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2016 Annual Report

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2016 Annual Report 2016 ANNUAL REPORT k%Ζ*/276Ζ1&΂ OUR MISSION Guided by an understanding of our core customer Jennifer, our mission is simple: Surprises in every aisle, every day. OUR VISION Recognized for providing an outstanding shopping experience for our customers, valuing and developing our associates, and creating growth for our shareholders. OUR CORE CUSTOMER: JENNIFER Jennifer is one of the most popular names in our Big Lots Buzz Club Rewards® program. So it’s the name we’ve chosen to represent our target audience —the person most likely to shop often at Big Lots! Photo by Gregory Heisler David J. Campisi | &KLHI ([HFXWLYH 2ɝFHU and President DEAR SHAREHOLDERS Big Lots reached an important milestone in 2016, one many companies may never experience. We celebrated our 30-year anniversary listed on the New York Stock Exchange, highlighted by our Executive Leadership Team closing the NYSE at a bell ringing ceremony in late September. It was a thrill for me and a good reminder of the importance of staying relevant in today’s highly competitive retail environment. In the most recent year, many well-known retailers closed stores or ceased operations altogether despite a history of success and growth. I believe this highlights the ever-changing competitive landscape in brick-and- mortar retail today. It further emphasizes how critical it is to evolve, adapt, and keep pace with the industry as it reacts to the pressures from new technologies or shifts in customer buying trends. Companies such as ours can’t “hope” to stay relevant … hope is not a strategy. Our strategy, which we call the SPP or Strategic Planning Process, is built on the three pillars of Jennifer (our target customer), our Associates, and our Shareholders. Over the last three years, the SPP focused on the fundamentals of our business — stabilizing and improving the consistency of our operating performance by: • Fixing the merchandising model through “Edit to Amplify” and QBFV (Quality, Brand, Fashion, Value) • Increasing marketing messaging on digital channels and social media, where Jennifer gets her information • Developing and launching an e-commerce platform—because Jennifer told us online shopping is important to her • Strengthening in-store execution to improve the shopping experience for Jennifer through the tools of the Store Revolution • Investing in and developing our most valuable asset— our associates—35,000 strong across the country •$QG H[HFXWLQJ RXU VWUDWHJ\ DV HɝFLHQWO\ DV SRVVLEOH WR HQVXUH SURGXFWLYH FDSLWDO VSHQG DQG PDLQWDLQLQJ expense growth below sales growth Big Lots, Inc. | 2016 Annual Report Our results over the three-year period suggest the QHZ ȴQDQFLQJ RSWLRQ LQ RXU SULYDWH ODEHO FUHGLW FDUG strategy is working with 12 consecutive quarters of and an extended warranty program through the Big ȵDW RU SRVLWLYH FRPSV JURZLQJ VDOHV SURGXFWLYLW\ Coverage Plan. Jennifer has responded positively operating margin expansion, record EPS in 2016, WR WKLV VWUDWHJLF H[SDQVLRQ 7KLV ZDV D VLJQLȴFDQW and the return of over $800 million of cash to you, undertaking for our team, and I truly appreciate the our shareholders. H΍RUW 9LUWXDOO\ HYHU\ GLVFLSOLQH ZLWKLQ RXU &RPSDQ\ was involved and contributed. I am very proud of what has been accomplished and our team’s ability to deliver on what we said we Winnable would do. But I believe we are still at the beginning The WINNABLE categories of Soft Home, Food, of the beginning… and staying relevant for the next and Consumables allow us to be relevant with an 30 years requires raising our game WR GL΍HUHQWLDWH WKH enhanced quality and value message. We recognize Big Lots shopping experience from any other in retail. PDQ\ UHWDLOHUV R΍HU SURGXFWV LQ WKHVH FDWHJRULHV DQG WKH FRPSHWLWLRQ FDQ EH ȴHUFH EXW ZH KDYH OWNABLE AND WINNABLE CATEGORIES GL΍HUHQWLDWLQJ VWUDWHJLHV HLWKHU WKURXJK RXU IRFXVHG assortments or expertise in closeouts, giving us Our merchandising strategy has evolved to a clear sustainable advantages to “win” in each. focus on our OWNABLE and WINNABLE merchandise categories. The disciplines of “Edit to Amplify” and BRAND IDENTITY QBFV have been fully integrated into our culture, and the teams are looking to the future and how we will It pains me to hear friends or colleagues refer to our go to market, change, and stay relevant. Company with brand names from the past … Odd Lots, Pic 'N' Save, and Mac Frugal’s, just to name a Ownable few. They represent a historical paradigm that doesn’t The OWNABLE categories of Furniture and Seasonal UHȵHFW ZKR ZH DUH WRGD\ DV D &RPSDQ\ 'HVSLWH (Lawn & Garden and Christmas Trim) create relevance VLJQLȴFDQW FKDQJH RYHU WKH ODVW WKUHH \HDUV RXU with trend-right, tasteful assortments serving as improvements and strategic evolution have not a destination for Jennifer. We have meaningful fully resonated with customers. For instance, even opportunities for sales growth potential in the future, today, many Jennifers are surprised to learn we sell market share gains, and an overall enhancement to Furniture—an OWNABLE category and our largest our brand image. For example, the Bigger, Better business. This is a huge opportunity and a good Furniture Department has new choices in upholstery example of why we are still at the beginning of and mattresses, furniture vignettes, and lifestyle the beginning. We engaged the help of an outside photography displaying assortments with decorating ȴUP WR UHVKDSH RXU EUDQG LGHQWLW\ EURDGHQ RXU solutions from multiple merchandise categories, a understanding of Jennifer and how she shops, and help us understand what she thinks about Big Lots. This is not just retail speak… it’s about how we talk to her, how we create an environment where she is part of our family, and how we make an emotional connection with her. STORE OF THE FUTURE In addition, we’ve enlisted the talents of a second company to further our thinking on in- store design and the shopping experience for Jennifer. :H ZDQW VRPHWKLQJ GL΍HUHQW WR VWDQG RXW LQ D crowded, overstored, retail environment, and we believe there is an opportunity to create a fun, engaging shopping experience. The two companies are working together to help us understand the “store of the future” and what it might look like. We know we want to “showcase” our OWNABLE and WINNABLE merchandise categories, but we’re ORRNLQJ IRU D IUHVK SHUVSHFWLYH WR GL΍HUHQWLDWH WKH BIG experience and enhance our brand identity. Our goal is to test ideas in a couple of markets in 2017 and measure the response and feedback from our boss — Jennifer. Not all stores are created equal. support, the Big Lots Behavioral Health Pavilion at :H KDYH GL΍HUHQW VL]HV GHPRJUDSKLFV VDOHV YROXPH Nationwide Children’s Hospital is slated to open in etc. We’re looking for options to understand where early 2020. WR JHW WKH EHVW UHVSRQVH IURP -HQQLIHU IURP D WUDɝF sales, and category standpoint. The tests will be read ONE TEAM, ONE GOAL carefully before moving forward. It’s a multi-multi- We have worked very hard to create an environment year project, but we’re excited to get started. that attracts, engages, and develops the best and brightest talent in the industry. Again this year, we IT’S FOR THE KIDS completed our annual Associate Survey to measure Early in the development of our SPP, the progress and create a path to building upon Big Lots Foundation was launched with a goal our already strong company culture. The team’s of strengthening the Company’s philanthropic SDUWLFLSDWLRQ ZDV ȊR΍ WKH FKDUWVȋ WRSSLQJ H΍RUWV DQG VXSSRUWLQJ LWV FRPPLWPHQW WR PDNLQJ last year’s record response and well above retail D GL΍HUHQFH LQ WKH FRPPXQLWLHV ZKHUH ZH RSHUDWH norms. Our engagement scores continue to rise, and The Foundation focuses on four key needs of our the Company’s culture has never been stronger. community: hunger, housing, healthcare, and I truly appreciate the candor and transparency from education. We believe this focus aligns with our the team. Their honest and direct feedback allows Company values and supports basic needs of us to improve with the goal of making Big Lots an families and children. In just two short years, the employer of choice. It’s clear our associates are highly passion of our associates and customers, along engaged and understand the strategy. with the generosity of our supplier partners, has enabled us to raise over $10 million through national I want to thank our associates in our stores, point of sale campaigns and our Big Lots Golf Classic. GLVWULEXWLRQ FHQWHUV DQG WKH &ROXPEXV RɝFH :H Since its launch, our Foundation has supported are “One Team with One Goal,” and 2016 is another GR]HQV RI GL΍HUHQW FKDULWDEOH FDXVHV ELJ DQG VPDOO great example of how we are winning together. And including such organizations as Nationwide to our shareholders, I want to thank you for your Children’s Hospital, YWCA, Mid-Ohio Food Bank, support on behalf of the entire Big Lots organization, KIPP Columbus, and the American Heart Association our Board of Directors, and our associates. to name just a few. But our most distinguishing Foundation moment to date occurred in August 2016 Sincerely,y when we announced a $50 million commitment to Nationwide Children’s Hospital to support their ground-breaking plans for research, treatment, and FDUH LQ EHKDYLRUDO KHDOWK 2XU ȴQDQFLDO FRPPLWPHQW David J. Campisi UHSUHVHQWV WKH VLQJOH ODUJHVW ȴQDQFLDO JLIW RI LWV NLQG &KLHI ([HFXWLYH 2ɝFHU DQG 3UHVLGHQW to support pediatric behavioral health and with our Big Lots, Inc. | 2016 Annual Report FINANCIAL HIGHLIGHTS (Unaudited Adjusted Results) Earnings from FISCAL YEAR
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