Company Provides Preliminary Unaudited Results
Commentary for the Fourth Quarter
COLUMBUS, Ohio, Feb. 12,
2024 /PRNewswire/ -- Big Lots, Inc. (NYSE: BIG),
America's Discount Home Store, today announced it will report its
fourth quarter and full year 2023 results on March 7, 2024. A live webcast with analysts and
investors will also be held at 8:00 a.m.
ET on March 7, 2024.
Commenting on the Company's preliminary
unaudited performance in the fourth quarter of fiscal
2023, Bruce Thorn, President and CEO
said: "I am pleased to share that we delivered fourth quarter
performance in line with our guidance on comparable sales, gross
margin rate, operating expenses, and inventory. In addition, we
generated substantial cash flow in the quarter, which was used to
pay down debt on our $900 million
asset-based lending facility. We look forward to reviewing full
fourth quarter results in more detail in our upcoming earnings call
on March 7."
A live webcast of the Company's March
7 earnings call will be available through the Investor
Relations section of the Company's website at
https://www.biglots.com/corporate/investors/ or by phone by
dialing 877-407-3088 (Toll Free) or 201-389-0927 (Toll).
An archive will be available on the Investor Relations section
of the company's website
at https://www.biglots.com/corporate/investors/ through
midnight Thursday, March 21, 2024. In addition, a replay of
the call will be available through March 21 by dialing
877-660-6853 (Toll Free) or 201-612-7415 (Toll) and enter the
Replay Conference ID: 13744496.
ABOUT BIG
LOTS
Headquartered in Columbus, Ohio, Big Lots,
Inc. (NYSE: BIG) is America's Discount Home Store, operating
more than 1,300 stores in 48 states, as well as an ecommerce store
with expanded fulfillment and delivery capabilities. The Company's
mission is to help customers "Live Big and Save Lots" by offering
bargains to brag about on everything for their home, including
furniture, décor, pantry essentials, kitchenware, pet supplies, and
more. For more information about the company or to find the store
nearest you, visit biglots.com.
Preliminary Information
The unaudited financial and
operational information presented in this press release is
preliminary and may change. Big Lots' financial closing procedures
with respect to the estimated financial information provided in
this press release are not yet complete, and as a result, the
Company's final results may vary materially from the preliminary
results included in this press release.
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," "continue,"
"could," "approximate," "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 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
conditions, inflation, 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 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 they are made. 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.
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SOURCE Big Lots, Inc.