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Annual Report Outside Back Cover Outside Front Cover 8.25”(W) x 10.875”(H) 8.25”(W) x 10.875”(H) ANNUAL REPORT WELCOME TO YOUR NEW COMMUNITY biglots.com 337376_Big Lots AR17_CVR.indd 1 4/13/18 2:49 PM Inside Front Cover Inside Back Cover 8.25”(W) x 10.875”(H) 8.25”(W) x 10.875”(H) About Our Company Headquartered in Columbus, Ohio, Big Lots, Inc. NOTICE OF ANNUAL MEETING (NYSE: BIG) is a community retailer operating more than The Annual Meeting of 1,400 BIG LOTS stores in 47 states, dedicated to friendly Shareholders will be held at service, trustworthy value, and affordable solutions in 9:00 a.m. EDT on Thursday, every season and category — furniture, food, decor, and May 31, 2018, at our corporate headquarters, 4900 East Dublin more. We exist to serve everyone like family, providing Granville Road, Columbus, a better shopping experience for our customers, valuing Ohio 43081. Whether or not and developing our associates, and creating growth you plan to attend, you are encouraged to vote as soon for our shareholders. Big Lots supports the communities as possible. In accordance it serves through the Big Lots Foundation, a charitable with the accompanying proxy organization focused on four areas of need: hunger, statement, shareholders who attend the meeting may housing, healthcare, and education. For more information withdraw their proxies and about the Company, visit www.biglots.com. vote in person if they so desire. Who is Big Lots? JENNIFER, OUR Transfer Agent & Registrar Investment Inquiries NYSE Trading Symbol We’re a Community Retailer. CORE CUSTOMER Computershare Investor Relations Department Big Lots is a community retailer, which means Jennifer may feel like it’s P.O. Box 30170 4900 East Dublin Granville Road ordinary to serve others with College Station, TX 77842 Columbus, Ohio 43081 we’re dedicated to serving alongside you with gifts and acts of kindness, 877.581.5548 614.278.6622 friendly service, trustworthy value, and affordable but at Big Lots, we depict (Within USA, US territories & Canada) [email protected] Telephone 781.575.2879 solutions in every season and category — furniture, her as an extraordinary 614.278.6800 woman: optimistic, (Outside USA, US territories & Canada) food, decor, and more! Our mission to “serve computershare.com/investor generous, and someone who Independent Registered Website everyone like family” begins at home. That’s why feels special because she is a Public Accounting Firm biglots.com part of a caring community each one of our product solutions is meant to Deloitte & Touche LLP devoted to something bigger 180 East Broad Street, Suite 1400 Email bring friends, family, and the community together than herself. Columbus, Ohio 43215 [email protected] with a price tag you’ll love! 337376_Big Lots AR17_CVR.indd 2 4/13/18 2:49 PM DEAR SHAREHOLDERS, Friendly, Trustworthy, Community… core values focused on “doing the right thing.” Simple, straightforward, and honest family values which were at the center of a transformative year at Big Lots. 2017 was very good for our Company, our Regardless of household income, all Jennifers associates, and our shareholders. We made share a “love of deals,” and deals help her meet substantive and lasting improvements to our her goals. We learned Jennifer struggles with merchandise assortments, business operations, home decor and decorating — for a variety of and corporate culture, and we delivered financial reasons — including a lack of budget and time. results consistently equal to, or better than, our But our most unique insight, one that is central earnings guidance. In September 2017, we hosted to making an emotional connection with her, is an Investor & Analyst Conference detailing our Jennifer wants to feel special … and she feels expectations for the next three years. We discussed most special when serving others, whether it be our Strategic Planning Process (SPP) and our family, friends, or the community. THIS is Jennifer’s strategy for repositioning our brand and shared a hidden need. new store format aimed at elevating the shopping experience for “Jennifer,” our core customer. Our Our analysis then turned inward with an enhanced future brand identity and Store of the objective review of the Company’s strengths, Future format were the culmination of nearly 18 particularly in light of the strategic changes and months of diligent, focused effort responding to noteworthy accomplishments over the past five a fundamental question: How does Big Lots remain years. We have worked diligently through the relevant over the long term? three pillars (Jennifer, Associates, Shareholders) of the SPP to improve all aspects of our business, JENNIFER’S HIDDEN NEED AND including attracting, engaging, and developing OUR GREATEST STRENGTH the best and brightest talent in the industry. Our journey started with an assessment as to And similar to previous years, we conducted why we exist as a Company (beyond just making an Annual Engagement Survey of associates in money). Who is Big Lots? How are we different? 2017 to measure and understand our progress And how do we intend to beat the stigma and identify new opportunities for improvement. frequently associated with discount retail? To Our scores and assessment suggest we continue address these questions, we conducted extensive to make significant strides toward the goal of research and identified three different types of being an employer of choice with associates and Jennifers crossing over traditional segments: engagement levels which continue to rise and • Deal-driven Jennifer looking for great values are well above the retail norms. We believe our • Home-focused Jennifer taking care of her culture, where everyone is family, is OUR family and friends greatest strength. It is who we are and how • Cause-minded Jennifer wanting to give to we treat one another. others for a greater purpose Big Lots, Inc. | 2017 Annual Report 337376_Big Lots AR17_NARR_R1.indd 1 4/16/18 8:40 PM OUR NEW MISSION, VISION, VALUES After redefining our Mission, Vision, Values, and Imagine our excitement when research confirmed the traits associated with them, we circled back to the close alignment between Jennifer and our our initial questions: strategic transformation. It spurred fresh thinking in the Company around our Mission, Vision, and How does Big Lots remain relevant over the long term? Values — all with Jennifer in mind — and represents an opportunity to grow with her. Our previous A New Kind of Retailer Mission statement of Surprises in Every Aisle, Big Lots is a new kind of retailer — a community Every Day served us well, but it is time to evolve retailer. We believe “serving everyone like family” and reposition Big Lots as a new kind of retailer — begins at home, with merchandise meant to bring a community retailer. friends, family, and the community together Mission Statement with a price tag our We Exist to Serve Everyone Like Family customers will love. This simple, passionate mission provides a better shopping experience for Jennifer, shows value How are we different? and development for our associates, and creates growth for our shareholders. Brand Positioning Statement Vision For Jennifer and those of Your Second Family you who love serving others Our vision is to be known as your second family — and investing in causes a new kind of retailer where friendly service, bigger than yourself, Big Lots trustworthy value, and investing in our community is your second family: a new is always affordable. kind of retailer — a community retailer — serving alongside Values you with friendly service, trustworthy value, and Core Values We Strive to be Known for affordable solutions in every season and category — • Friendly: Create fun and inviting experiences furniture, food, decor, and more. with friendly service, friendly environments, and friendly merchandise in a community How do we beat the retail stigma often associated retail store that's easy to navigate and shop. with shopping discount stores? • Trustworthy Value: Exceed her expectations every time with value she can We must consistently embed our core traits into trust and quality of merchandise we expect everything we say and do. In many ways, we’re for our own families. already doing it, but now our brand identity • Community: Serve people with respect and communicates our commitment to Jennifer and a dignity — nationally, locally, and personally. passion to serve alongside her. We believe it’s simply stated in our new brand tagline: Serve Big. Save Lots. Big Lots, Inc. | 2017 Annual Report 337376_Big Lots AR17_NARR_R1.indd 2 4/16/18 8:40 PM STORE OF THE FUTURE development of the SPP, the Big Lots Foundation Our goal with a new store concept is to bring these was established with a goal of strengthening brand principles to life in a shopping experience our philanthropic efforts and supporting the that's fun and engaging for Jennifer. We want communities we serve. With the growth of our to showcase our OWNABLE and WINNABLE Big Lots Foundation, we serve nationally with merchandise categories of Furniture, Seasonal, Soft a focus on healthcare, housing, hunger, and Home, Food, and Consumables, allowing us to stand education, assisting many different charitable out in a crowded, overstored retail environment. causes including Nationwide Children’s Hospital, YWCA, Feeding America, the Mid-Ohio Food Bank, The layout of the store is dramatically different and the American Heart Association. We serve from the traditional Big Lots by featuring Furniture locally by investing in communities near our stores, front and center in the store with Seasonal and distribution centers, and across the country. And Home also at the front on either side. Pantry — we serve personally through our point-of-sale which includes Food and Consumables — is located donation campaigns and through our associates in the back of the store, but is clearly visible from who are encouraged to volunteer and who love to the front of the store given the low-profile of contribute to causes that are most important our Furniture assortment.
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