Ohio
|
06-1119097
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification No.)
|
300
Phillipi Road, P.O. Box 28512, Columbus, Ohio
|
43228-5311
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Large
accelerated filer T
|
Accelerated
filer £
|
|
Non-accelerated
filer £ (Do not
check if a smaller reporting company)
|
Smaller
reporting company £
|
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Thirteen Weeks Ended
|
Thirty-Nine Weeks Ended
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|||||||||||||||
October 31, 2009
|
November 1, 2008
|
October 31, 2009
|
November 1, 2008
|
|||||||||||||
Net
sales
|
$ | 1,035,269 | $ | 1,021,580 | $ | 3,263,492 | $ | 3,278,358 | ||||||||
Cost
of sales
|
617,278 | 615,318 | 1,948,938 | 1,973,501 | ||||||||||||
Gross
margin
|
417,991 | 406,262 | 1,314,554 | 1,304,857 | ||||||||||||
Selling
and administrative expenses
|
365,194 | 366,505 | 1,115,657 | 1,124,246 | ||||||||||||
Depreciation
expense
|
18,184 | 19,632 | 56,348 | 58,868 | ||||||||||||
Gain
on sale of real estate
|
(12,964 | ) | - | (12,964 | ) | - | ||||||||||
Operating
profit
|
47,577 | 20,125 | 155,513 | 121,743 | ||||||||||||
Interest
expense
|
(507 | ) | (1,635 | ) | (1,334 | ) | (4,153 | ) | ||||||||
Interest
and investment income
|
14 | 10 | 39 | 36 | ||||||||||||
Income
from continuing operations before income taxes
|
47,084 | 18,500 | 154,218 | 117,626 | ||||||||||||
Income
tax expense
|
16,828 | 6,142 | 59,036 | 44,635 | ||||||||||||
Income
from continuing operations
|
30,256 | 12,358 | 95,182 | 72,991 | ||||||||||||
Income
(loss) from discontinued operations, net of tax expense (benefit) of $48,
($64), ($115), and ($123), respectively
|
73 | (110 | ) | (179 | ) | (209 | ) | |||||||||
Net
income
|
$ | 30,329 | $ | 12,248 | $ | 95,003 | $ | 72,782 | ||||||||
Earnings
per common share - basic
|
||||||||||||||||
Continuing
operations
|
$ | 0.37 | $ | 0.15 | $ | 1.17 | $ | 0.90 | ||||||||
Discontinued
operations
|
- | - | - | - | ||||||||||||
$ | 0.37 | $ | 0.15 | $ | 1.16 | $ | 0.90 | |||||||||
Earnings
per common share - diluted
|
||||||||||||||||
Continuing
operations
|
$ | 0.37 | $ | 0.15 | $ | 1.15 | $ | 0.89 | ||||||||
Discontinued
operations
|
- | - | - | - | ||||||||||||
$ | 0.37 | $ | 0.15 | $ | 1.15 | $ | 0.89 | |||||||||
Weighted-average
common shares outstanding:
|
||||||||||||||||
Basic
|
81,674 | 81,255 | 81,568 | 81,043 | ||||||||||||
Dilutive
effect of share-based awards
|
1,059 | 1,129 | 924 | 1,064 | ||||||||||||
Diluted
|
82,733 | 82,384 | 82,492 | 82,107 |
(Unaudited)
October 31, 2009
|
January 31, 2009
|
|||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 45,907 | $ | 34,773 | ||||
Inventories
|
918,205 | 736,616 | ||||||
Deferred
income taxes
|
47,433 | 45,275 | ||||||
Other
current assets
|
80,043 | 54,207 | ||||||
Total
current assets
|
1,091,588 | 870,871 | ||||||
Property
and equipment - net
|
497,923 | 490,041 | ||||||
Deferred
income taxes
|
37,880 | 53,763 | ||||||
Other
assets
|
27,111 | 17,783 | ||||||
Total
assets
|
$ | 1,654,502 | $ | 1,432,458 | ||||
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Current
maturities under bank credit facility
|
$ | - | $ | 61,700 | ||||
Accounts
payable
|
423,520 | 235,973 | ||||||
Property,
payroll, and other taxes
|
74,485 | 66,525 | ||||||
Accrued
operating expenses
|
52,225 | 45,693 | ||||||
Insurance
reserves
|
40,620 | 38,303 | ||||||
KB
bankruptcy lease obligation
|
3,680 | 5,043 | ||||||
Accrued
salaries and wages
|
39,902 | 40,460 | ||||||
Income
taxes payable
|
1,191 | 21,398 | ||||||
Total
current liabilities
|
635,623 | 515,095 | ||||||
Long-term
obligations under bank credit facility
|
1,000 | - | ||||||
Deferred
rent
|
32,299 | 29,192 | ||||||
Insurance
reserves
|
45,240 | 45,197 | ||||||
Unrecognized
tax benefits
|
26,430 | 28,852 | ||||||
Other
liabilities
|
30,946 | 39,277 | ||||||
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 81,702 shares and 81,315 shares,
respectively
|
1,175 | 1,175 | ||||||
Treasury
shares - 35,793 shares and 36,180 shares, respectively, at
cost
|
(795,927 | ) | (804,561 | ) | ||||
Additional
paid-in capital
|
507,812 | 504,552 | ||||||
Retained
earnings
|
1,183,987 | 1,088,984 | ||||||
Accumulated
other comprehensive income (loss)
|
(14,083 | ) | (15,305 | ) | ||||
Total
shareholders' equity
|
882,964 | 774,845 | ||||||
Total
liabilities and shareholders' equity
|
$ | 1,654,502 | $ | 1,432,458 |
Additional Paid-In Capital
|
Retained Earnings
|
Accumulated Other Comprehensive Income
(Loss)
|
Total
|
|||||||||||||||||||||||||||||
Common
|
Treasury
|
|||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||||||||||||||||||||||
Balance
- February 2, 2008
|
82,682 | $ | 1,175 | 34,813 | $ | (784,718 | ) | $ | 490,959 | $ | 937,571 | $ | (6,501 | ) | $ | 638,486 | ||||||||||||||||
Net
income
|
- | - | - | - | - | 72,782 | - | 72,782 | ||||||||||||||||||||||||
Other
comprehensive income
|
||||||||||||||||||||||||||||||||
Amortization
of pension, net of tax of $(243)
|
- | - | - | - | - | - | 359 | 359 | ||||||||||||||||||||||||
Comprehensive
income
|
- | - | - | - | - | - | - | 73,141 | ||||||||||||||||||||||||
Adoption
of SFAS No. 158, net of tax of $88and $(26), respectively
|
- | - | - | - | - | (134 | ) | 40 | (94 | ) | ||||||||||||||||||||||
Purchases
of common shares
|
(2,170 | ) | - | 2,170 | (37,508 | ) | - | - | - | (37,508 | ) | |||||||||||||||||||||
Exercise
of stock options
|
786 | - | (786 | ) | 17,484 | (6,648 | ) | - | - | 10,836 | ||||||||||||||||||||||
Restricted
shares awarded
|
2 | - | (2 | ) | 40 | (40 | ) | - | - | - | ||||||||||||||||||||||
Tax
benefit from share-based awards
|
- | - | - | - | 4,583 | - | - | 4,583 | ||||||||||||||||||||||||
Sale
of treasury shares used for deferred compensation plan
|
13 | - | (13 | ) | 95 | 257 | - | - | 352 | |||||||||||||||||||||||
Share-based
employee compensation expense
|
- | - | - | - | 11,611 | - | - | 11,611 | ||||||||||||||||||||||||
Balance
- November 1, 2008
|
81,313 | 1,175 | 36,182 | (804,607 | ) | 500,722 | 1,010,219 | (6,102 | ) | 701,407 | ||||||||||||||||||||||
Net
income
|
- | - | - | - | - | 78,765 | - | 78,765 | ||||||||||||||||||||||||
Other
comprehensive income
|
||||||||||||||||||||||||||||||||
Amortization
of pension, net of tax of $(73)
|
- | - | - | - | - | - | 128 | 128 | ||||||||||||||||||||||||
Valuation
adjustment of pension, net of tax of $6,102
|
- | - | - | - | - | - | (9,331 | ) | (9,331 | ) | ||||||||||||||||||||||
Comprehensive
income
|
- | - | - | - | - | - | - | 69,562 | ||||||||||||||||||||||||
Exercise
of stock options
|
2 | - | (2 | ) | 46 | (22 | ) | - | - | 24 | ||||||||||||||||||||||
Tax
benefit from share-based awards
|
- | - | - | - | 7 | - | - | 7 | ||||||||||||||||||||||||
Share-based
employee compensation expense
|
- | - | - | - | 3,845 | - | - | 3,845 | ||||||||||||||||||||||||
Balance
- January 31, 2009
|
81,315 | 1,175 | 36,180 | (804,561 | ) | 504,552 | 1,088,984 | (15,305 | ) | 774,845 | ||||||||||||||||||||||
Net
income
|
- | - | - | - | - | 95,003 | - | 95,003 | ||||||||||||||||||||||||
Other
comprehensive income
|
||||||||||||||||||||||||||||||||
Amortization
of pension, net of tax of $(780)
|
- | - | - | - | - | - | 1,222 | 1,222 | ||||||||||||||||||||||||
Comprehensive
income
|
- | - | - | - | - | - | - | 96,225 | ||||||||||||||||||||||||
Purchases
of common shares
|
(87 | ) | - | 87 | (1,849 | ) | - | - | - | (1,849 | ) | |||||||||||||||||||||
Exercise
of stock options
|
142 | - | (142 | ) | 3,162 | (1,291 | ) | - | - | 1,871 | ||||||||||||||||||||||
Restricted
shares awarded
|
328 | - | (328 | ) | 7,291 | (7,291 | ) | - | - | - | ||||||||||||||||||||||
Tax
benefit (charge) from share-based awards
|
- | - | - | - | (541 | ) | - | - | (541 | ) | ||||||||||||||||||||||
Sale
of treasury shares used for deferred compensation plan
|
4 | - | (4 | ) | 30 | 72 | - | - | 102 | |||||||||||||||||||||||
Share-based
employee compensation expense
|
- | - | - | - | 12,311 | - | - | 12,311 | ||||||||||||||||||||||||
Balance
- October 31, 2009
|
81,702 | $ | 1,175 | 35,793 | $ | (795,927 | ) | $ | 507,812 | $ | 1,183,987 | $ | (14,083 | ) | $ | 882,964 |
Thirty-Nine Weeks Ended
|
||||||||
October 31, 2009
|
November 1, 2008
|
|||||||
Operating
activities:
|
||||||||
Net
income
|
$ | 95,003 | $ | 72,782 | ||||
Adjustments
to reconcile net income to net cash provided by (used in) operating
activities:
|
||||||||
Depreciation
and amortization expense
|
53,872 | 55,550 | ||||||
Deferred
income taxes
|
11,985 | 658 | ||||||
Loss
on disposition of equipment
|
706 | 1,356 | ||||||
Non-cash
impairment charge
|
240 | - | ||||||
Gain
on sale of real estate
|
(12,964 | ) | - | |||||
KB
Toys matters
|
(1,388 | ) | - | |||||
Non-cash
share-based compensation expense
|
12,311 | 11,611 | ||||||
Pension
expense, net of contributions
|
3,359 | (637 | ) | |||||
Change
in assets and liabilities:
|
||||||||
Inventories
|
(181,589 | ) | (210,037 | ) | ||||
Accounts
payable
|
187,547 | 125,489 | ||||||
Current
income taxes
|
(33,878 | ) | (45,964 | ) | ||||
Other
current assets
|
(16,215 | ) | (6,335 | ) | ||||
Other
current liabilities
|
13,367 | (4,171 | ) | |||||
Other
assets
|
(4,773 | ) | 344 | |||||
Other
liabilities
|
12,355 | (6,167 | ) | |||||
Net
cash provided by (used in) operating activities
|
139,938 | (5,521 | ) | |||||
Investing
activities:
|
||||||||
Capital
expenditures
|
(61,875 | ) | (75,574 | ) | ||||
Cash
proceeds from sale of property and equipment
|
825 | 478 | ||||||
Other
|
(90 | ) | (5 | ) | ||||
Net
cash used in investing activities
|
(61,140 | ) | (75,101 | ) | ||||
Financing
activities:
|
||||||||
Proceeds
from borrowings under bank credit facility
|
238,800 | 2,108,500 | ||||||
Payment
of borrowings under bank credit facility
|
(299,500 | ) | (2,003,100 | ) | ||||
Payment
of capital lease obligations
|
(1,966 | ) | (936 | ) | ||||
Proceeds
from the exercise of stock options
|
1,871 | 10,836 | ||||||
Excess
tax benefit from share-based awards
|
457 | 4,583 | ||||||
Deferred
bank credit facility fees paid
|
(5,579 | ) | - | |||||
Payment
for treasury shares acquired
|
(1,849 | ) | (37,508 | ) | ||||
Treasury
shares sold for deferred compensation plan
|
102 | 352 | ||||||
Net
cash provided by (used in) financing activities
|
(67,664 | ) | 82,727 | |||||
Increase
in cash and cash equivalents
|
11,134 | 2,105 | ||||||
Cash
and cash equivalents:
|
||||||||
Beginning
of period
|
34,773 | 37,131 | ||||||
End
of period
|
$ | 45,907 | $ | 39,236 | ||||
Supplemental
disclosure of cash flow information:
|
||||||||
Cash
paid for interest, including capital leases
|
$ | 218 | $ | 3,963 | ||||
Cash
paid for income taxes, excluding impact of refunds
|
$ | 80,125 | $ | 85,910 | ||||
Non-cash
activity:
|
||||||||
Assets
acquired under capital leases
|
$ | - | $ | 2,596 | ||||
Accrued
property and equipment
|
$ | 8,324 | $ | 3,590 |
BIG LOTS, INC. AND SUBSIDIARIES
|
Notes to Consolidated Financial Statements
(Unaudited)
|
Third Quarter
|
Year-to-date
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Weighted-average
fair value of stock options granted
|
$ | 9.70 | $ | 13.07 | $ | 7.86 | $ | 8.74 | ||||||||
Risk-free
interest rate
|
2.1 | % | 3.1 | % | 1.7 | % | 2.2 | % | ||||||||
Expected
life (years)
|
4.3 | 4.3 | 4.3 | 4.3 | ||||||||||||
Expected
volatility
|
54.6 | % | 49.8 | % | 56.0 | % | 48.8 | % | ||||||||
Expected
annual forfeiture rate
|
1.5 | % | 3.0 | % | 1.5 | % | 3.0 | % |
Number of Options
|
Weighted Average Exercise
Price
|
Weighted Average Remaining Contractual Term
(years)
|
Aggregate Intrinsic Value
(000's)
|
|||||||||||||
Outstanding
stock options at January 31, 2009
|
3,960,568 | $ | 19.42 | |||||||||||||
Granted
|
950,000 | 17.47 | ||||||||||||||
Exercised
|
(48,590 | ) | 12.38 | |||||||||||||
Forfeited
|
(21,750 | ) | 22.55 | |||||||||||||
Outstanding
stock options at May 2, 2009
|
4,840,228 | $ | 19.09 | 5.3 | $ | 40,476 | ||||||||||
Granted
|
10,000 | 25.63 | ||||||||||||||
Exercised
|
(30,550 | ) | 12.53 | |||||||||||||
Forfeited
|
(11,225 | ) | 22.80 | |||||||||||||
Outstanding
stock options at August 1, 2009
|
4,808,453 | $ | 19.14 | 5.0 | $ | 24,988 | ||||||||||
Granted
|
5,000 | 26.32 | ||||||||||||||
Exercised
|
(62,900 | ) | 14.09 | |||||||||||||
Forfeited
|
(5,525 | ) | 22.99 | |||||||||||||
Outstanding
stock options at October 31, 2009
|
4,745,028 | $ | 19.21 | 4.8 | $ | 31,708 | ||||||||||
Vested
and expected to vest at October 31, 2009
|
4,636,442 | $ | 19.17 | 4.8 | $ | 31,143 | ||||||||||
Exercisable
at October 31, 2009
|
2,290,252 | $ | 17.75 | 4.1 | $ | 18,706 |
Number of Shares
|
Weighted Average Grant-Date Fair
Value
|
|||||||
Outstanding
restricted stock awards at January 31, 2009
|
716,275 | $ | 24.81 | |||||
Granted
|
439,900 | 17.47 | ||||||
Vested
|
(310,700 | ) | 28.74 | |||||
Forfeited
|
(3,600 | ) | 22.98 | |||||
Outstanding
restricted stock awards at May 2, 2009
|
841,875 | 19.53 | ||||||
Granted
|
29,688 | 23.79 | ||||||
Vested
|
(16,975 | ) | 30.92 | |||||
Forfeited
|
- | - | ||||||
Outstanding
restricted stock awards at August 1, 2009
|
854,588 | 19.46 | ||||||
Granted
|
1,200 | 26.32 | ||||||
Vested
|
- | - | ||||||
Forfeited
|
- | - | ||||||
Outstanding
restricted stock awards at October 31, 2009
|
855,788 | $ | 19.47 |
Third Quarter
|
Year-to-Date
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
(In
thousands)
|
||||||||||||||||
Total
intrinsic value of stock options exercised
|
$ | 728 | $ | 3,777 | $ | 1,629 | $ | 13,502 | ||||||||
Total
fair value of restricted stock vested
|
- | - | 6,954 | 37 |
2009
|
2008
|
|||||||
Discount
rate
|
7.3% | 6.5% | ||||||
Rate
of increase in compensation levels
|
3.5% | 3.5% | ||||||
Expected
long-term rate of return
|
8.0% | 8.5% | ||||||
Measurement
date for plan assets and benefit obligations
|
01/31/09
|
12/31/07
|
Third Quarter
|
Year-to-Date
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
(In
thousands)
|
||||||||||||||||
Service
cost - benefits earned in the period
|
$ | 565 | $ | 610 | $ | 1,695 | $ | 1,829 | ||||||||
Interest
cost on projected benefit obligation
|
932 | 833 | 2,795 | 2,499 | ||||||||||||
Expected
investment return on plan assets
|
(793 | ) | (991 | ) | (2,379 | ) | (2,973 | ) | ||||||||
Amortization
of actuarial loss
|
673 | 206 | 2,018 | 618 | ||||||||||||
Amortization
of prior service cost
|
(9 | ) | (9 | ) | (26 | ) | (26 | ) | ||||||||
Amortization
of transition obligation
|
3 | 3 | 10 | 10 | ||||||||||||
Net
periodic pension cost
|
$ | 1,371 | $ | 652 | $ | 4,113 | $ | 1,957 |
Third Quarter
|
Year-to-Date
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
(In
thousands)
|
||||||||||||||||
Consumables
|
$ | 351,891 | $ | 341,591 | $ | 1,058,356 | $ | 1,027,559 | ||||||||
Home
|
179,661 | 173,915 | 504,131 | 515,519 | ||||||||||||
Furniture
|
168,658 | 170,212 | 530,463 | 533,224 | ||||||||||||
Hardlines
|
143,419 | 145,566 | 441,945 | 434,189 | ||||||||||||
Seasonal
|
74,020 | 74,163 | 398,185 | 402,780 | ||||||||||||
Other
|
117,620 | 116,133 | 330,412 | 365,087 | ||||||||||||
Net
sales
|
$ | 1,035,269 | $ | 1,021,580 | $ | 3,263,492 | $ | 3,278,358 |
|
·
|
Comparable
store sales for stores open at least two years at the beginning of 2009
decreased 0.2%.
|
|
·
|
Total
net sales increased $13.7 million.
|
|
·
|
Gross
margin dollars increased $11.7 million due to the $13.7 million increase
in net sales and the 60 basis point improvement in our gross margin
rate.
|
|
·
|
Selling
and administrative expenses decreased $1.3 million even though net sales
increased by $13.7 million resulting in a 60 basis point selling and
administrative expense rate decrease to 35.3% of
sales.
|
|
·
|
Depreciation
expense decreased $1.4 million or 10 basis points to 1.8% of
sales.
|
|
·
|
Interest
expense decreased by $1.1 million. We ended the third quarter
of 2009 with $1.0 million of borrowings outstanding under the 2009 Credit
Agreement compared to $269.1 million of bank borrowings at the end of the
third quarter of 2008.
|
|
·
|
Diluted
earnings per share from continuing operations increased to $0.37 per share
including $0.10 per share for gain on the sale of real estate (See note 2
to the accompanying consolidated financial statements). Diluted
earnings per share from continuing operations were $0.15 per share in the
third quarter of 2008.
|
|
·
|
Net
cash provided by operating activities increased to $139.9 million in the
year-to-date 2009 compared to net cash used in operating activities of
$5.5 million in the year-to-date
2008.
|
|
·
|
Inventory
decreased by $39.8 million (4% per average store) to $918.2 million in the
third quarter of 2009, compared to $958.0 million in the third quarter of
2008.
|
2009
|
2008
|
|||||||
Stores
open at the beginning of the fiscal year
|
1,339 | 1,353 | ||||||
Stores
opened during the period
|
43 | 20 | ||||||
Stores
closed during the period
|
(14 | ) | (7 | ) | ||||
Stores
open at the end of the period
|
1,368 | 1,366 |
Third Quarter
|
Year-to-Date
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Net
sales
|
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
Cost
of sales
|
59.6 | 60.2 | 59.7 | 60.2 | ||||||||||||
Gross
margin
|
40.4 | 39.8 | 40.3 | 39.8 | ||||||||||||
Selling
and administrative expenses
|
35.3 | 35.9 | 34.2 | 34.3 | ||||||||||||
Depreciation
expense
|
1.8 | 1.9 | 1.7 | 1.8 | ||||||||||||
Gain
on sale of real estate
|
(1.3 | ) | 0.0 | (0.4 | ) | 0.0 | ||||||||||
Operating
profit
|
4.6 | 2.0 | 4.8 | 3.7 | ||||||||||||
Interest
expense
|
0.0 | (0.2 | ) | 0.0 | (0.1 | ) | ||||||||||
Interest
income
|
0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
Income
from continuing operations before income taxes
|
4.5 | 1.8 | 4.7 | 3.6 | ||||||||||||
Income
tax expense
|
1.6 | 0.6 | 1.8 | 1.4 | ||||||||||||
Income
from continuing operations
|
2.9 | 1.2 | 2.9 | 2.2 | ||||||||||||
Discontinued
operations
|
0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
Net
income
|
2.9 | % | 1.2 | % | 2.9 | % | 2.2 | % |
Third Quarter
|
||||||||||||||||||||||||
2009
|
2008
|
Change
|
||||||||||||||||||||||
($
in thousands)
|
||||||||||||||||||||||||
Consumables
|
$ | 351,891 | 34.0 | % | $ | 341,591 | 33.4 | % | $ | 10,300 | 3.0 | % | ||||||||||||
Home
|
179,661 | 17.4 | 173,915 | 17.0 | 5,746 | 3.3 | ||||||||||||||||||
Furniture
|
168,658 | 16.3 | 170,212 | 16.7 | (1,554 | ) | (0.9 | ) | ||||||||||||||||
Hardlines
|
143,419 | 13.8 | 145,566 | 14.2 | (2,147 | ) | (1.5 | ) | ||||||||||||||||
Seasonal
|
74,020 | 7.1 | 74,163 | 7.3 | (143 | ) | (0.2 | ) | ||||||||||||||||
Other
|
117,620 | 11.4 | 116,133 | 11.4 | 1,487 | 1.3 | ||||||||||||||||||
Net
sales
|
$ | 1,035,269 | 100.0 | % | $ | 1,021,580 | 100.0 | % | $ | 13,689 | 1.3 | % |
Year-to-Date
|
||||||||||||||||||||||||
2009
|
2008
|
Change
|
||||||||||||||||||||||
($
in thousands)
|
||||||||||||||||||||||||
Consumables
|
$ | 1,058,356 | 32.4 | % | $ | 1,027,559 | 31.4 | % | $ | 30,797 | 3.0 | % | ||||||||||||
Home
|
504,131 | 15.5 | 515,519 | 15.7 | (11,388 | ) | (2.2 | ) | ||||||||||||||||
Furniture
|
530,463 | 16.3 | 533,224 | 16.3 | (2,761 | ) | (0.5 | ) | ||||||||||||||||
Hardlines
|
441,945 | 13.5 | 434,189 | 13.2 | 7,756 | 1.8 | ||||||||||||||||||
Seasonal
|
398,185 | 12.2 | 402,780 | 12.3 | (4,595 | ) | (1.1 | ) | ||||||||||||||||
Other
|
330,412 | 10.1 | 365,087 | 11.1 | (34,675 | ) | (9.5 | ) | ||||||||||||||||
Net
sales
|
$ | 3,263,492 | 100.0 | % | $ | 3,278,358 | 100.0 | % | $ | (14,866 | ) | (0.5 | ) % |
(In
thousands, except price per share data)
|
||||||||||||||||
Period
|
(a) Total Number of Shares
Purchased (1)
|
(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
|
||||||||||||
August
2, 2009 - August 29, 2009
|
- | $ | - | - | $ | - | ||||||||||
August
30, 2009 - September 26, 2009
|
4 | 25.42 | - | - | ||||||||||||
September
27, 2009 - October 31, 2009
|
- | - | - | - | ||||||||||||
Total
|
4 | $ | 25.42 | - | $ | - |
|
(1)
|
In
connection with the exercise of stock options in the third quarter of
2009, a member of our board of directors tendered 4,000 shares he
currently owned to us to satisfy the exercise price of the stock options,
which we treated as the acquisition of shares in our consolidated
financial statements.
|
|
Exhibit
No.
|
Document
|
|
Certification
of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.
|
|
Certification
of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002.
|
|
Certification
of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002.
|
|
Certification
of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002.
|
BIG
LOTS, INC.
|
|
By: /s/ Joe
R. Cooper
|
|
Joe
R. Cooper
|
|
Senior
Vice President and
|
|
Chief
Financial 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/ Steven S. Fishman
|
||
Steven
S. Fishman
|
|||
Chairman
of the Board, Chief Executive Officer and
|
|||
President
|
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/ Joe R. Cooper
|
||
Joe
R. Cooper
|
|||
Senior
Vice President and
|
|||
Chief
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/ Steven S. Fishman
|
||
Steven
S. Fishman
|
|||
Chairman
of the Board, Chief Executive Officer and
|
|||
President
|
(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/ Joe R. Cooper
|
||
Joe
R. Cooper
|
|||
Senior
Vice President and
|
|||
Chief
Financial Officer
|