BIG LOTS INC

CIK:0000768835|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Net sales	$ 1,046,552	$ 1,139,361	$ 2,055,664	$ 2,262,938
Cost of sales (exclusive of depreciation expense shown separately below)	681,386	763,477	1,318,799	1,494,585
Gross margin	365,166	375,884	736,865	768,353
Selling and administrative expenses	553,725	460,082	1,086,729	1,080,947
Depreciation expense	33,254	41,282	64,805	77,864
Gain on sale of real estate and related expenses	0	(3,393)	0	(7,192)
Operating loss	(221,813)	(122,087)	(414,669)	(383,266)
Interest expense	(16,295)	(11,175)	(28,284)	(20,324)
Other income (expense)	2	0	3	5
Loss before income taxes	(238,106)	(133,262)	(442,950)	(403,585)
Income tax expense (benefit)	350	116,575	541	52,325
Net loss and comprehensive loss	$ (238,456)	$ (249,837)	$ (443,491)	$ (455,910)
Earnings (loss) per common share
Earnings (loss) per common share - basic (in dollars per share)	$ (8.04)	$ (8.56)	$ (15.04)	$ (15.67)
Earnings (loss) per common share - diluted (in dollars per share)	$ (8.04)	$ (8.56)	$ (15,040.00)	$ (15.67)
Weighted-average common shares outstanding:
Basic	29,642	29,175	29,496	29,096
Dilutive effect of share-based awards	0	0	0	0
Diluted	29,642	29,175	29,496	29,096
Cash dividends declared per common share	$ 0	$ 0	$ 0	$ 0.30

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023
Operating activities:
Net loss	$ (443,491,000)	$ (455,910,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	66,519,000	79,216,000
Non-cash lease expense	122,991,000	178,890,000
Deferred income taxes	0	56,787,000
Non-cash impairment charge	167,337,000	84,389,000
Gain on disposition of property and equipment	1,259,000	(6,144,000)
Non-cash share-based compensation expense	5,143,000	8,495,000
Change in assets and liabilities
Inventories	116,027,000	164,724,000
Accounts payable	(49,317,000)	(83,207,000)
Operating lease liabilities	(120,470,000)	(183,638,000)
Current income taxes	4,685,000	1,005,000
Other current assets	(7,365,000)	42,000
Other current liabilities	(26,495,000)	8,021,000
Other assets	(498,000)	(1,953,000)
Other liabilities	(917,000)	(1,328,000)
Net cash used in operating activities	(164,592,000)	(150,611,000)
Investing activities:
Capital expenditures	(24,606,000)	(29,998,000)
Cash proceeds from sale of property and equipment	1,754,000	9,630,000
Other	(2,255,000)	(10,000)
Net cash provided by (used in) investing activities	(25,107,000)	(20,378,000)
Financing activities:
Net proceeds from 2022 Credit Agreement and 2024 Term Loan	168,029,000	191,800,000
Net repayments of sale and leaseback financing	(1,685,000)	(1,517,000)
Net proceeds from litigation financing arrangements	29,844,000	0
Payment of finance lease obligations	(1,302,000)	(1,356,000)
Dividends paid	(213,000)	(9,740,000)
Payments for other financing liabilities	(8,847,000)	(5,428,000)
Proceeds from Other Financing Liabilities	13,593,000
Payment for treasury shares acquired	(761,000)	(1,466,000)
Payments for debt issuance cost	(1,890,000)	0
Net cash provided by financing activities	196,768,000	172,293,000
Increase in cash and cash equivalents	7,069,000	1,304,000
Cash and cash equivalents:
Beginning of Period	46,411,000	44,730,000
End of Period	$ 53,480,000	$ 46,034,000

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Aug. 03, 2024	Feb. 03, 2024
Current assets:
Cash and cash equivalents	$ 53,480	$ 46,411
Inventories	837,275	953,302
Other current assets	86,784	86,310
Total current assets	977,539	1,086,023
Operating lease right-of-use assets	1,425,327	1,637,845
Property and equipment - net	472,699	563,185
Deferred income taxes	0	0
Other assets	42,278	38,256
Total assets	2,917,843	3,325,309
Current liabilities:
Accounts payable	271,366	320,682
Current operating lease liabilities	243,036	242,384
Property, payroll, and other taxes	73,810	72,517
Accrued operating expenses	113,801	116,900
Insurance reserves	29,849	33,458
Accrued salaries and wages	23,916	43,182
Income taxes payable	1,948	1,896
Total current liabilities	1,327,276	831,019
LongTermDebtObligationsCurrent	569,550	0
Long-term debt	0	406,271
Noncurrent operating lease liabilities	1,531,621	1,616,634
Deferred income taxes	459	459
Insurance reserves	57,384	57,384
Unrecognized tax benefits	5,510	5,223
Other liabilities	150,194	123,824
Shareholders' equity:
Preferred shares - authorized 2,000 shares; $0.01 par value; none issued	0	0
Common shares - authorized 298,000 shares; $0.01 par value; issued 117,495 shares; outstanding 29,215 shares and 28,959 shares, respectively	1,175	1,175
Treasury shares - 88,280 shares and 88,536 shares, respectively, at cost	(3,069,326)	(3,092,046)
Additional paid-in capital	606,280	624,618
Retained earnings	2,307,270	2,750,748
Total shareholders' equity	(154,601)	284,495
Total liabilities and shareholders' equity	$ 2,917,843	$ 3,325,309