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2007 Big Lots Annual Report

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2007 Big Lots Annual Report 2007 Big Lots Annual Report Financial Highlights (Unaudited Adjusted Results) Fiscal Year 2007 2006 2005 ($ in thousands, except per share amounts and sales per selling square foot) Earnings Data (a) Net sales $ 4,656,302 $ 4,743,048 $ 4,429,905 Net sales (decrease) increase (1.8)% 7.1% 6.8% Income from continuing operations (b) $ 145,079 $ 112,618 $ 15,725 Income from continuing operations increase (decrease) (b) 28.8% 616.2% (50.0)% Earnings from continuing operations per share - diluted (b) $ 1.41 $ 1.01 $ 0.14 Earnings from continuing operations per share - diluted increase (decrease) (b) 39.6% 621.4% (48.1)% Average diluted common shares outstanding 102,542 111,930 113,677 Gross margin - % of net sales 39.5% 39.9% 39.1% Selling and administrative expenses - % of net sales (b) 32.8% 34.2% 36.0% Depreciation expense - % of net sales 1.9% 2.1% 2.5% Operating profi t - % of net sales (b) 4.9% 3.5% 0.6% Net interest (income) expense - % of net sales (0.1)% (0.1)% 0.1% Income from continuing operations - % of net sales (b) 3.1% 2.4% 0.4% Balance Sheet Data and Financial Ratios Cash equivalents and short-term investments $ 643 $ 269,430 $ - Inventories 747,942 758,185 836,092 Property and equipment - net 481,366 505,647 584,083 Total assets 1,443,815 1,720,526 1,625,497 Long-term obligations 163,700 - 5,500 Shareholders’ equity 638,486 1,129,703 1,078,724 Working capital $ 390,766 $ 674,815 $ 557,231 Current ratio 1.8 2.4 2.3 Inventory turnover (a) 3.5 3.4 3.0 Long-term obligations to total capitalization 20.4% 0.0% 0.5% Return on assets - continuing operations (a) (b) 9.2% 6.7% 0.9% Return on shareholders’ equity - continuing operations (a) (b) 16.4% 10.2% 1.5% Cash Flow Data (a) Cash provided by operating activities (c) $ 307,932 $ 381,477 $ 212,965 Cash used in investing activities (d) (58,764) (30,421) (66,702) Cash fl ow (e) $ 249,168 $ 351,056 $ 146,263 Store Data Stores open at end of the fi scal year 1,353 1,375 1,401 Gross square footage (000’s) 40,195 40,770 41,413 Selling square footage (000’s) 28,902 29,376 29,856 Decrease in selling square footage (1.6)% (1.6)% (3.5)% Average selling square footage per store 21,362 21,364 21,310 Other Sales Data Comparable store sales growth 2.0% 4.6% 1.8% Average sales per store (a) $ 3,377 $ 3,377 $ 3,028 Sales per selling square foot (a) $ 158 $ 158 $ 146 (a) Fiscal 2006 was 53 weeks, while fi scal 2007 and 2005 were each 52 weeks. (b) This item is shown excluding the impact of certain proceeds for fi scal 2007. A reconciliation of the difference between GAAP and the non- GAAP fi nancial measures presented in this table for fi scal 2007 is shown on the following page. (c) Includes depreciation and amortization of $83,103, $95,613 and $114,617 for fi scal 2007, 2006 and 2005, respectively. (d) Includes capital expenditures of $60,360, $35,878 and $68,503 for fi scal years 2007, 2006 and 2005, respectively. (e) Cash fl ow is defi ned as cash provided by operating activities less cash used in investing activities. $1.50 6.0% 3.6 $400,000 $1.41 $351,056 $1.25 3.5 4.9% 3.4 $1.00 $1.01 4.0% 3.2 $300,000 $249,168 $0.75 3.5% 3.0 $0.50 2.0% 2.8 $200,000 $146,263 $0.25 $0.14 $0.00 0.0% 0.6% 2.4 $100,000 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007 Earnings from continuing Operating profi t - % of Inventory turnover (a) Cash fl ow (a) (e) operations per share - diluted (a) (b) net sales (a) (b) ($ in thousands) 2007 Big Lots Annual Report Financial Highlights (Unaudited Adjusted Results) The Unaudited Adjusted Results, which include fi nancial measures that are not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”), are presented in order to improve comparability of fi nancial 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 defi nition 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 2007 Form 10-K. The Unaudited Adjusted Results refl ect higher selling and administrative expenses as a result of the adjustment for certain proceeds received in fi scal 2007, as described and reconciled below ($ in thousands): KB Bankruptcy Proceeds We sold the KB Toys business in December 2000. As partial consideration for the sale of the KB Toys business, we received the Havens Corners Corporation Note (“HCC Note”). In January 2004, KB Toys fi led for bankruptcy and in separate charges included in selling and administrative expenses in fi scal 2003 and 2005, we reduced the balance receivable on the HCC Note. In fi scal 2007, we recorded income of $3,127 (net of tax) refl ecting the proceeds from the KB Toys bankruptcy trust which was recognized as a reduction of selling and administrative expenses for partial recovery of prior charges incurred against the HCC Note. Insurance Proceeds In fi scal 2007, we received insurance proceeds as recovery for damages related to hurricanes occurring in 2005 and recorded income of $2,974 (net of tax) as a reduction of selling and administrative expenses. Fiscal 2007 Reported KB Bankruptcy Insurance Unaudited Adjusted (GAAP) Proceeds Proceeds Results (non-GAAP) ($ in thousands, except per share amounts) Net sales $ 4,656,302 100.0 % $ - $ - $ 4,656,302 100.0 % Cost of sales 2,815,959 60.5 - - 2,815,959 60.5 Gross profi t 1,840,343 39.5 - - 1,840,343 39.5 Selling and administrative expenses 1,515,379 32.5 5,172 4,920 1,525,471 32.8 Depreciation expense 88,484 1.9 - - 88,484 1.9 Operating profi t 236,480 5.1 (5,172) (4,920) 226,388 4.9 Interest expense (2,513) (0.1) - - (2,513) (0.1) Interest income 5,236 0.1 - - 5,236 0.1 Income from continuing operations before income taxes 239,203 5.1 (5,172) (4,920) 229,111 4.9 Income tax expense 88,023 1.9 (2,045) (1,946) 84,032 1.8 Income from continuing operations 151,180 3.2 (3,127) (2,974) 145,079 3.1 Income from discontinued operations 7,281 0.2 - - 7,281 0.2 Net income $ 158,461 3.4 % $ (3,127) $ (2,974) $ 152,360 3.3 % Earnings per common share - basic (f) Continuing operations $ 1.49 $ (0.03) $ (0.03) $ 1.43 Discontinued operations 0.07 - - 0.07 Net income $ 1.56 $ (0.03) $ (0.03) $ 1.50 Earnings per common share - diluted (f) Continuing operations $ 1.47 $ (0.03) $ (0.03) $ 1.41 Discontinued operations 0.07 - - 0.07 Net income $ 1.55 $ (0.03) $ (0.03) $ 1.49 (f) The earnings per share for continuing operations, discontinued operations and net income are separately calculated in accordance with SFAS No. 128; 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. 2007 Big Lots Annual Report 159394_BL_Narr_R1.indd 1 4/4/08 5:02:55 PM About Our Company Headquartered in Columbus, Ohio, Big Lots (NYSE: BIG) is a Fortune 500 company with over 1,300 stores in 47 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. 2007 Big Lots Annual Report 1159394_BL_Narr_R1.indd59394_BL_Narr_R1.indd 2 44/4/08/4/08 55:02:56:02:56 PPMM Our team remained incredibly focused on our strategy and what was within our control, and drove operating profit growth and record results for our business. Steven S. Fishman Chairman, CEO and President Dear Shareholders: Last March, we outlined our Long-Range Plan. We detailed for you a three-year plan based on operating profi t growth from within our existing fl eet of stores. Fiscal 2007 was the fi rst year of that plan, and we’re proud to say we surpassed our goals. In fact, 2007 also surpassed the expectations that we set for the second year of the plan. During the year, we improved our fi nancial results, reinvested in our business, and continued to build the talent base of the organization for the future of our Company. Let me start by sharing that we measure success by producing operating profi t growth that is sustainable over the long-term — that’s the Big Lots way — no short-term gains or one-hit wonders.
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