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Big Lots, Inc. 2010 Annual Report Financial Highlights (Unaudited Adjusted Results)

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Big Lots, Inc. 2010 Annual Report Financial Highlights (Unaudited Adjusted Results) Big Lots, Inc. 2010 Annual Report Financial Highlights (Unaudited Adjusted Results) Fiscal Year ($ in thousands, except per share amounts and sales per selling square foot) 2010 2009 2008 Earnings Data Net sales $ 4,952,244 $ 4,726,772 $ 4,645,283 Net sales increase (decrease) 4.8% 1.8% (0.2)% Income from continuing operations (a) $ 222,547 $ 195,627 $ 154,798 Income from continuing operations increase (a) 13.8% 26.4% 6.7% Earnings from continuing operations per share - diluted (a) $ 2.83 $ 2.37 $ 1.89 Earnings from continuing operations per share - diluted increase (a) 19.4% 25.4% 34.0% Average diluted common shares outstanding (000's) 78,581 82,681 82,076 Gross margin - % of net sales 40.6% 40.6% 40.0% Selling and administrative expenses - % of net sales (a) 31.8% 32.3% 32.8% Depreciation expense - % of net sales 1.6% 1.6% 1.7% Operating profit - % of net sales (a) 7.2% 6.7% 5.5% Net interest expense - % of net sales 0.0% 0.0% 0.1% Income from continuing operations - % of net sales (a) 4.5% 4.1% 3.3% Balance Sheet Data and Financial Ratios Cash and cash equivalents $ 177,539 $ 283,733 $ 34,773 Inventories 762,146 731,337 736,616 Property and equipment - net 524,906 491,256 490,041 Total assets 1,619,599 1,669,493 1,432,458 Borrowings under bank credit facility - - 61,700 Shareholders’ equity 946,793 1,001,412 774,845 Working capital (b) $ 509,788 $ 580,446 $ 355,776 Current ratio 1.9 2.1 1.7 Inventory turnover 3.6 3.7 3.6 Bank borrowings to total capitalization 0.0% 0.0% 7.4% Return on assets - continuing operations (a) 13.5% 12.6% 10.8% Return on shareholders’ equity - continuing operations (a) 22.8% 22.0% 21.9% Cash Flow Data Cash provided by operating activities (c) $ 315,257 $ 392,026 $ 211,063 Cash used in investing activities (d) (114,552) (77,937) (88,192) Cash flow (e) $ 200,705 $ 314,089 $ 122,871 Store Data Stores open at end of the fiscal year 1,398 1,361 1,339 Gross square footage (000’s) 42,037 40,591 39,888 Selling square footage (000’s) 30,210 29,176 28,674 Increase (decrease) in selling square footage 3.5% 1.8% (0.8)% Average selling square footage per store 21,609 21,437 21,415 Other Sales Data Comparable store sales growth 2.5% 0.7% 0.5% Average sales per store $ 3,556 $ 3,462 $ 3,416 Sales per selling square foot $ 166 $ 162 $ 160 $3.00 10.0% 4.0 $2.83 $2.40 8.0% 3.8 $2.37 7.2% 3.7 $1.80 6.0% 6.7% 3.6 $1.89 3.6 3.6 5.5% $1.20 4.0% 3.4 $0.60 2.0% 3.2 $0.00 0.0% 3.0 2008 2009 2010 2008 2009 2010 2008 2009 2010 Earnings from continuing Operating profit - % of net sales (a) Inventory turnover operations per share - diluted (a) (a) This item is shown excluding the impact of certain items for fiscal year 2009. A reconciliation of the difference between GAAP and the non-GAAP financial measures presented in this table for fiscal year 2009 is shown on the following page. (b) Includes $61,700 in fiscal 2008 for current maturities of borrowings under bank credit facility because the credit facility was terminating in less than one year. (c) Includes depreciation and amortization of $74,041, $71,501, and $73,787 for fiscal years 2010, 2009, and 2008, respectively. (d) Includes capital expenditures of $107,563, $78,708, and $88,735, for fiscal years 2010, 2009, and 2008, respectively. (e) Cash flow is calculated as cash provided by operating activities less cash used in investing activities. Big Lots, Inc. 2010 Annual Report Financial Highlights (Unaudited Adjusted Results) The Unaudited Adjusted Results, which include financial measures that are not calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP"), are presented in order to provide additional meaningful financial information for the period presented. The Unaudited Adjusted Results should not be construed as an alternative to the reported results determined in accordance with GAAP. Our definition of adjusted results may differ from similarly titled measures used by other companies. While it is not possible to predict future results, our management believes that the adjusted non-GAAP information is useful for the assessment of our ongoing operations. The Unaudited Adjusted Results should be read in conjunction with our Consolidated Financial Statements and the related Notes contained in our Form 10-K for fiscal year 2010. The 2009 Unaudited Adjusted Results reflect lower selling and administrative expenses as a result of the adjustment for legal settlement agreement expense and lower operating profit as a result of the adjustment for gain on sale of real estate, both described and reconciled below ($ in thousands): Gain on Sale of Real Estate In fiscal 2009, we recognized $12,964 gain on sale of real estate ($8,163 net of tax) related to the sale of a company-owned and operated store in California which resulted in an increase of our operating profit. Legal Settlement In fiscal 2009, we recorded $4,000 expense ($2,420 net of tax) related to a legal settlement agreement which resulted in an increase of selling and administrative expenses. Fiscal Year 2009 Gain on Unaudited Sale of Legal Adjusted Results Reported (GAAP) Real Estate Settlement (non-GAAP) ($ in thousands, except per share amounts) Net sales $ 4,726,772 100.0 % $ - $ - $ 4,726,722 100.0 % Cost of sales 2,807,466 59.4 - - 2,807,466 59.4 Gross profit 1,919,306 40.6 - - 1,919,306 40.6 Selling and administrative expenses 1,532,356 32.4 - (4,000) 1,528,356 32.3 Depreciation expense 74,904 1.6 - - 74,904 1.6 Gain on sale of real estate (12,964) (0.3) 12,964 - - - Operating profit 325,010 6.9 (12,964) 4,000 316,046 6.7 Interest expense (1,840) (0.0) - - (1,840) (0.0) Interest income 175 0.0 - - 175 0.0 Income from continuing operations before income taxes 323,345 6.8 (12,964) 4,000 314,381 6.7 Income tax expense 121,975 2.6 (4,801) 1,580 118,754 2.5 Income from continuing operations 201,370 4.3 (8,163) 2,420 195,627 4.1 Loss from discontinued operations (1,001) (0.0) - - (1,001) (0.0) Net income $ 200,369 4.2 % $ (8,163) $ 2,420 $ 194,626 4.1 % Earnings per common share - basic: (f) Continuing operations $ 2.47 $ (0.10) $ 0.03 $ 2.40 Discontinued operations (0.01) - - (0.01) Net income $ 2.45 $ (0.10) $ 0.03 $ 2.38 Earnings per common share - diluted: (f) Continuing operations $ 2.44 $ (0.10) $ 0.03 $ 2.37 Discontinued operations (0.01) - - (0.01) Net income $ 2.42 $ (0.10) $ 0.03 $ 2.35 (f) The earnings per share for continuing operations, discontinued operations and net income are separately calculated in accordance with Accounting Standards Codification 260; therefore, the sum of earnings per share for continuing operations and discontinued operations may differ, due to rounding, from the calculated earnings per share of net income. About Our Company: Headquartered in Columbus, Ohio, Big Lots (NYSE: BIG) is a Fortune 500 company with more than 1,400 stores in 48 states. For more than three decades, we’ve delighted our customers with a vibrant mix of exciting brands, unique products and closeout prices. Big Lots offers new merchandise every week at substantial savings over traditional discount retailers. Shoppers love our unexpected deals. We also carry attractive, affordable furniture, home furnishings, seasonal merchandise and hundreds of everyday items consumers want and need. Through excellent relationships with manufacturers, high-volume purchases and strict expense control, we pass tremendous savings on to our customers. Creating value for shareholders, customers, and associates. We focused on a few key initiatives as we grew our fleet of stores profitably. Dear Shareholders: It’s hard for me to believe that over five years have gone by since I first wrote to you in my role as Big Lots’ Chief Executive Officer. In that first letter, I told you that I saw my job as rather straightforward. Essentially, it was about setting priorities so that you, our shareholders, would achieve the kind of return you expect from your investment. That statement was every bit as true this past year as it was back then. Last year I said that in fiscal 2010, Big Lots would build upon the things that were working so well for us — namely, keeping our organization focused on a few key initiatives as we grew our fleet of stores profitably. I told you that Big Lots associates around the country were dedicated to delivering results and building the value of the company. I’m pleased to report that our organization delivered on those objectives and more, achieving our 4th consecutive year of record income and EPS from continuing operations. Specifically: We remain in a growth mode. We expanded our footprint with the opening of 80 new stores and now have operations in all of the 48 contiguous states. Our new store sales and profitability exceeded our plans for 2010, which validates to us that our growth strategy is working. In fact, new stores are likely the best investment we can be making right now for the future of the company.
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