| --- | --- | --- | |-------|-------|-------| | | | | | | | | | | | | FORWARD-LOOKING STATEMENTS Certain statements in this release are forwardlooking 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," "outl ...

Financial Data and Key Metrics Changes - Q2 net sales were $1.346 billion, a 7.6% decrease from $1.457 billion a year ago, driven by a comparable sales decrease of 9.2% [33] - Adjusted net loss for Q2 was $66 million compared to a net income of $38 million in Q2 of 2021, with adjusted diluted loss per share at $2.28 versus diluted EPS of $1.09 last year [36] - Gross margin rate for Q2 was 32.6%, down approximately 700 basis points from the previous year, impacted by higher markdowns and freight costs [36][40] - Adjusted operating margin for the quarter was negative 6.3%, compared to a profit of 3.7% in 2021 [39] Business Line Data and Key Metrics Changes - Seasonal comps grew strongly, up roughly 30% in Q2 on both a one-year and three-year comp basis [19] - The furniture category faced challenges, with consumers delaying or cutting back on higher ticket purchases [21] - E-commerce business was up 35% in Q2, representing 7% of total business, with same-day delivery growing over 80% [23] Market Data and Key Metrics Changes - Customer reactivations through the loyalty program increased by 16% [17] - The company noted that lower-income customers have been more affected by inflation, impacting discretionary purchases [7] Company Strategy and Development Direction - The company is focused on repositioning its assortment towards better bargains, closeouts, and lower price points while enhancing everyday essentials [5][8] - Plans to increase the proportion of bargains and closeouts to one-third of the business over time [14] - The company is enhancing its supply chain visibility and investing in new tools to improve efficiency [28] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging macroeconomic environment but expressed confidence in the company's ability to navigate it and improve results [9][29] - The company expects Q3 sales to remain uncertain, with one-year comps projected to be down in the low double-digit range [46] - Management is optimistic about Q4, expecting improved gross margins and sales momentum due to cleaner inventory levels [48][49] Other Important Information - The company opened 11 new stores and closed three, ending Q2 with 1,442 stores [41] - A quarterly cash dividend of $0.30 per common share was declared for Q2 [45] - The company is planning to sell approximately 25 underperforming stores and is evaluating sale leaseback proposals for remaining owned stores [43][96] Q&A Session Summary Question: How is the company preparing for the holiday season given current trends? - Management indicated a good holiday plan is in place, with tailored assortments and strong stock of necessities [61][62] Question: What is driving the growth in SG&A for Q3? - The increase is primarily due to transportation expenses and costs related to new forward distribution centers [63] Question: Can you provide insights on current trends and inventory management? - Trends are generally consistent with Q2, with a focus on managing seasonal inventory effectively [66][68] Question: What is the rationale behind the sale leaseback strategy? - The strategy involves selling underperforming stores and considering leaseback proposals for others to strengthen the balance sheet [95][96]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number 001-08897 BIG LOTS, INC. (Exact name of registrant as specified in its charter) Ohio 06-1119097 (State ...

| --- | --- | --- | |-------|-------|-------| | | | | | | | | | | | | 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," "out ...

Big Lots, Inc. (NYSE:BIG) Q1 2022 Earnings Conference Call May 27, 2022 8:00 AM ET Company Participants Bruce Thorn - President & Chief Executive Officer Jonathan Ramsden - Executive Vice President & Chief Financial Officer Conference Call Participants Spencer Hanus - Wolfe Research Joe Feldman - Telsey Advisory Group Peter Keith - Piper Sandler Kate McShane - Goldman Sachs Jason Haas - Bank of America Karen Short - Barclays Operator Ladies and gentlemen, good morning, and welcome to the Big Lots First Qua ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 29, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number 001-08897 BIG LOTS, INC. (Exact name of registrant as specified in its charter) Ohio 06-1119097 (State or oth ...

| --- | --- | --- | |-------|-------|-------| | | | | | | | | 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" an ...

Big Lots Inc. (NYSE:BIG) Q4 2021 Earnings Conference Call March 3, 2022 8:00 AM ET Company Participants Jonathan Ramsden - Executive Vice President, Chief Financial Officer Jack Pestello - Executive Vice President, Chief Merchandising Officer Conference Call Participants Spencer Hanus - Wolfe Research Joe Feldman - Telsey Advisory Group Andrew - Keybanc Zane Brock - Barclays Jason Haas - Bank of America Operator Ladies and gentlemen, good morning and welcome to Big Lots fourth quarter conference call. Curre ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number 001-08897 BIG LOTS, INC. (Exact name of registrant as specified in its charter) Ohio 06-1119097 (Stat ...

Big Lots, Inc. (NYSE:BIG) Q3 2021 Results Conference Call December 3, 2021 8:00 AM ET Company Participants Bruce Thorn – President and Chief Executive Officer Jonathan Ramsden – Executive Vice President, Chief Financial and Administrative Officer Conference Call Participants Spencer Hanus – Wolfe Research Joe Feldman – Telsey Advisory Group Jason Haas – Bank of America Brad Thomas – KeyBanc Zain Abrar – Barclays Unidentified Analyst – Piper Sandler Operator Ladies and gentlemen, good morning and welcome to ...