021 $250 million share repurchase authorization and did not execute any share repurchases during Q1 2024[33]

It's all left Bruce Thorn, President and CEO of Big Lots, with a major challenge as he tries to turn the fortunes of the retailer around. The five key actions from Big Lots as part of its turnaround plan are to: own bargains, to communicate unmistakable value, to increase store relevance, to win customers for life with its omni-channel efforts, and to drive productivity. Big Lots has a big challenge to turn results around. Photographer: Angus Mordant/Bloomberg © 2024 Bloomberg Finance LP Downbeat first quar ...

On Thursday (June 6), the discount home goods retailer, which has more than 1,300 locations across the country, reported lower-than-expected first-quarter fiscal 2024 financial results, attributing its 10.2% net sales decrease in part to shoppers' belt-tightening behaviors. He highlighted especially high pullback for indoor and outdoor furniture. Consumers are evidently tightening their belts, focusing more on essentials and less on luxury or non-essential purchases. In response to these economic pressures, ...

Shares of Big Lots, Inc. (BIG) fell during pre-market trading on Jun 6 after the company reported disappointing results for the first quarter of fiscal 2024 in a challenging consumer environment. This discount retail chain reported an adjusted loss of $4.51 per share for the quarter, which was wider than the Zacks Consensus Estimate of a loss of $4.23 and the year-ago period's reported loss of $3.40. Big Lots remains focused on its five key actions to navigate the current economic cycle. These include ownin ...

Financial Data and Key Metrics Changes - Q1 net sales were $1.01 billion, a 10.2% decrease compared to $1.12 billion a year ago, driven by a comparable sales decrease of 9.9% [31] - The gross margin rate for the quarter was 36.8%, up 190 basis points year-over-year, primarily due to reduced markdowns and benefits from Project Springboard [11] - Adjusted operating margin for the quarter was negative 11.9%, with interest expense increasing to $12 million from $9.1 million a year ago [12][31] - Total ending inventory cost was down 12.7% year-over-year, driven by lower on-hand units and average unit cost [13] Business Line Data and Key Metrics Changes - Seasonal comps decelerated relative to Q4, particularly in high-ticket discretionary items like patio furniture and gazebos, while core items and seasonal assortments performed positively [5] - The toy category saw nearly a 50% increase in sales in April, driven by the Hearthsong closeout deal [6] - Grocery SKU count increased by 150%, and personal care extreme value SKU count increased sevenfold year-over-year [7] Market Data and Key Metrics Changes - Comp sales trends were down 9.9% in Q1, missing guidance due to volatility in consumer sentiment and weather impacts [10][99] - The company expects sequential comp sales improvement in Q2, projecting a negative mid-to-high single-digit range [14] Company Strategy and Development Direction - The company is focused on five key actions: owning bargains, communicating unmistakable value, increasing store relevance, winning customers for life, and driving productivity [101] - The goal is to achieve 75% bargain penetration and 50% extreme bargain penetration by year-end [81][108] - Project Springboard is expected to deliver $185 million in cumulative savings by year-end, up from a previous target of $175 million [17][83] Management's Comments on Operating Environment and Future Outlook - The management expressed cautious optimism for Q2, noting improvements in sales trends and expectations for gross margin rate improvement [39][61] - The consumer environment remains challenging, particularly for lower-income households, but the company is focused on managing through the cycle [79][99] - Management highlighted the importance of extreme bargains in driving sales and improving consumer perceptions [102][108] Other Important Information - The company ended Q1 with $289 million in net liquidity, an increase from $254 million in Q4 [86] - The company is implementing a simplified store operation strategy to enhance efficiency and customer experience [22][83] Q&A Session Summary Question: Can you quantify category performance between bargains, extreme bargains, and the rest? - Management noted that extreme bargain penetration is deepening across all categories, with positive comps in upholstery furniture driven by extreme bargains [41][42] Question: How do you view supply for the remainder of the year? - The closeout rate for extreme bargains is at 28%, the highest in nearly a decade, with no signs of slowing down [53][75] Question: Can you elaborate on gross margin improvement throughout the year? - Management expects gross margin rate improvement to accelerate from Q1 to Q2, projecting at least 300 basis points of improvement in Q2 [65] Question: Did you witness any changes in core customer purchasing behavior? - The core customer, particularly lower-income households, has been pulling back on large discretionary items, but there are signs of normalization in Q2 [68][72]

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Ahead of this earnings release, the estimate revisions trend for Big Lots: unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the curr ...

Q1 comparable sales decline due to challenging consumer environment; gross margins significantly improved year-over-year and continued reductions in adjusted operating expenses Q1 2024 Earnings (loss) per diluted share – as reported ($6.99) Adjustment to exclude net loss associated with impairment charges, fees related to Project Springboard, and distribution center closure costs(1) $2.48 Earnings (loss) per diluted share – adjusted basis ($4.51) Q1 GAAP EPS loss of $6.99; adjusted EPS loss of $4.51 Expect ...

While it's always fun to see the ideas on your buy list perform well, long-term success is dependent on recognizing stocks to sell. No, it's often not a comfortable topic to broach. However, holding onto losing enterprises indefinitely could end up hurting your portfolio badly. At the end of the day, everyone in the market is looking out for themselves. In that sense, there's really no rational reason to be loyal. That commitment will usually not be reciprocated if the shoe were on the other foot. So, think ...

Big Lots (BIG) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended April 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on June 6. On the o ...