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Big Lots Inc (BIG) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, January 29, 2022

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Big Lots Inc

CIK: 768835 Ticker: BIG

Exhibit 99.1
PRESS RELEASE
FOR IMMEDIATE RELEASEContact: Tom Filandro - ICR
Partner
tom.filandro@icrinc.com
(646) 227-1235

Big Lots Reports Q4 and Full Year Results


Full Year Net Sales Again Exceed $6 Billion, Inclusive of a 13.2% Two-Year Comp
Fourth Quarter Two-Year Comp of 5.4% Demonstrates Sustained Underlying Growth
On Track to Open 50 Net New Stores in 2022 with a Long-Range Incremental Store Goal of 500+
Company Reaffirms Long-Term Sales Objective of $8 to $10 Billion with 6% to 8% Operating Margin


For Q4 Results Presentation, Please Visit: https://www.biglots.com/corporate/investors

Columbus, Ohio – March 3, 2022 – Big Lots, Inc. (NYSE: BIG) today reported net income of $49.8 million, or $1.63 per diluted share, for the fourth quarter of fiscal 2021 ended January 29, 2022. This result includes an after tax charge of $3.8 million, or $0.12 per diluted share, associated with store asset impairments. Excluding this charge, adjusted net income was $53.6 million, or $1.75 per diluted share (see non-GAAP table included later in this release), which compares to the company’s updated guidance for the fourth quarter, as provided on January 10, 2022, of $1.80 to $1.95 net income per diluted share. Net income for the fourth quarter of fiscal 2020 was $98.0 million, or $2.59 per diluted share.

Net sales for the fourth quarter of fiscal 2021 totaled $1.73 billion, a 0.3% decrease compared to $1.74 billion for the same period last year, and an increase of 7.8% compared to the fourth quarter of fiscal 2019. The decline to last year was driven by a comparable sales decrease of 2.3%, as the company lapped a 7.9% comparable sales increase last year. Net new stores and relocations contributed approximately 200 basis points of sales growth. On a two-year basis, comparable sales increased 5.4%.

Commenting on today’s results announcement, Bruce Thorn, President and CEO of Big Lots stated, “We have much to be excited about as we enter 2022. Our new store openings are proceeding as planned, our in-stock levels are improving, and our productivity initiatives continue to deliver and gain traction. During the fourth quarter, we had a successful holiday helping our BIGionaires Live Big and Save Lots! January was a tough month as inclement weather and the Omicron spike caused a slowdown in our business, further impacted by inventory delays in key areas. However, as we have moved into 2022, we have seen these factors abate, and sales are regaining traction. In 2022, we will open over 50 net new stores, further roll out programs to drive merchandise productivity, and continue to improve our supply chain infrastructure to enable us to serve our customers how, when and where they want to shop.”

Mr. Thorn further remarked that, “Our fourth quarter results were negatively impacted by around $0.30 per share as a result of adverse shrink results as we began our annual physical inventory cycle in January. We are actively

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Investor Contact
ICR, Inc.
Tom Filandro, 646-277-1235
Tom.Filandro@icrinc.com

The following information was filed by Big Lots Inc (BIG) on Monday, March 7, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Big Lots Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Basis Of Presentation And Summary Of Significant Accounting Policies - Supplemental Cash Flow Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Shareholders' Equity (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Income
Consolidated Statements Of Shareholders' Equity
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (Tables)
Basis Of Presentation And Summary Of Significant Accounting Policies - Useful Lives Of Fixed Assets (Details)
Business Segment Data
Business Segment Data (Details)
Business Segment Data (Tables)
Contingencies
Contingencies (Details)
Contingencies - Commitments (Details)
Debt
Debt (Details)
Debt Long-Term Debt (Details)
Debt Long-Term Debt (Tables)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measures And Disclosures (Tables)
Gain On Sale Of Distribution Center
Gain On Sale Of Distribution Center (Details)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Income Taxes - Carryforwards (Details)
Leases
Leases (Details)
Leases (Tables)
Property And Equipment - Net
Property And Equipment - Net (Details)
Property And Equipment - Net (Tables)
Restructuring
Restructuring (Details)
Share-Based Plans
Share-Based Plans (Tables)
Share-Based Plans - Board Of Directors (Details)
Share-Based Plans - General And Other Than Options (Details)
Shareholders' Equity
Shareholders' Equity (Tables)
Shareholders' Equity - Dividends (Details)
Shareholders' Equity - Earnings Per Share (Details)
Shareholders' Equity - Share Repurchase Programs (Details)
Ticker: BIG
CIK: 768835
Form Type: 10-K Annual Report
Accession Number: 0000768835-22-000038
Submitted to the SEC: Tue Mar 29 2022 4:06:12 PM EST
Accepted by the SEC: Tue Mar 29 2022
Period: Saturday, January 29, 2022
Industry: Retail Variety Stores

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