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Press release from PR Newswire

Big Lots Reports First Quarter Sales Results

Thursday, May 06, 2010

Big Lots Reports First Quarter Sales Results06:00 EDT Thursday, May 06, 2010Comparable Store Sales Increase of 6.0% at the High End of Company's GuidanceCOLUMBUS, Ohio, May 6 /PRNewswire-FirstCall/ -- Big Lots, Inc. (NYSE: BIG) today reported first quarter retail sales for the fiscal quarter ended May 1, 2010 increased 8.1% to $1,221.2 million, compared to $1,129.4 million for the first quarter of fiscal 2009. �Comparable store sales for stores open at least two years at the beginning of the fiscal year increased 6.0% for the first quarter of fiscal 2010. �This result is at the high end of our previously communicated guidance issued on March 3, 2010 which called for a comparable store sales increase in the range of 4% to 6%. � � �(Logo: http://www.newscom.com/cgi-bin/prnh/20011026/BIGLOTSLOGO )Commenting on sales for the quarter, Steve Fishman, Chairman, Chief Executive Officer, and President stated, "I am very pleased with our first quarter comp of 6% and the continued momentum we are seeing in our business. �We delivered better quality merchandise at extreme values and the improvement in consumer discretionary spending trends, first recognized in the fall of 2009, continued through the first quarter of 2010. �By offering a merchandising assortment that is highly discretionary in nature, we believe our business is uniquely positioned to benefit from an improving economy."Mr. Fishman continued, "From a merchandising perspective, furniture and home were the leading categories with each comping up double digits. �Hardlines, led by our electronics department, continues to be a growth category, and our seasonal business comped up mid-single digits despite unfavorable weather conditions across most of the country in the last two weeks of the quarter. �In terms of inventory, we ended the first quarter in good position, the availability of branded merchandise remains strong and we continue to add more and more branded suppliers to our vendor base." �We expect to report results for the first quarter of fiscal 2010 on Thursday, May 27, 2010.Big Lots is the nation's largest broadline closeout retailer. �Currently, we operate 1,367 BIG LOTS stores in 47 states. �Wholesale operations are conducted through BIG LOTS WHOLESALE, CONSOLIDATED INTERNATIONAL, and WISCONSIN TOY and with online sales at www.biglotswholesale.com.Cautionary Statement Concerning Forward-Looking StatementsCertain 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," "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 our 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 crisis, 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 our 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 thereof. 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.SOURCE Big Lots, Inc.For further information: Timothy A. Johnson, Vice President, Strategic Planning and Investor Relations, +1-614-278-6622