Remarking on today's announcement,
Our outstanding results for the quarter were achieved despite significant supply chain and freight headwinds, which we expect to continue through the balance of the year. Meanwhile, we are taking other important steps to strengthen our business. These include rolling out our forward distribution center strategy to relieve pressure at our regional distribution centers and more efficiently process bulk items such as furniture; strengthening our vendor partnerships to create even greater value for our customers and improve assortment availability; and investing in data-driven space planning technology designed to enhance our customer satisfaction and per-store productivity through more relevant location- based assortments. We are excited by our results, but know that we still have many opportunities for growth and improvement across the business."
Inventory and Cash Management
Inventory ended the first quarter of fiscal 2021 at
The company ended the first quarter of fiscal 2021 with $613 million of Cash and Cash Equivalents and
Share Repurchase Authorization
As previously announced, on
Dividend
As announced in a separate press release, on
Company Outlook
The Company continues to believe it does not have sufficient visibility to provide full year guidance. Based on currently available information, for the second quarter of fiscal 2021 the Company expects to achieve diluted earnings per share in the range of
Conference Call/Webcast
The company will host a conference call today at
Headquartered in
Cautionary Statement Concerning Forward-Looking Statements
Certain statements in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and such statements are intended to qualify for the protection of the safe harbor provided by the Act. The words "anticipate," "estimate," "approximate," "expect," "objective," "goal," "project," "intend," "plan," "believe," "will," "should," "may," "target," "forecast," "guidance," "outlook" and similar expressions generally identify forward-looking statements. Similarly, descriptions of objectives, strategies, plans, goals or targets are also forward-looking statements. Forward-looking statements relate to the expectations of management as to future occurrences and trends, including statements expressing optimism or pessimism about future operating results or events and projected sales, earnings, capital expenditures and business strategy. Forward-looking statements are based upon a number of assumptions concerning future conditions that may ultimately prove to be inaccurate. Forward-looking statements are and will be based upon management's then-current views and assumptions regarding future events and operating performance and are applicable only as of the dates of such statements. Although the company believes the expectations expressed in forward-looking statements are based on reasonable assumptions within the bounds of knowledge, forward-looking statements, by their nature, involve risks, uncertainties and other factors, any one or a combination of which could materially affect business, financial condition, results of operations or liquidity.
Forward-looking statements that the company makes herein and in other reports and releases are not guarantees of future performance and actual results may differ materially from those discussed in such forward-looking statements as a result of various factors, including, but not limited to, developments related to the COVID-19 coronavirus pandemic, current economic and credit conditions, the cost of goods, the inability to successfully execute strategic initiatives, competitive pressures, economic pressures on customers and the company, the availability of brand name closeout merchandise, trade restrictions, freight costs, the risks discussed in the Risk Factors section of the company's most recent Annual Report on Form 10-K, and other factors discussed from time to time in other filings with the
You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date thereof. The company undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any further disclosures the company makes on related subjects in public announcements and
|
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
(In thousands) |
|||||||
|
|
||||||
2021 |
2020 |
||||||
(Unaudited) |
(Unaudited) |
||||||
ASSETS |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
|
|
|||||
Inventories |
901,482 |
806,559 |
|||||
Other current assets |
114,001 |
75,978 |
|||||
Total current assets |
1,628,812 |
1,194,409 |
|||||
Operating lease right-of-use assets |
1,631,817 |
1,206,133 |
|||||
Property and equipment - net |
723,158 |
849,857 |
|||||
Deferred income taxes |
17,741 |
6,161 |
|||||
Other assets |
36,008 |
65,226 |
|||||
|
|
||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||
Current liabilities: |
|||||||
Accounts payable |
|
|
|||||
Current operating lease liabilities |
219,367 |
207,899 |
|||||
Property, payroll and other taxes |
112,532 |
96,248 |
|||||
Accrued operating expenses |
158,136 |
138,212 |
|||||
Insurance reserves |
34,803 |
35,572 |
|||||
Accrued salaries and wages |
73,799 |
34,622 |
|||||
Income taxes payable |
70,340 |
16,903 |
|||||
Total current liabilities |
1,049,919 |
804,917 |
|||||
Long-term debt |
32,063 |
436,684 |
|||||
Noncurrent operating lease liabilities |
1,466,090 |
1,046,711 |
|||||
Deferred income taxes |
3,805 |
41,171 |
|||||
Insurance reserves |
59,379 |
56,759 |
|||||
Unrecognized tax benefits |
10,601 |
10,279 |
|||||
Other liabilities |
147,177 |
41,332 |
|||||
Shareholders' equity |
1,268,502 |
883,933 |
|||||
|
|
|
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||
(In thousands, except per share data) |
|||||||
13 WEEKS ENDED |
13 WEEKS ENDED |
||||||
|
|
||||||
% |
% |
||||||
(Unaudited) |
(Unaudited) |
||||||
Net sales |
|
100.0 |
|
100.0 |
|||
Gross margin |
653,947 |
40.2 |
570,756 |
39.7 |
|||
Selling and administrative expenses |
497,418 |
30.6 |
458,631 |
31.9 |
|||
Depreciation expense |
33,977 |
2.1 |
37,690 |
2.6 |
|||
Operating profit |
122,552 |
7.5 |
74,435 |
5.2 |
|||
Interest expense |
(2,568) |
(0.2) |
(3,322) |
(0.2) |
|||
Other income (expense) |
960 |
0.1 |
(3,317) |
(0.2) |
|||
Income before income taxes |
120,944 |
7.4 |
67,796 |
4.7 |
|||
Income tax expense |
26,381 |
1.6 |
18,473 |
1.3 |
|||
Net income |
|
5.8 |
|
3.4 |
|||
Earnings per common share |
|||||||
Basic |
|
|
|||||
Diluted |
|
|
|||||
Weighted average common shares outstanding |
|||||||
Basic |
35,349 |
39,129 |
|||||
Dilutive effect of share-based awards |
693 |
111 |
|||||
Diluted |
36,042 |
39,240 |
|||||
Cash dividends declared per common share |
|
|
|
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(In thousands) |
|||||||
13 WEEKS ENDED |
13 WEEKS ENDED |
||||||
|
|
||||||
(Unaudited) |
(Unaudited) |
||||||
Net cash provided by operating activities |
|
|
|||||
Net cash used in investing activities |
(32,170) |
(28,913) |
|||||
Net cash (used in) provided by financing activities |
(118,350) |
141,943 |
|||||
Increase in cash and cash equivalents |
53,773 |
259,151 |
|||||
Cash and cash equivalents: |
|||||||
Beginning of period |
559,556 |
52,721 |
|||||
End of period |
|
|
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SOURCE
Tom Filandro - ICR, Inc., Managing Director, tom.filandro@icrinc.com, (646) 277-1235