Attached files
| file | filename |
|---|---|
| 8-K - BIG LOTS 8-K 1-12-2010 - BIG LOTS INC | form8k.htm |
Exhibit
99.1
PRESS
RELEASE
|
FOR
IMMEDIATE RELEASE
|
Contact: Timothy
A. Johnson
|
|
Vice
President, Strategic
|
|
|
Planning
and Investor Relations
|
|
|
614-278-6622
|
BIG LOTS, INC. ANNOUNCES
PARTICIPATION IN UPCOMING ICR XCHANGE INVESTOR CONFERENCE
COMPANY INCREASES FOURTH
QUARTER GUIDANCE
Columbus,
Ohio – January 12, 2010 – Big Lots, Inc. (NYSE: BIG) announced today that it is
participating in the upcoming 12th
Annual ICR Xchange Investor Conference. On Thursday, January 14,
Steve Fishman, Chairman, Chief Executive Officer and President, is scheduled to
give a presentation which will be broadcast live beginning at approximately 4:40
p.m. Eastern Time. This live audio webcast will be available through
www.biglots.com in the Investor Relations section of the website. If
you are unable to join the live webcast, an archive of the presentation will be
available through www.biglots.com and will remain available through midnight on
Thursday, January 21, 2010.
In
anticipation of this event, we are updating our sales expectations for the
fourth fiscal quarter ending January 30, 2010. Based on sales results
quarter-to-date and our forecast for the balance of the quarter, we now expect a
comparable store sales increase in the range of 3.5% to 4.5% compared to our
previous guidance of an increase of 1.5% to 2.5% communicated on December 4,
2009. Based on this higher level of sales, we now expect income from
continuing operations for the fourth quarter of fiscal 2009 to be in the range
of $1.19 to $1.24 per diluted share compared to our previous guidance of income
from continuing operations of $1.09 to $1.14 per diluted share and last year’s
record fourth quarter performance of $1.00 per diluted
share. Including the revised guidance for the fourth quarter of
fiscal 2009, income from continuing operations (on a non-GAAP basis as scheduled
below) for fiscal 2009 is now expected to be in the range of $2.25 to $2.30 per
diluted share compared to fiscal 2008’s record income from continuing operations
of $1.89 per diluted share.
From a
merchandising perspective, all major merchandise categories have produced
positive comps on a quarter-to-date basis with seasonal, home, furniture and
hardlines, particularly the electronics department, having been the best
performers. Sales in our consumables category and the toys department
are also above last year levels.
Big Lots
is the nation’s largest broadline closeout retailer. Currently, we
operate 1,374 BIG LOTS
stores in 47 states. Wholesale operations are conducted
through BIG LOTS WHOLESALE, CONSOLIDATED
INTERNATIONAL, and
WISCONSIN TOY and with online sales at
www.biglotswholesale.com.
|
Shareholder
Relations Department
300
Phillipi Road
Columbus,
Ohio 43228-5311
Phone:
(614) 278-6622 Fax: (614)
278-6666
E-mail:
aschmidt@biglots.com
|
Reconciliation
of Fiscal 2009 Updated Earnings Estimate (unaudited)
|
Estimate
(GAAP)
|
Adjustment*
|
Adjusted
Estimate
(non-GAAP)
|
|
|
Diluted
earnings per share from continuing operations
|
$2.35
to $2.40
|
$0.10
|
$2.25
to $2.30
|
* Our
updated earnings estimate for fiscal 2009 excludes the $13.0 million gain ($8.2
million net of tax, or $0.10 per diluted share) recognized in the third quarter
of fiscal 2009 that related to the sale of real estate, as further discussed in
our December 4, 2009 press release. The adjusted diluted earnings per
share from continuing operations is a “non-GAAP financial measure” as that term
is defined by Rule 101 of Regulation G (17 CFR Part 244) and Item 10 of
Regulation S-K (17 CFR Part 229), and it excludes this $13.0 million gain from
the most directly comparable financial measure calculated and presented in
accordance with accounting principles generally accepted in the United States of
America.
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,” “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 our 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 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, financial condition, results of operations or liquidity.
Forward-looking
statements that we make 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, the current economic and credit crisis,
the cost of goods, our inability to successfully execute strategic initiatives,
competitive pressures, economic pressures on our customers and us, the
availability of brand name closeout merchandise, trade restrictions, freight
costs, the risks discussed in the Risk Factors section of our most recent Annual
Report on Form 10-K, and other factors discussed from time to time in our other
filings with the SEC, including Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K. This release should be read in conjunction with such
filings, and you should consider all of these risks, uncertainties and other
factors carefully in evaluating forward-looking statements.
You are
cautioned not to place undue reliance on forward-looking statements, which speak
only as of the date thereof. We undertake 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 we make on related subjects in our public announcements and SEC
filings.
|
|
Shareholder
Relations Department
300
Phillipi Road
Columbus,
Ohio 43228-5311
Phone:
(614) 278-6622 Fax: (614)
278-6666
E-mail:
aschmidt@biglots.com
|