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]

Big Lots, Inc. (BIG) reported an adjusted loss of 28 cents per share for fourth-quarter fiscal 2023, which was wider than the Zacks Consensus Estimate of a loss of 12 cents. The metric came in line with the year-ago quarter’s adjusted loss figure.Net sales of this Columbus, OH-based player declined 7.2% to $1,432 million year over year and missed the consensus estimate of $1,436 million. The year-over-year downside was due to soft comparable sales, which fell 8.6% year over year. Also, the net effect of the ...

Key TakeawaysBig Lots reported a wider than expected quarterly loss in its fiscal fourth quarter, as well as a decline in revenue, as demand slowed and the company faced cost pressures.CEO Bruce Thorn said the company faced "a challenging macroeconomic environment and well documented weather challenges in January.”The company expects gross margin will "improve significantly" in the fiscal first quarter from a year ago.Shares of the company went on a rollercoaster ride after the earnings report and were up 4 ...

QUARTERLY RESULTS PRESENTATION Fourth Quarter 2023 current views and assumptions regarding future events and operating performance, and are applicable only as of the dates of such statements. Although we believe the expectations expressed in forward-looking statements are based on reasonable assumptions within the bounds of our knowledge, forward-looking statements, by their nature, involve risks, uncertainties and other factors, any one or a combination of which could materially affect our business, financ ...

Big Lots, Inc. (NYSE:BIG) Q4 2023 Earnings Call Transcript March 7, 2024 8:00 AM ET Company Participants Alvin Concepcion - VP of IR Bruce Thorn - President and CEO Jonathan Ramsden - EVP, CFO and Chief Administrative Officer Conference Call Participants Brad Thomas - KeyBanc Capital Markets Joe Feldman - Telsey Advisory Group Scott Stringer - Wolfe Research Alvin Concepcion Good morning. This is Alvin Concepcion, Vice President of Investor Relations at Big Lots. Welcome to the Big Lots Fourth Quarter Confe ...

Big Lots (BIG) came out with a quarterly loss of $0.28 per share versus the Zacks Consensus Estimate of a loss of $0.12. This compares to loss of $0.28 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -133.33%. A quarter ago, it was expected that this discount retailer would post a loss of $4.71 per share when it actually produced a loss of $4.38, delivering a surprise of 7.01%.Over the last four quarters, the company has surpa ...

COLUMBUS, Ohio, March 5, 2024 /PRNewswire/ -- Big Lots, Inc. (NYSE: BIG), America's Discount Home Store, today announced that Maureen B. Short has been appointed to its Board of Directors, effective March 1, 2024. Ms. Short served as the Chief Financial Officer of Upbound Group, Inc. (formerly known as Rent-A-Center), a publicly traded, multi-site, and omni-channel retailer from 2016 to 2022. Commenting on today's announcement, Cynthia T. Jamison, board chair, stated, "Maureen brings more than 25 years of o ...

Wall Street expects a year-over-year increase in earnings on lower revenues when Big Lots (BIG) reports results for the quarter ended January 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on March 7. On the ...