Big Lots Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits
$BIG
Department/Specialty Retail Stores
Consumer Discretionary
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 6, 2024
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
(Address of principal executive offices) (Zip Code)
(614 ) 278-6800
(Registrant's telephone number, including area code)
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Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).
Emerging growth company ☐
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Item 2.02 Results of Operations and Financial Condition.
On June 6, 2024, Big Lots, Inc. (“we,” “us,” “our” or “Company”) issued a press release (the “Earnings Press Release”) and conducted a conference call, both of which: (i) reported our unaudited results for the first quarter of fiscal 2024; (ii) provided guidance for the second quarter of fiscal 2024; and (iii) directed listeners to an investor presentation published on our website on our results for the first quarter of fiscal 2024 (the “Investor Presentation”).
The Earnings Press Release, the conference call and the Investor Presentation included “non-GAAP financial measures,” 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). Specifically, the following non-GAAP financial measures were included: (i) adjusted selling and administrative expenses; (ii) adjusted selling and administrative expense rate; (iii) adjusted depreciation expense; (iv) adjusted depreciation expense rate; (v) adjusted gain on sale of real estate; (vi) adjusted gain on sale of real estate rate; (vii) adjusted operating profit (loss); (viii) adjusted operating profit (loss) rate; (ix) adjusted income tax expense (benefit); (x) adjusted effective income tax rate; (xi) adjusted net loss; (xii) adjusted diluted (loss) earnings per share; (xiii) adjusted operating expenses; and (xiv) adjusted operating expense rate.
The non-GAAP financial measures exclude from the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) the following items for the periods noted:
| Item | Fiscal 2024 First Quarter | Fiscal 2023 First Quarter | ||||||
After-tax adjustment for forward distribution center closing costs and related expenses of $0.9 million, or $0.03 per diluted share | X | |||||||
After-tax adjustment for forward distribution center contract termination costs and related expenses of $7.1 million, or $0.25 per diluted share | X | |||||||
After-tax adjustment for store asset impairment charges of $68.2 million, or $2.33 per diluted share | X | |||||||
| After-tax adjustment for store asset impairment charges of $63.4 million, or $2.18 per diluted share | X | |||||||
| After-tax adjustment for fees related to a cost reduction and productivity initiative of $3.6 million, or $0.12 per diluted share | X | |||||||
| After-tax adjustment for gain on sale of real estate and related expenses of $2.9 million, or $0.10 per diluted share | X | |||||||
After-tax adjustment for synthetic lease exit costs and related expenses of $39.8 million, or $1.37 per diluted share | X | |||||||
The Earnings Press Release and the Investor Presentation posted in the Investor Relations section of our website contain a presentation of the most directly comparable financial measure calculated and presented in accordance with GAAP and a reconciliation of the difference between the non-GAAP financial measures and the most directly comparable financial measures calculated and presented in accordance with GAAP.
Our management believes that disclosure of the non-GAAP financial measures provides useful information to investors because the non-GAAP financial measures present an alternative and more relevant method for measuring our operating performance, excluding special items included in the most directly comparable GAAP financial measures, which our management believes are more indicative of our ongoing operating results and financial condition. These non-GAAP financial measures, along with the most directly comparable GAAP financial measures, are used by our management to evaluate our operating performance.
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in accordance with GAAP. Non-GAAP financial measures as reported by us may not be comparable to similarly titled items reported by other companies.
Attached as exhibits to this Form 8-K are copies of the Earnings Press Release (Exhibit 99.1), the transcript of our June 6, 2024 conference call (Exhibit 99.2) and the Investor Presentation (Exhibit 99.3), including information concerning forward-looking statements and factors that may affect our future results. The information in Exhibits 99.1, 99.2 and 99.3 is being furnished, not filed, pursuant to Item 2.02 of this Form 8-K. By furnishing the information in this Form 8-K and the attached exhibits, we are making no admission as to the materiality of any information in this Form 8-K or the exhibits.
Item 9.01 Financial Statements and Exhibits.
| (d) | Exhibits | ||||||||||||||||
| Exhibit No. | Description | ||||||||||||||||
| Big Lots, Inc. press release on operating results and guidance dated June 6, 2024. | |||||||||||||||||
| Big Lots, Inc. edited conference call transcript dated June 6, 2024. | |||||||||||||||||
| Big Lots, Inc. investor presentation on our results for the first quarter of fiscal 2024 dated June 6, 2024. | |||||||||||||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL). | ||||||||||||||||
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BIG LOTS, INC. | ||||||||||||||
| Date: June 11, 2024 | By: | /s/ Ronald A. Robins, Jr. | ||||||||||||
| Ronald A. Robins, Jr. | ||||||||||||||
| Executive Vice President, Chief Legal and Governance Officer, General Counsel and Corporate Secretary | ||||||||||||||