Group 1: Big Lots (BIG) - Big Lots experienced a significant decline in comparable sales of 8.6% in Q4 2023, indicating challenges in attracting and maintaining consumer sales [5] - The company's net sales in Q4 reached $1.432 billion, down 7.2% from $1.543 billion in Q4 2022, suggesting difficulties in maintaining or increasing sales volume [6] - A net loss of $30.7 million, or $1.05 per share, was reported in Q4, with significant expenses indicating ongoing underlying financial difficulties [7] Group 2: Trump Media & Technology (DJT) - Trump Media & Technology reported a net loss per share of $0.49 for redeemable shares and $0.99 for non-redeemable shares in 2023, reflecting a worsening financial state compared to 2022 [9] - The company is facing governance issues, including a dispute with Bradford Cohen regarding capitalization rights and a legal dispute involving Patrick Orlando about share conversion ratios [10][11] Group 3: Coinbase (COIN) - Coinbase's revenue is heavily influenced by market volatility, with transaction revenue increasing by 103% in Q1 2024 to $1.1 billion due to higher cryptocurrency asset volatility [13] - The company held $330 billion in customer-safeguarded assets at the end of Q1, representing 12% of the global cryptocurrency market capitalization [14] - Ongoing legal ambiguities and a rigorous discovery phase with the SEC may impede Coinbase's expansion and stability [15]

Headquartered in Columbus, Ohio, Big Lots, Inc. (NYSE: BIG) is America's Discount Home Store, operating more than 1,300 stores in 48 states, as well as an ecommerce store with expanded fulfillment and delivery capabilities. The Company's mission is to help customers "Live Big and Save Lots" by offering bargains to brag about on everything for their home, including furniture, décor, pantry essentials, kitchenware, pet supplies, and more. For more information about the company or to find the store nearest you ...

Core Viewpoint - The retail industry is experiencing significant volatility post-Covid-19, with a shift from initial consumer spending booms to a current decline in retail sales due to high inflation and a weakening economy [1][2]. Group 1: Big Lots (BIG) - Big Lots is a discount retail chain that has struggled recently, particularly after a failed expansion into the furniture market, leading to a disconnect between its product offerings [4][5]. - Sales have sharply declined, especially in furniture, prompting a leadership reshuffle, but doubts remain about the company's long-term strategy [6]. - Despite a temporary stock price increase due to meme stock trends, the underlying business is in serious trouble, suggesting investors should sell [6]. Group 2: Leslie's (LESL) - Leslie's is a specialty retailer in the swimming pool and spa market, which saw revenue growth from $928 million in fiscal year 2019 to $1.6 billion in fiscal year 2022 due to increased home entertainment spending during the pandemic [9]. - However, revenues fell to $1.45 billion in fiscal year 2023, with expectations of further declines as the economy reopens [10]. - The stock has faced significant drops, including a 36% decline in one day due to disappointing earnings, and the outlook remains bleak amid rising interest rates and slowing consumer spending [11]. Group 3: Target (TGT) - Target experienced a significant stock price increase from $90 to about $260 between 2019 and 2021, driven by increased consumer spending on various goods [13]. - Earnings per share surged from $5.51 in fiscal year 2019 to $14.10 in fiscal year 2022, but this growth was unsustainable, with EPS dropping to $5.98 in fiscal year 2023 as government stimulus waned [14]. - Although the stock has rebounded from $110 to $162 recently, the lack of fundamental support indicates that Target is another retail stock to consider selling [15].

Boston, April 24, 2024 (GLOBE NEWSWIRE) -- Gordon Brothers, the global asset experts, has agented a $200 million delayed draw term loan for Big Lots Inc. The U.S. home discount retailer of general merchandise will use the loan's delayed draw feature to execute on strategic initiatives with the remaining amount to draw upon for available working capital and flexibility as needed. "Having established a working relationship with Big Lots over the last few years, we combined our flexible financial structure wit ...

Enhances ability to pursue extreme bargain deals and unmistakable value for consumers as part of its five key actions COLUMBUS, Ohio, April 18, 2024 /PRNewswire/ -- Big Lots, Inc. (NYSE: BIG), America's Discount Home Store, announced today it has increased its borrowing capacity by up to $200 million with a new "first in, last out" term loan facility (the "FILO Term Loan Facility") through 1903P Loan Agent, LLC, an affiliate of Gordon Brothers Capital. The FILO Term Loan Facility significantly enhances the ...

Part I [Business](index=4&type=section&id=Item%201.%20Business) Big Lots, Inc. operates as a home discount retailer in the U.S. with 1,392 stores and an e-commerce platform, focusing on value-driven merchandising and facing intense retail competition - As of February 3, 2024, Big Lots operated **1,392 stores** in the U.S. and an e-commerce platform[87](index=87&type=chunk) - The company's merchandising strategy focuses on "Bargains" and "Extreme Bargains" (closeouts) to deliver value[92](index=92&type=chunk)[111](index=111&type=chunk) - In 2023, approximately **21% of merchandise** was purchased directly from overseas vendors, with **13% from China**[112](index=112&type=chunk) - The BIG Rewards Program had approximately **20 million active members** as of February 3, 2024, down from 21 million the previous year[115](index=115&type=chunk) - In 2023, the company ceased operations at its four forward distribution centers (FDCs) due to declining sales volume and to reduce expenses[99](index=99&type=chunk) [Risk Factors](index=11&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant operational, market, competitive, and financial risks, including potential failure of strategic initiatives, supply chain disruptions, intense competition, debt covenant compliance, and human capital challenges - The company's "Project Springboard" initiative aims to improve operating income by over **$200 million**, but failure to achieve these goals could adversely affect performance[178](index=178&type=chunk) - Global sourcing from foreign countries, including **13% of products from China** in 2023, exposes the company to risks like tariffs, shipping costs, and political unrest[164](index=164&type=chunk)[165](index=165&type=chunk) - The company faces intense and growing competition from other retailers in the online marketplace, which could reduce market share and margins[1](index=1&type=chunk) - Significant turnover in the senior management team is identified as a risk that could disrupt operations and impede the implementation of the business plan[6](index=6&type=chunk)[175](index=175&type=chunk) - Covenants in the 2022 Credit Agreement and Term Loan Facility impose significant operating and financial restrictions, where a violation could lead to default and require immediate repayment of outstanding loans[13](index=13&type=chunk) - The company incurred significant asset impairment charges of **$148.5 million** in 2023 and **$68.4 million** in 2022 related to underperforming stores[210](index=210&type=chunk) [Unresolved Staff Comments](index=21&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that it has no unresolved staff comments from the SEC - None [Cybersecurity](index=22&type=section&id=Item%201C.%20Cybersecurity) The company maintains a comprehensive information security program, overseen by a CISO and the Board's Audit Committee, to manage cybersecurity risks through annual assessments and various controls, with no material breaches identified to date - The company has an information security program that includes annual risk assessments and utilizes controls like EDR, IAM, MFA, and SIEM[19](index=19&type=chunk) - The Chief Information Security Officer (CISO), with **30 years of IT experience**, has primary responsibility for the security program[21](index=21&type=chunk) - Oversight is provided by the Enterprise Risk Council and the Audit Committee of the Board of Directors, which receives quarterly briefings[20](index=20&type=chunk)[44](index=44&type=chunk) - The company is not aware of any cybersecurity threat or breach that has materially affected its business, operations, or financial condition[215](index=215&type=chunk) [Properties](index=23&type=section&id=Item%202.%20Properties) As of February 3, 2024, the company operates 1,392 mostly leased stores averaging 33,477 square feet, owns its headquarters and five distribution centers totaling nearly 9.0 million square feet, and completed 23 store sale-leaseback transactions in 2023 - The company operates **1,392 stores**, with an average size of **33,477 sq. ft.** All but three stores are leased[239](index=239&type=chunk)[217](index=217&type=chunk) - In 2023, the company completed sale and leaseback transactions for **23 owned store locations**[24](index=24&type=chunk) Store Lease Expirations | Fiscal Year: | Expiring Leases | Leases Without Options | |--------------|-----------------|------------------------| | 2024 | 172 | 31 | | 2025 | 212 | 31 | | 2026 | 245 | 46 | | 2027 | 171 | 40 | | 2028 | 214 | 39 | | Thereafter | 377 | 24 | Distribution Center Locations and Size | Location | Year Opened | Total Square Footage (in thousands) | Number of Stores Served | |------------------|-------------|-------------------------------------|-------------------------| | Columbus, OH | 1989 | 3,559 | 338 | | Montgomery, AL | 1996 | 1,411 | 315 | | Tremont, PA | 2000 | 1,295 | 302 | | Durant, OK | 2004 | 1,297 | 227 | | Apple Valley, CA | 2019 | 1,416 | 210 | | Total | | 8,978 | 1,392 | [Legal Proceedings](index=24&type=section&id=Item%203.%20Legal%20Proceedings) The company refers to Note 9 of the consolidated financial statements for information regarding legal proceedings - For information on legal proceedings, see Note 9 to the consolidated financial statements[47](index=47&type=chunk) [Mine Safety Disclosures](index=24&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company reports that there are no mine safety disclosures - None [Information about our Executive Officers](index=25&type=section&id=Supplemental%20Item.%20Information%20about%20our%20Executive%20Officers) This section provides biographical information for the company's executive officers and other key employees as of April 18, 2024, detailing their roles and prior experience in areas such as marketing, supply chain, merchandising, and technology Executive Officers as of April 18, 2024 | Name | Age | Offices Held | |---|---|---| | Bruce K. Thorn | 56 | President and Chief Executive Officer | | Jonathan E. Ramsden | 59 | Executive Vice President, Chief Financial Officer and Chief Administrative Officer | | Ronald A. Robins, Jr. | 60 | Executive Vice President, Chief Legal and Governance Officer, General Counsel and Corporate Secretary | | Michael A. Schlonsky | 57 | Executive Vice President, Chief Human Resources Officer | - The report lists key employees responsible for marketing, stores, supply chain, merchandising for various categories (Home, Furniture, Seasonal, Food, Consumables), and technology[246](index=246&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=27&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on the NYSE under "BIG", with approximately 893 registered holders as of April 12, 2024, and has not repurchased shares since Q4 2021, significantly underperforming market indices over the last five fiscal years - The company's common stock is listed on the NYSE under the symbol "BIG"[55](index=55&type=chunk) - The company has not made any repurchases under its share repurchase program since the fourth quarter of 2021, with **$159.4 million** remaining authorized for repurchase as of February 3, 2024[16](index=16&type=chunk)[250](index=250&type=chunk) Five-Year Cumulative Total Shareholder Return (Assuming $100 Investment on Feb 2, 2019) | Company / Index | Feb 2020 | Jan 2021 | Jan 2022 | Jan 2023 | Feb 2024 | |---|---|---|---|---|---| | Big Lots, Inc. | $90.13 | $208.77 | $142.58 | $63.48 | $22.42 | | S&P 500 Index | $121.56 | $142.53 | $172.46 | $161.03 | $199.42 | | S&P 500 Retailing Index | $120.61 | $170.52 | $180.58 | $149.54 | $210.02 | [Reserved](index=28&type=section&id=Item%206.%20%5BReserved%5D) This item is reserved [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In fiscal 2023, Big Lots reported a significant **13.6% decrease in net sales** and a **net loss of $481.9 million**, driven by macroeconomic pressures and increased expenses, while implementing strategic plans like "Operation North Star" and "Project Springboard" to improve profitability and liquidity through cost savings and asset monetization Fiscal 2023 vs 2022 Key Financial Results | Metric | 2023 (in millions) | 2022 (in millions) | Change | |---|---|---|---| | Net Sales | $4,722.1 | $5,468.3 | -13.6% | | Comparable Sales | | | -13.5% | | Gross Margin Rate | 35.7% | 35.0% | +70 bps | | Operating Loss | ($387.4) | ($261.5) | Increased Loss | | Diluted Loss Per Share | ($16.53) | ($7.30) | Increased Loss | | Inventory | $953.3 | $1,147.9 | -17.0% | - The company's strategic transformation plan, "Operation North Star," focuses on driving growth, funding the journey, and creating shareholder value through five key actions[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk) - Launched "Project Springboard," a cost reduction initiative aiming for over **$200 million** in operating income improvement from cost of goods sold (**40%**), other gross margin improvements (**40%**), and SG&A reductions (**20%**)[64](index=64&type=chunk)[272](index=272&type=chunk) - Completed sale and leaseback transactions for its Apple Valley distribution center and **23 owned stores**, generating net proceeds of **$332.1 million** and a gain of **$212.5 million**[59](index=59&type=chunk) - Recorded a **$146.0 million** valuation allowance on deferred tax assets, which significantly increased income tax expense[60](index=60&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=49&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to interest rate risk on its variable-rate borrowings under the 2022 Credit Agreement, with a hypothetical 1% increase impacting operating results by approximately **$4.1 million** based on **$406.1 million** in borrowings as of February 3, 2024 - The company is exposed to interest rate risk on its borrowings under the 2022 Credit Agreement[307](index=307&type=chunk) - At February 3, 2024, borrowings under the 2022 Credit Agreement totaled **$406.1 million**, where a **1% increase** in the variable interest rate would result in an approximate **$4.1 million** impact on operating results[307](index=307&type=chunk) [Financial Statements and Supplementary Data](index=50&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for fiscal year 2024, with Deloitte & Touche LLP providing an unqualified opinion on both the financial statements and internal controls, highlighting Critical Audit Matters related to Inventory Valuation, Asset Impairment, and Insurance Reserves - The independent auditor, Deloitte & Touche LLP, issued an unqualified opinion on the consolidated financial statements and the effectiveness of internal control over financial reporting[310](index=310&type=chunk)[326](index=326&type=chunk) Consolidated Statement of Operations Highlights (in thousands) | Metric | 2023 | 2022 | 2021 | |---|---|---|---| | Net sales | $4,722,099 | $5,468,329 | $6,150,603 | | Gross margin | $1,686,611 | $1,913,503 | $2,397,007 | | Operating (loss) profit | ($387,357) | ($261,500) | $239,753 | | Net (loss) income | ($481,876) | ($210,708) | $177,778 | Consolidated Balance Sheet Highlights (in thousands) | Metric | Feb 3, 2024 | Jan 28, 2023 | |---|---|---| | Total Current Assets | $1,086,023 | $1,285,314 | | Total Assets | $3,325,309 | $3,690,931 | | Total Current Liabilities | $831,019 | $919,854 | | Long-term debt | $406,271 | $301,400 | | Total Shareholders' Equity | $284,495 | $763,907 | - Critical Audit Matters identified by the auditor include: Inventory Valuation Reserves, Impairment of Store Level Long-Lived Assets, and Insurance Valuation Reserves for General Liability and Workers' Compensation[333](index=333&type=chunk)[337](index=337&type=chunk)[400](index=400&type=chunk) - Subsequent to the fiscal year-end, on April 18, 2024, the company entered into a **$200 million** "first in, last out" delayed draw term loan facility and amended its 2022 Credit Agreement[520](index=520&type=chunk)[553](index=553&type=chunk)[560](index=560&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=82&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no disagreements with its accountants on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure - None [Controls and Procedures](index=82&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures, as well as internal control over financial reporting, were effective as of February 3, 2024, with no material changes occurring during the most recent fiscal quarter - Management concluded that disclosure controls and procedures were effective as of the end of the period[563](index=563&type=chunk) - Management concluded that the company maintained effective internal control over financial reporting as of February 3, 2024[564](index=564&type=chunk) - No material changes in internal control over financial reporting occurred during the most recent fiscal quarter[566](index=566&type=chunk) [Other Information](index=82&type=section&id=Item%209B.%20Other%20Information) The company reports that no director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the fourth quarter of fiscal 2023 - During the fourth quarter, no director or officer adopted or terminated a Rule 10b5-1 trading arrangement[542](index=542&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=82&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable Part III [Directors, Executive Officers and Corporate Governance](index=83&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) This section incorporates by reference information from the company's 2024 Proxy Statement and Part I of this Form 10-K regarding directors, executive officers, corporate governance, and related compliance details - Information regarding directors, corporate governance, and executive officers is incorporated by reference from the 2024 Proxy Statement and Part I of this Form 10-K[586](index=586&type=chunk) [Executive Compensation](index=83&type=section&id=Item%2011.%20Executive%20Compensation) This section incorporates by reference information from the company's 2024 Proxy Statement concerning director and executive compensation, including the Compensation Committee Report and details on related interlocks and insider participation - Information regarding executive compensation is incorporated by reference from the 2024 Proxy Statement[569](index=569&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=84&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section details the company's equity compensation plans as of February 3, 2024, including securities available for future issuance, with further security ownership information incorporated by reference from the 2024 Proxy Statement Equity Compensation Plan Information (as of Feb 3, 2024) | Plan Category | Securities to be issued upon exercise () | Weighted-average exercise price ($) | Securities remaining available for future issuance () | |---|---|---|---| | Equity compensation plans approved by security holders | 3,409,988 | — | 1,317,691 | | Equity compensation plans not approved by security holders | — | — | — | | Total | 3,409,988 | — | 1,317,691 | - Information regarding security ownership of certain beneficial owners and management is incorporated by reference from the 2024 Proxy Statement[592](index=592&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=84&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) This section incorporates by reference information from the company's 2024 Proxy Statement regarding director independence and related person transactions - Information regarding certain relationships, related transactions, and director independence is incorporated by reference from the 2024 Proxy Statement[593](index=593&type=chunk) [Principal Accountant Fees and Services](index=84&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) This section incorporates by reference information from the 2024 Proxy Statement's "Audit Committee Disclosure" regarding fees paid to Deloitte & Touche LLP and the company's pre-approval policy for audit and non-audit services - Information regarding principal accountant fees and services is incorporated by reference from the 2024 Proxy Statement[572](index=572&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=85&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all documents filed as exhibits to the Form 10-K, including an index to consolidated financial statements and various agreements, with all financial statement schedules omitted as not required or included elsewhere - This section provides an index of the financial statements and a list of all exhibits filed with the Form 10-K[596](index=596&type=chunk) - All financial statement schedules have been omitted because they are not required, not applicable, or the information is included within the consolidated financial statements or notes[575](index=575&type=chunk) [Form 10-K Summary](index=88&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is not applicable to the company - None

Big Lots, Inc. (BIG) , renowned for its discount home products, has unveiled a strategic move aimed at bolstering its global product sourcing capabilities. The company has inaugurated international buying offices in Shanghai, China and Ho Chi Minh City, Vietnam, signaling a significant shift in its procurement strategy.This initiative marks a pivotal moment for Big Lots as it transitions from relying on third-party agents to establishing its sourcing team in Asia. The move is anticipated to deliver operatio ...

Big Lots enhances its competitiveness to source products, including closeout deals and other extreme bargains, with two new Asia-based buying offices. Offices will integrate previous exclusive third-party agent's sourcing associates; expected to generate significant operational cost savings beginning in FY2024. Strengthens its platform for overseas procurement, assortment optimization and broadens sourcing countries across furniture, seasonal and soft home categories. Underscores Big Lots' commitment to re ...

For the fourth year in a row, Big Lots has raised funds and awareness for women's heart health through participation in the American Heart Association's Life is Why point-of-sale donation campaign. During the month of February, American Heart Month, customers were invited to help women live longer, healthier lives by donating to the American Heart Association at the register; raising more than $1 million for heart health education, prevention, and research. COLUMBUS, Ohio, March 14, 2024 /PRNewswire/ -- N ...

Sales Performance - Q4 2023 net sales totaled $1.432 billion, a 7.2% decrease compared to $1.543 billion in Q4 2022, driven by an 8.6% decrease in comparable sales[3] - Net sales for the 14 weeks ended February 3, 2024 were $1,432,484 million, a decrease from $1,543,113 million in the 13 weeks ended January 28, 2023[43] - The company expects Q1 2024 comp sales to improve to mid-single-digit negative range, with gross margin rate improving by 200-250 basis points compared to the prior year[14] Inventory Management - Inventory at the end of Q4 2023 was $953.3 million, a 17.0% decrease from $1.148 billion in Q4 2022, due to lower on-hand and in-transit inventory[5] - The company reduced inventory by nearly $200 million and monetized assets worth over $300 million in 2023[24] Operating Performance - Q4 2023 GAAP operating loss was $24 million, with adjusted operating profit of $1 million, marking the first quarter of positive adjusted operating profit since Q4 2021[27] - Full Year 2022 operating loss was $261,500 million, with an adjusted (non-GAAP) figure of $209,951 million[35] - Q4 2022 operating loss was $8,055 million, with an adjusted (non-GAAP) figure of $2,334 million[38] - The adjusted operating profit for Q4 2023 was $1.06 million, compared to a reported operating loss of $23.77 million, after adjustments for gains on real estate sales and other expenses[51] - The full-year 2023 adjusted operating loss was $342.69 million, compared to a reported operating loss of $387.36 million, after adjustments for gains on real estate sales and other expenses[52] Net Loss and Earnings Per Share - Q4 2023 GAAP EPS loss was $1.05, with adjusted EPS loss of $0.28[27] - Full Year 2022 net loss was $210,708 million, with an adjusted (non-GAAP) figure of $171,858 million[35] - Q4 2022 net loss was $12,463 million, with an adjusted (non-GAAP) figure of $8,110 million[38] - Net loss for the 14 weeks ended February 3, 2024 was $30,709 million, compared to $12,463 million in the 13 weeks ended January 28, 2023[43] - Adjusted net loss for Q4 2023 was $8.28 million, compared to a reported net loss of $30.71 million, after adjustments for various costs and gains[51] - Full-year 2023 adjusted net loss was $329.31 million, compared to a reported net loss of $481.88 million, after adjustments for various costs and gains[52] - Adjusted diluted earnings per share for Q4 2023 were -$0.28, compared to a reported -$1.05, after adjustments for various costs and gains[51] - Full-year 2023 adjusted diluted earnings per share were -$11.30, compared to a reported -$16.53, after adjustments for various costs and gains[52] Bargain Penetration and Project Springboard - The company achieved over 60% bargain penetration in Q4 2023, exceeding the initial goal of 33%, and expects to grow to 75% penetration in 2024[27] - Project Springboard is on track to deliver a high proportion of the $200 million+ benefit in 2024[27] - The company expects to realize most of the $200 million+ bottom-line opportunities through Project Springboard in 2024[29] Liquidity and Cash Flow - Net liquidity at the end of Q4 2023 was $254 million, with significant free cash flow generated in the quarter[24] - The company ended Q4 fiscal 2023 with $46.4 million in Cash and Cash Equivalents and $406.3 million in Long-term Debt, compared to $44.7 million and $301.4 million respectively in Q4 fiscal 2022[36] - Net cash used in operating activities for the 53 weeks ended February 3, 2024 was $251,960 million, compared to $144,286 million in the 52 weeks ended January 28, 2023[49] Selling and Administrative Expenses - Full Year 2022 selling and administrative expenses were $2,040,334 million, with an adjusted (non-GAAP) figure of $1,971,938 million after excluding store asset impairment and gain on sale of real estate[35] - Q4 2022 selling and administrative expenses were $544,486 million, with an adjusted (non-GAAP) figure of $521,918 million[38] - Adjusted selling and administrative expenses for Q4 2023 were $509.86 million, down from $535.25 million as reported, after excluding various costs such as FDC contract termination and asset impairment charges[51] - Full-year 2023 adjusted selling and administrative expenses were $1.89 billion, down from $2.14 billion as reported, after excluding synthetic lease exit costs and other adjustments[52] Tax Rates - The adjusted effective income tax rate for Q4 2023 was 15.3%, compared to a reported rate of 11.3%, after adjustments for tax-related items[51] - Full-year 2023 adjusted effective income tax rate was 15.0%, compared to a reported rate of -11.5%, after adjustments for tax-related items[52]