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Press release from PR Newswire

Big Lots Reports Fourth Quarter Sales Results

Thursday, February 03, 2011

Big Lots Reports Fourth Quarter Sales Results06:00 EST Thursday, February 03, 2011COLUMBUS, Ohio, Feb. 3, 2011 /PRNewswire/ -- Big Lots, Inc. (NYSE: BIG) is reporting fourth quarter retail sales for the fiscal quarter ended January 29, 2011 of $1,507.1 million, an increase of 3.8% compared to $1,451.5 million for the fourth quarter of fiscal 2009.  (Logo: )Comparable store sales for stores open at least two years at the beginning of the fiscal year were flat for the fourth quarter of fiscal 2010, which is consistent with the low end of our previously communicated guidance of flat to an increase of 2%.  For the first 10 weeks of the fourth quarter of fiscal 2010, comparable stores sales increased 1% which was the midpoint of our communicated guidance; however, comparable store sales for the last three weeks of January were below last year.  We believe the last three weeks of January were impacted negatively by weather conditions in many of our major regions and markets.  We also believe the later timing of income tax refunds and the reduced availability of income tax refund anticipation loans, which impacted a portion of our customer base and certain of our discretionary categories, particularly furniture, also hurt our results for the fourth quarter.               From a merchandising perspective, furniture, home, and seasonal were the best performing categories.For the fifty-two week fiscal 2010, retail sales totaled $4,900.6 million, an increase of 5.0% compared to $4,667.7 million in fiscal 2009.  Comparable store sales increased 2.5% for fiscal 2010.Comp SalesTotal RetailIncreaseSales IncreaseQ4 20100.0%3.8%Fiscal 20102.5%5.0%We expect to report results for the fourth quarter of fiscal 2010 on Thursday, March 3, 2011.Big Lots is the nation's largest broadline closeout retailer.  Currently, we operate 1,398 BIG LOTS stores in 48 states.  Wholesale operations are conducted through BIG LOTS WHOLESALE, CONSOLIDATED INTERNATIONAL, and WISCONSIN TOY and with online sales at 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