Ohio | 06-1119097 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
300 Phillipi Road, P.O. Box 28512, Columbus, Ohio | 43228-5311 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer þ | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o |
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BIG LOTS, INC. AND SUBSIDIARIES Consolidated Statements of Operations (Unaudited) (In thousands, except per share amounts) |
Thirteen Weeks Ended | Twenty-Six Weeks Ended | ||||||||||||
August 3, 2013 | July 28, 2012 | August 3, 2013 | July 28, 2012 | ||||||||||
Net sales | $ | 1,225,572 | $ | 1,218,037 | $ | 2,536,910 | $ | 2,512,518 | |||||
Cost of sales (exclusive of depreciation expense shown separately below) | 746,117 | 740,202 | 1,540,826 | 1,522,235 | |||||||||
Gross margin | 479,455 | 477,835 | 996,084 | 990,283 | |||||||||
Selling and administrative expenses | 418,495 | 412,220 | 850,962 | 830,538 | |||||||||
Depreciation expense | 28,149 | 26,271 | 55,619 | 51,559 | |||||||||
Operating profit | 32,811 | 39,344 | 89,503 | 108,186 | |||||||||
Interest expense | (733 | ) | (895 | ) | (1,459 | ) | (1,231 | ) | |||||
Other income (expense) | (118 | ) | (38 | ) | (264 | ) | (1 | ) | |||||
Income from continuing operations before income taxes | 31,960 | 38,411 | 87,780 | 106,954 | |||||||||
Income tax expense | 13,835 | 16,321 | 37,322 | 44,084 | |||||||||
Income from continuing operations | 18,125 | 22,090 | 50,458 | 62,870 | |||||||||
Income (loss) from discontinued operations, net of tax expense (benefit) of $1, ($10), $0, and ($32), respectively | 1 | (15 | ) | 1 | (49 | ) | |||||||
Net income | $ | 18,126 | $ | 22,075 | $ | 50,459 | $ | 62,821 | |||||
Earnings per common share - basic: | |||||||||||||
Continuing operations | $ | 0.32 | $ | 0.37 | $ | 0.88 | $ | 1.01 | |||||
Discontinued operations | — | — | — | — | |||||||||
$ | 0.32 | $ | 0.37 | $ | 0.88 | $ | 1.01 | ||||||
Earnings per common share - diluted: | |||||||||||||
Continuing operations | $ | 0.31 | $ | 0.36 | $ | 0.87 | $ | 1.00 | |||||
Discontinued operations | — | — | — | — | |||||||||
$ | 0.31 | $ | 0.36 | $ | 0.87 | $ | 1.00 | ||||||
Weighted-average common shares outstanding: | |||||||||||||
Basic | 57,382 | 60,466 | 57,344 | 62,292 | |||||||||
Dilutive effect of share-based awards | 542 | 531 | 540 | 779 | |||||||||
Diluted | 57,924 | 60,997 | 57,884 | 63,071 |
BIG LOTS, INC. AND SUBSIDIARIES Consolidated Statements of Comprehensive Income (Unaudited) (In thousands) |
Thirteen Weeks Ended | Twenty-Six Weeks Ended | ||||||||||||
August 3, 2013 | July 28, 2012 | August 3, 2013 | July 28, 2012 | ||||||||||
Net income | $ | 18,126 | $ | 22,075 | $ | 50,459 | $ | 62,821 | |||||
Other comprehensive income (loss): | |||||||||||||
Foreign currency translation | (1,390 | ) | (914 | ) | (1,965 | ) | (255 | ) | |||||
Amortization of pension, net of tax benefit of $(170), $(192), $(336), and $(457), respectively | 248 | 293 | 499 | 705 | |||||||||
Valuation adjustment of pension, net of tax benefit of $0, $(102), $0, and $(102), respectively | — | 156 | — | 156 | |||||||||
Total other comprehensive income (loss) | (1,142 | ) | (465 | ) | (1,466 | ) | 606 | ||||||
Comprehensive income | $ | 16,984 | $ | 21,610 | $ | 48,993 | $ | 63,427 |
BIG LOTS, INC. AND SUBSIDIARIES Consolidated Balance Sheets (In thousands, except par value) |
(Unaudited) | |||||||
August 3, 2013 | February 2, 2013 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 63,810 | $ | 60,581 | |||
Inventories | 913,687 | 918,023 | |||||
Deferred income taxes | 42,524 | 37,696 | |||||
Other current assets | 111,341 | 74,330 | |||||
Total current assets | 1,131,362 | 1,090,630 | |||||
Property and equipment - net | 592,945 | 593,562 | |||||
Deferred income taxes | 7,482 | — | |||||
Goodwill | 12,991 | 13,522 | |||||
Other assets | 56,531 | 55,912 | |||||
Total assets | $ | 1,801,311 | $ | 1,753,626 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 427,243 | $ | 393,652 | |||
Property, payroll, and other taxes | 77,685 | 74,973 | |||||
Accrued operating expenses | 70,420 | 53,788 | |||||
Insurance reserves | 36,440 | 36,861 | |||||
KB bankruptcy lease obligation | 3,069 | 3,069 | |||||
Accrued salaries and wages | 26,827 | 26,753 | |||||
Income taxes payable | 1,792 | 40,538 | |||||
Total current liabilities | 643,476 | 629,634 | |||||
Long-term obligations | 141,700 | 171,200 | |||||
Deferred income taxes | — | 2,693 | |||||
Deferred rent | 79,309 | 73,658 | |||||
Insurance reserves | 63,107 | 63,332 | |||||
Unrecognized tax benefits | 17,168 | 16,335 | |||||
Other liabilities | 38,931 | 38,632 | |||||
Shareholders’ equity: | |||||||
Preferred shares - authorized 2,000 shares; $0.01 par value; none issued | — | — | |||||
Common shares - authorized 298,000 shares; $0.01 par value; issued 117,495 shares; outstanding 57,429 shares and 57,269 shares, respectively | 1,175 | 1,175 | |||||
Treasury shares - 60,066 shares and 60,226 shares, respectively, at cost | (1,673,210 | ) | (1,677,610 | ) | |||
Additional paid-in capital | 557,930 | 551,845 | |||||
Retained earnings | 1,946,521 | 1,896,062 | |||||
Accumulated other comprehensive loss | (14,796 | ) | (13,330 | ) | |||
Total shareholders' equity | 817,620 | 758,142 | |||||
Total liabilities and shareholders' equity | $ | 1,801,311 | $ | 1,753,626 |
BIG LOTS, INC. AND SUBSIDIARIES Consolidated Statements of Shareholders’ Equity (Unaudited) (In thousands) |
Common | Treasury | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | ||||||||||||||||||
Shares | Amount | Shares | Amount | Total | ||||||||||||||||||
Balance - January 28, 2012 | 63,609 | $ | 1,175 | 53,886 | $ | (1,423,524 | ) | $ | 542,160 | $ | 1,718,941 | $ | (15,519 | ) | $ | 823,233 | ||||||
Comprehensive income | — | — | — | — | — | 62,821 | 606 | 63,427 | ||||||||||||||
Purchases of common shares | (6,603 | ) | — | 6,603 | (252,759 | ) | — | — | — | (252,759 | ) | |||||||||||
Exercise of stock options | 1,389 | — | (1,389 | ) | 36,783 | (3,785 | ) | — | — | 32,998 | ||||||||||||
Restricted shares vested | 478 | — | (478 | ) | 12,650 | (12,650 | ) | — | — | — | ||||||||||||
Tax benefit from share-based awards | — | — | — | — | 8,071 | — | — | 8,071 | ||||||||||||||
Share activity related to deferred compensation plan | 8 | — | (8 | ) | 37 | 317 | — | — | 354 | |||||||||||||
Share-based employee compensation expense | — | — | — | — | 14,684 | — | — | 14,684 | ||||||||||||||
Balance - July 28, 2012 | 58,881 | 1,175 | 58,614 | (1,626,813 | ) | 548,797 | 1,781,762 | (14,913 | ) | 690,008 | ||||||||||||
Comprehensive income | — | — | — | — | — | 114,300 | 1,583 | 115,883 | ||||||||||||||
Purchases of common shares | (1,629 | ) | — | 1,629 | (51,279 | ) | — | — | — | (51,279 | ) | |||||||||||
Exercise of stock options | 17 | — | (17 | ) | 483 | (193 | ) | — | — | 290 | ||||||||||||
Restricted shares vested | — | — | — | (1 | ) | 1 | — | — | — | |||||||||||||
Tax benefit from share-based awards | — | — | — | — | 46 | — | — | 46 | ||||||||||||||
Share activity related to deferred compensation plan | — | — | — | — | (1 | ) | — | — | (1 | ) | ||||||||||||
Share-based employee compensation expense | — | — | — | — | 3,195 | — | — | 3,195 | ||||||||||||||
Balance - February 2, 2013 | 57,269 | 1,175 | 60,226 | (1,677,610 | ) | 551,845 | 1,896,062 | (13,330 | ) | 758,142 | ||||||||||||
Comprehensive income | — | — | — | — | — | 50,459 | (1,466 | ) | 48,993 | |||||||||||||
Purchases of common shares | (6 | ) | — | 6 | (214 | ) | — | — | — | (214 | ) | |||||||||||
Exercise of stock options | 126 | — | (126 | ) | 3,505 | (884 | ) | — | — | 2,621 | ||||||||||||
Restricted shares vested | 40 | — | (40 | ) | 1,109 | (1,109 | ) | — | — | — | ||||||||||||
Tax benefit from share-based awards | — | — | — | — | 280 | — | — | 280 | ||||||||||||||
Share activity related to deferred compensation plan | — | — | — | — | — | — | — | — | ||||||||||||||
Share-based employee compensation expense | — | — | — | — | 7,798 | — | — | 7,798 | ||||||||||||||
Balance - August 3, 2013 | 57,429 | $ | 1,175 | 60,066 | $ | (1,673,210 | ) | $ | 557,930 | $ | 1,946,521 | $ | (14,796 | ) | $ | 817,620 |
BIG LOTS, INC. AND SUBSIDIARIES Consolidated Statements of Cash Flows (Unaudited) (In thousands) |
Twenty-Six Weeks Ended | ||||||
August 3, 2013 | July 28, 2012 | |||||
Operating activities: | ||||||
Net income | $ | 50,459 | $ | 62,821 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization expense | 49,485 | 46,754 | ||||
Deferred income taxes | (15,339 | ) | (351 | ) | ||
Gain on disposition of equipment | (119 | ) | (196 | ) | ||
Non-cash share-based compensation expense | 7,798 | 14,684 | ||||
Excess tax benefit from share-based awards | (280 | ) | (8,078 | ) | ||
Pension expense, net of contributions | 1,489 | 1,587 | ||||
Change in assets and liabilities, excluding effects of acquisition and foreign currency adjustments: | ||||||
Inventories | 2,939 | (55,916 | ) | |||
Accounts payable | 33,962 | 59,455 | ||||
Current income taxes | (66,823 | ) | (45,185 | ) | ||
Other current assets | (8,090 | ) | (5,902 | ) | ||
Other current liabilities | 14,420 | 9,050 | ||||
Other assets | (840 | ) | (2,437 | ) | ||
Other liabilities | 12,957 | 12,463 | ||||
Net cash provided by operating activities | 82,018 | 88,749 | ||||
Investing activities: | ||||||
Capital expenditures | (51,690 | ) | (60,721 | ) | ||
Cash proceeds from sale of property and equipment | 1,602 | 461 | ||||
Other | (13 | ) | (13 | ) | ||
Net cash used in investing activities | (50,101 | ) | (60,273 | ) | ||
Financing activities: | ||||||
Net (repayments of) proceeds from borrowings under bank credit facility | (29,500 | ) | 176,900 | |||
Payment of capital lease obligations | (590 | ) | (766 | ) | ||
Proceeds from the exercise of stock options | 2,621 | 32,998 | ||||
Excess tax benefit from share-based awards | 280 | 8,078 | ||||
Deferred bank credit facility fees paid | (959 | ) | — | |||
Payment for treasury shares acquired | (214 | ) | (252,759 | ) | ||
Other | — | 354 | ||||
Net cash used in financing activities | (28,362 | ) | (35,195 | ) | ||
Impact of foreign currency on cash | (326 | ) | (149 | ) | ||
Increase (decrease) in cash and cash equivalents | 3,229 | (6,868 | ) | |||
Cash and cash equivalents: | ||||||
Beginning of period | 60,581 | 68,547 | ||||
End of period | $ | 63,810 | $ | 61,679 |
BIG LOTS, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited) |
Twenty-Six Weeks Ended | |||||||
(In thousands) | August 3, 2013 | July 28, 2012 | |||||
Supplemental disclosure of cash flow information: | |||||||
Cash paid for interest, including capital leases | $ | 1,127 | $ | 571 | |||
Cash paid for income taxes, excluding impact of refunds | $ | 119,707 | $ | 90,379 | |||
Non-cash activity: | |||||||
Assets acquired under capital leases | $ | — | $ | 392 | |||
Accrued property and equipment | $ | 11,850 | $ | 14,209 |
Second Quarter | Year-to-Date | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Weighted-average fair value of stock options granted | $ | 11.87 | $ | 13.48 | $ | 12.10 | $ | 14.23 | |||||
Risk-free interest rate | 0.7 | % | 0.5 | % | 0.7 | % | 0.6 | % | |||||
Expected life (years) | 4.2 | 4.2 | 4.2 | 4.2 | |||||||||
Expected volatility | 41.1 | % | 43.4 | % | 42.3 | % | 41.0 | % | |||||
Expected annual forfeiture rate | 3.0 | % | 3.0 | % | 3.0 | % | 3.0 | % |
Number of Options | Weighted Average Exercise Price Per Share | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value (000's) | ||||||
Outstanding stock options at February 2, 2013 | 3,029,086 | $ | 34.49 | ||||||
Granted | 851,000 | 35.72 | |||||||
Exercised | (55,420 | ) | 16.24 | ||||||
Forfeited | (78,675 | ) | 37.72 | ||||||
Outstanding stock options at May 4, 2013 | 3,745,991 | $ | 34.97 | 4.8 | $ | 15,650 | |||
Granted | 164,750 | 35.94 | |||||||
Exercised | (70,400 | ) | 24.45 | ||||||
Forfeited | (233,650 | ) | 39.03 | ||||||
Outstanding stock options at August 3, 2013 | 3,606,691 | $ | 34.96 | 4.7 | $ | 13,814 | |||
Vested or expected to vest at August 3, 2013 | 3,443,036 | $ | 34.77 | 4.6 | $ | 13,730 | |||
Exercisable at August 3, 2013 | 1,669,689 | $ | 30.66 | 3.4 | $ | 12,743 |
Number of Shares | Weighted Average Grant-Date Fair Value Per Share | ||||
Outstanding nonvested awards other than stock options at February 2, 2013 | 783,609 | $ | 42.25 | ||
Granted | 339,500 | 35.54 | |||
Vested | — | — | |||
Forfeited | (248,300 | ) | 43.75 | ||
Outstanding nonvested awards other than stock options at May 4, 2013 | 874,809 | $ | 39.22 | ||
Granted | 110,251 | 35.09 | |||
Vested | (39,784 | ) | 35.70 | ||
Forfeited | (138,300 | ) | 40.28 | ||
Outstanding nonvested awards other than stock options at August 3, 2013 | 806,976 | $ | 38.64 |
Second Quarter | Year-to-Date | ||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
Total intrinsic value of stock options exercised | $ | 749 | $ | 953 | $ | 1,789 | $ | 29,075 | |||||
Total fair value of restricted stock vested | 1,434 | 804 | 1,434 | 21,907 |
2013 | 2012 | |||
Discount rate | 4.6 | % | 5.0 | % |
Rate of increase in compensation levels | 3.5 | % | 3.5 | % |
Expected long-term rate of return | 5.1 | % | 5.5 | % |
Second Quarter | Year-to-Date | ||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||
Service cost - benefits earned in the period | $ | 521 | $ | 458 | $ | 1,043 | $ | 1,085 | |||||
Interest cost on projected benefit obligation | 760 | 806 | 1,520 | 1,646 | |||||||||
Expected investment return on plan assets | (724 | ) | (773 | ) | (1,447 | ) | (1,545 | ) | |||||
Amortization of actuarial loss | 423 | 489 | 846 | 1,172 | |||||||||
Amortization of prior service cost | (8 | ) | (8 | ) | (17 | ) | (17 | ) | |||||
Amortization of transition obligation | 3 | 4 | 6 | 7 | |||||||||
Settlement loss | — | 258 | — | 258 | |||||||||
Net periodic pension cost | $ | 975 | $ | 1,234 | $ | 1,951 | $ | 2,606 |
Thirteen Weeks Ended | ||||||||||||||||||||||||
(In thousands) | August 3, 2013 | July 28, 2012 | ||||||||||||||||||||||
U.S. | Canada | Total | U.S. | Canada | Total | |||||||||||||||||||
Net sales | $ | 1,187,677 | $ | 37,895 | $ | 1,225,572 | $ | 1,183,023 | $ | 35,014 | $ | 1,218,037 | ||||||||||||
Depreciation expense | 27,570 | 579 | 28,149 | 25,468 | 803 | 26,271 | ||||||||||||||||||
Operating profit (loss) | 36,544 | (3,733 | ) | 32,811 | 42,627 | (3,283 | ) | 39,344 | ||||||||||||||||
Interest expense | (730 | ) | (3 | ) | (733 | ) | (895 | ) | — | (895 | ) | |||||||||||||
Other income (expense) | (11 | ) | (107 | ) | (118 | ) | — | (38 | ) | (38 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes | 35,803 | (3,843 | ) | 31,960 | 41,732 | (3,321 | ) | 38,411 | ||||||||||||||||
Income tax expense | 13,835 | — | 13,835 | 16,321 | — | 16,321 | ||||||||||||||||||
Income (loss) from continuing operations | $ | 21,968 | $ | (3,843 | ) | $ | 18,125 | $ | 25,411 | $ | (3,321 | ) | $ | 22,090 | ||||||||||
Twenty-Six Weeks Ended | ||||||||||||||||||||||||
(In thousands) | August 3, 2013 | July 28, 2012 | ||||||||||||||||||||||
U.S. | Canada | Total | U.S. | Canada | Total | |||||||||||||||||||
Net sales | $ | 2,462,421 | $ | 74,489 | $ | 2,536,910 | $ | 2,445,258 | $ | 67,260 | $ | 2,512,518 | ||||||||||||
Depreciation expense | 54,450 | 1,169 | 55,619 | 49,892 | 1,667 | 51,559 | ||||||||||||||||||
Operating profit (loss) | 97,534 | (8,031 | ) | 89,503 | 117,622 | (9,436 | ) | 108,186 | ||||||||||||||||
Interest expense | (1,456 | ) | (3 | ) | (1,459 | ) | (1,231 | ) | — | (1,231 | ) | |||||||||||||
Other income (expense) | (11 | ) | (253 | ) | (264 | ) | — | (1 | ) | (1 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes | 96,067 | (8,287 | ) | 87,780 | 116,391 | (9,437 | ) | 106,954 | ||||||||||||||||
Income tax expense | 37,322 | — | 37,322 | 44,084 | — | 44,084 | ||||||||||||||||||
Income (loss) from continuing operations | $ | 58,745 | $ | (8,287 | ) | $ | 50,458 | $ | 72,307 | $ | (9,437 | ) | $ | 62,870 | ||||||||||
(In thousands) | August 3, 2013 | February 2, 2013 | ||||||||||||||||||||||
U.S. | Canada | Total | U.S. | Canada | Total | |||||||||||||||||||
Total assets | $ | 1,738,124 | $ | 63,187 | $ | 1,801,311 | $ | 1,681,005 | $ | 72,621 | $ | 1,753,626 |
Second Quarter | Year-to-Date | ||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||
U.S. | |||||||||||||||
Consumables | $ | 224,222 | $ | 218,304 | $ | 431,643 | $ | 418,326 | |||||||
Seasonal | 200,648 | 194,472 | 379,464 | 367,877 | |||||||||||
Furniture | 197,920 | 181,619 | 501,674 | 468,523 | |||||||||||
Home | 172,889 | 178,260 | 358,666 | 369,437 | |||||||||||
Food | 167,933 | 169,892 | 344,257 | 347,803 | |||||||||||
Hardlines & Toys | 122,064 | 127,650 | 228,671 | 245,435 | |||||||||||
Electronics & Other | 102,001 | 112,826 | 218,046 | 227,857 | |||||||||||
Total U.S. | 1,187,677 | 1,183,023 | 2,462,421 | 2,445,258 | |||||||||||
Canada | 37,895 | 35,014 | 74,489 | 67,260 | |||||||||||
Net sales | $ | 1,225,572 | $ | 1,218,037 | $ | 2,536,910 | $ | 2,512,518 |
(In thousands) | Foreign currency translation | Pension Plan | Total accumulated other comprehensive loss | ||||||||
Balance at January 28, 2012 | $ | (1,050 | ) | $ | (14,469 | ) | $ | (15,519 | ) | ||
Other comprehensive income before reclassifications | (255 | ) | 156 | (99 | ) | ||||||
Amounts reclassified from accumulated other comprehensive loss | — | 705 | 705 | ||||||||
Net period change | (255 | ) | 861 | 606 | |||||||
Balance at July 28, 2012 | (1,305 | ) | (13,608 | ) | (14,913 | ) | |||||
Other comprehensive income before reclassifications | (128 | ) | 1,013 | 885 | |||||||
Amounts reclassified from accumulated other comprehensive loss | — | 698 | 698 | ||||||||
Net period change | (128 | ) | 1,711 | 1,583 | |||||||
Balance at February 2, 2013 | (1,433 | ) | (11,897 | ) | (13,330 | ) | |||||
Other comprehensive income before reclassifications | (1,965 | ) | — | (1,965 | ) | ||||||
Amounts reclassified from accumulated other comprehensive loss | — | 499 | 499 | ||||||||
Net period change | (1,965 | ) | 499 | (1,466 | ) | ||||||
Balance at August 3, 2013 | $ | (3,398 | ) | $ | (11,398 | ) | $ | (14,796 | ) |
(In thousands) | Foreign currency translation | Pension Plan | Total accumulated other comprehensive loss | ||||||||
Balance at April 28, 2012 | $ | (391 | ) | $ | (14,057 | ) | $ | (14,448 | ) | ||
Other comprehensive income before reclassifications | (914 | ) | 156 | (758 | ) | ||||||
Amounts reclassified from accumulated other comprehensive loss | — | 293 | 293 | ||||||||
Net period change | (914 | ) | 449 | (465 | ) | ||||||
Balance at July 28, 2012 | $ | (1,305 | ) | $ | (13,608 | ) | $ | (14,913 | ) |
(In thousands) | Foreign currency translation | Pension Plan | Total accumulated other comprehensive loss | ||||||||
Balance at May 4, 2013 | $ | (2,008 | ) | $ | (11,646 | ) | $ | (13,654 | ) | ||
Other comprehensive income before reclassifications | (1,390 | ) | — | (1,390 | ) | ||||||
Amounts reclassified from accumulated other comprehensive loss | — | 248 | 248 | ||||||||
Net period change | (1,390 | ) | 248 | (1,142 | ) | ||||||
Balance at August 3, 2013 | $ | (3,398 | ) | $ | (11,398 | ) | $ | (14,796 | ) |
(In thousands) | 2013 | 2012 | ||||
Beginning of year | $ | 13,522 | $ | 12,282 | ||
Goodwill adjustments | — | 1,191 | ||||
Foreign currency impact | (531 | ) | (45 | ) | ||
End of period | $ | 12,991 | $ | 13,428 |
• | Net sales increased $7.5 million or 0.6%. |
• | Diluted earnings per share from continuing operations decreased from $0.36 per share to $0.31 per share. |
• | Inventory increased by 3.7% or $32.6 million to $913.7 million from the second quarter of 2012. |
• | Net sales increased $4.7 million or 0.4%. |
• | Comparable store sales for stores open at least fifteen months decreased 2.2%. |
• | Gross margin dollars decreased $0.1 million, while gross margin rate decreased 10 basis points from 39.3% to 39.2% of sales. |
• | Selling and administrative expenses increased $3.9 million, or 1.0%. As a percentage of net sales, selling and administrative expenses increased 20 basis points to 33.8%. |
• | Operating profit rate decreased 50 basis points to 3.1%. |
• | Net sales increased $2.9 million, or 8.3%. |
• | Operating loss increased $0.4 million to $3.7 million. |
U.S. | Canada | Total | ||||||
2012 | ||||||||
Stores open at the beginning of the fiscal year | 1,451 | 82 | 1,533 | |||||
Stores opened during the period | 28 | — | 28 | |||||
Stores closed during the period | (16 | ) | (1 | ) | (17 | ) | ||
Stores open at the end of the period | 1,463 | 81 | 1,544 | |||||
2013 | ||||||||
Stores open at the beginning of the fiscal year | 1,495 | 79 | 1,574 | |||||
Stores opened during the period | 27 | 1 | 28 | |||||
Stores closed during the period | (8 | ) | (1 | ) | (9 | ) | ||
Stores open at the end of the period | 1,514 | 79 | 1,593 |
Second Quarter | Year-to-Date | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
Net sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |
Cost of sales (exclusive of depreciation expense shown separately below) | 60.9 | 60.8 | 60.7 | 60.6 | |||||
Gross margin | 39.1 | 39.2 | 39.3 | 39.4 | |||||
Selling and administrative expenses | 34.1 | 33.8 | 33.5 | 33.1 | |||||
Depreciation expense | 2.3 | 2.2 | 2.2 | 2.1 | |||||
Operating profit | 2.7 | 3.2 | 3.5 | 4.3 | |||||
Interest expense | (0.1 | ) | (0.1 | ) | (0.1 | ) | (0.0 | ) | |
Other income (expense) | (0.0 | ) | (0.0 | ) | (0.0 | ) | (0.0 | ) | |
Income from continuing operations before income taxes | 2.6 | 3.2 | 3.5 | 4.3 | |||||
Income tax expense | 1.1 | 1.3 | 1.5 | 1.8 | |||||
Income from continuing operations | 1.5 | 1.8 | 2.0 | 2.5 | |||||
Discontinued operations | 0.0 | (0.0 | ) | 0.0 | (0.0 | ) | |||
Net income | 1.5 | % | 1.8 | % | 2.0 | % | 2.5 | % |
Second Quarter | |||||||||||||||||
($ in thousands) | 2013 | 2012 | Change | ||||||||||||||
Consumables | $ | 224,222 | 18.8 | % | $ | 218,304 | 18.4 | % | $ | 5,918 | 2.7 | % | |||||
Seasonal | 200,648 | 16.9 | 194,472 | 16.4 | 6,176 | 3.2 | |||||||||||
Furniture | 197,920 | 16.7 | 181,619 | 15.4 | 16,301 | 9.0 | |||||||||||
Home | 172,889 | 14.6 | 178,260 | 15.1 | (5,371 | ) | (3.0 | ) | |||||||||
Food | 167,933 | 14.1 | 169,892 | 14.4 | (1,959 | ) | (1.2 | ) | |||||||||
Hardlines & Toys | 122,064 | 10.3 | 127,650 | 10.8 | (5,586 | ) | (4.4 | ) | |||||||||
Electronics & Other | 102,001 | 8.6 | 112,826 | 9.5 | (10,825 | ) | (9.6 | ) | |||||||||
Net sales | $ | 1,187,677 | 100.0 | % | $ | 1,183,023 | 100.0 | % | $ | 4,654 | 0.4 | % |
Year-to-Date | |||||||||||||||||
($ in thousands) | 2013 | 2012 | Change | ||||||||||||||
Furniture | $ | 501,674 | 20.3 | % | $ | 468,523 | 19.3 | % | $ | 33,151 | 7.1 | % | |||||
Consumables | 431,643 | 17.5 | 418,326 | 17.1 | 13,317 | 3.2 | |||||||||||
Seasonal | 379,464 | 15.4 | 367,877 | 15.0 | 11,587 | 3.1 | |||||||||||
Home | 358,666 | 14.6 | 369,437 | 15.1 | (10,771 | ) | (2.9 | ) | |||||||||
Food | 344,257 | 14.0 | 347,803 | 14.2 | (3,546 | ) | (1.0 | ) | |||||||||
Hardlines & Toys | 228,671 | 9.3 | 245,435 | 10.0 | (16,764 | ) | (6.8 | ) | |||||||||
Electronics & Other | 218,046 | 8.9 | 227,857 | 9.3 | (9,811 | ) | (4.3 | ) | |||||||||
Net sales | $ | 2,462,421 | 100.0 | % | $ | 2,445,258 | 100.0 | % | $ | 17,163 | 0.7 | % |
(In thousands, except price per share data) | ||||||||||
Period | (a) Total Number of Shares Purchased (1) | (b) Average Price Paid per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | (d) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||
May 5, 2013 - June 1, 2013 | — | $ | — | — | $ | — | ||||
June 2, 2013 - June 29, 2013 | — | — | — | — | ||||||
June 30, 2013 - August 3, 2013 | 6 | 33.83 | — | — | ||||||
Total | 6 | $ | 33.83 | — | $ | — |
(1) | In July 2013, in connection with the vesting of certain outstanding restricted shares, we acquired 6,336 of our common shares, which were withheld to satisfy minimum statutory income tax withholdings. |
Exhibit No. | Document | ||
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||
101** | XBRL Instance Document. |
BIG LOTS, INC. | |
By: /s/ Timothy A. Johnson | |
Timothy A. Johnson | |
Senior Vice President and | |
Chief Financial Officer | |
(Principal Financial Officer, Principal Accounting Officer and Duly Authorized Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of Big Lots, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
By: /s/ David J. Campisi | |
David J. Campisi | |
Chief Executive Officer and President | |
1. | I have reviewed this quarterly report on Form 10-Q of Big Lots, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
By: /s/ Timothy A. Johnson | |
Timothy A. Johnson | |
Senior Vice President and Chief Financial Officer | |
(i) | the Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and |
(ii) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
By: /s/ David J. Campisi | |
David J. Campisi | |
Chief Executive Officer and President | |
(i) | the Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and |
(ii) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
By: /s/ Timothy A. Johnson | |
Timothy A. Johnson | |
Senior Vice President and Chief Financial Officer | |
Contingencies
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6 Months Ended |
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Aug. 03, 2013
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|
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES In 1998, an action was filed against us in the District Court, 224th Judicial District, in Bexar County, Texas (“State Court”) by a plaintiff claiming she was injured when she fell in one of our stores (“Rivera matter”). The Rivera matter was removed to the U.S. District Court for the Western District of Texas (“Federal Court”) and the claim was fully litigated. Ultimately, the Federal Court granted summary judgment in our favor in January 2000. The plaintiff re-filed the same complaint in April 2000 in the State Court and then obtained a default judgment against us on June 20, 2000 in the amount of approximately $1.5 million plus post-judgment interest. No effort was made to collect on this judgment by the plaintiff until February 2009, when we were served with a writ of execution of judgment. We filed a petition for a bill of review with the State Court. Since that time, the Federal Court issued an order reflecting that its January 2000 order was a summary judgment with prejudice in our favor. Notwithstanding the Federal Court's order, the State Court rendered a summary judgment decision in the plaintiff's favor. We appealed the State Court's decision and separately asked the Federal Court to issue an injunction against the State Court's proceedings. On March 25, 2010, the Federal Court denied our motion for an injunction and denied the plaintiff's motion to reconsider the Federal Court's order confirming that it granted summary judgment with prejudice. On April 6, 2010, the plaintiff appealed the Federal Court's ruling to the U.S. Court of Appeals for the Fifth Circuit. On June 22, 2010, the Texas Court of Appeals heard oral arguments in our appeal of the State Court's decision. On November 3, 2010, the Texas Court of Appeals affirmed the State Court ruling. On December 17, 2010, we filed a petition for review with the Supreme Court of Texas. On July 15, 2011, the U.S. Court of Appeals for the Fifth Circuit affirmed the Federal Court's decision to dismiss the Rivera matter with prejudice in our favor. On July 26, 2011, the plaintiff filed a petition with the U.S. Court of Appeals for the Fifth Circuit seeking a rehearing, which petition was denied on August 17, 2011. On August 17, 2011, the plaintiff filed a brief on the merits of the Rivera matter with the Supreme Court of Texas. The Supreme Court of Texas granted our petition for review. In September 2012, the Supreme Court of Texas held that the default judgment was not void due to defects in service, but that there is evidence of extrinsic fraud and remanded the case to the State Court for a trial on the fraud issue. The State Court held a trial in April 2013, and the jury held against us thus enforcing the initial State Court judgment in favor of the plaintiff. As a result, we accrued a pretax charge of $5.1 million in the first quarter of 2013 to reflect the amount of the initial State Court judgment of approximately $1.5 million plus post-judgment interest from the June 2000 judgment through the end of the first quarter of 2013. On June 7, 2013, we filed with the State Court a motion for judgment notwithstanding the verdict and a motion for a new trial. The parties settled this matter for $4.4 million in July 2013. As a result, an adjustment was made to the accrual for this matter that benefitted the second quarter of 2013 by $0.7 million. On May 21, May 22 and July 2, 2012, three shareholder derivative lawsuits were filed in the U.S. District Court for the Southern District of Ohio against us and certain of our current and former outside directors and executive officers (Jeffrey Berger, David Kollat, Brenda Lauderback, Philip Mallott, Russell Solt, Dennis Tishkoff, Robert Claxton, Joe Cooper, Steven Fishman, Charles Haubiel, Timothy Johnson, John Martin, Norman Rankin, Paul Schroeder, Robert Segal and Steven Smart). The lawsuits were consolidated, and, on August 13, 2012, plaintiffs filed a consolidated complaint, which generally alleges that the individual defendants traded in our common shares based on material, nonpublic information concerning our guidance for fiscal 2012 and the first quarter of fiscal 2012 and the director defendants failed to suspend our share repurchase program during such trading activity. The consolidated complaint asserts claims under Ohio law for breach of fiduciary duty, unjust enrichment, misappropriation of trade secrets and corporate waste and seeks declaratory relief and disgorgement to us of proceeds from any wrongful sales of our common shares, plus attorneys' fees and expenses. The defendants have filed a motion to dismiss the consolidated complaint, and that motion is fully briefed and awaiting a decision. On July 9, 2012, a putative securities class action lawsuit was filed in the U.S. District Court for the Southern District of Ohio on behalf of persons who acquired our common shares between February 2, 2012 and April 23, 2012. This lawsuit was filed against us, Lisa Bachmann, Mr. Cooper, Mr. Fishman and Mr. Haubiel. The complaint in the putative class action generally alleges that the defendants made statements concerning our financial performance that were false or misleading. The complaint asserts claims under sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 and seeks damages in an unspecified amount, plus attorneys' fees and expenses. The lead plaintiff filed an amended complaint on April 4, 2013, which added Mr. Johnson as a defendant, removed Ms. Bachmann as a defendant, and extended the putative class period to August 23, 2012. The defendants have filed a motion to dismiss the putative class action complaint, and that motion is fully briefed and awaiting a decision. We believe that the shareholder derivative and putative class action lawsuits are without merit, and we intend to defend ourselves vigorously against the allegations levied in these lawsuits. While a loss from these lawsuits is reasonably possible, at this time, we cannot reasonably estimate the amount of any loss that may result or whether the lawsuits will have a material impact on our financial statements. On November 29, 2012, we received a grand jury subpoena from the U.S. Attorney for the Southern District of New York requesting documents relating to Mr. Fishman's trades in our common shares. We provided information in response to the subpoena in late 2012 and early 2013. Since that time, we have received no further subpoena or other request for information from the U.S. Attorney. On December 7, 2012, we received a voluntary document request from the SEC relating to our guidance for the first quarter of fiscal 2012, internal policies, trading in our common shares by our directors and officers, and the terms of employment with Mr. Fishman. We provided information in response to the SEC request in late 2012 and early 2013. On May 20, 2013, our counsel received a letter dated May 9, 2013, from the Division of Enforcement of the SEC, which stated in relevant part: “This investigation has been completed as to your client, Big Lots, against which we do not intend to recommend any enforcement action by the Commission.” On June 13, 2013, we received a separate voluntary document request from the Division of Enforcement of the SEC relating principally to our participation in investor and analyst meetings in the first fiscal quarter of 2012. We have produced documents and are cooperating with the SEC in connection with its request. On December 21, 2012, we received a letter from NYSE Regulation requesting information relating to Mr. Fishman's trades in our common shares, internal policies, and the inquiries being conducted by other bodies. We provided information in response to the NYSE Regulation request in early 2013. NYSE Regulation has made additional requests for information and we have cooperated with its requests. We received a letter dated January 28, 2013, sent on behalf of a shareholder demanding that our Board of Directors investigate and take action in connection with the allegations made in the derivative and securities lawsuits described above. The shareholder indicated that he will commence a derivate lawsuit if our Board of Directors fails to take the demanded action. On March 6, 2013, our Board of Directors referred the shareholder's letter to a committee of independent directors to investigate the matter. That committee, with the assistance of independent outside counsel, investigated the allegations in the shareholder's demand letter and, on August 28, 2013, reported its findings to our Board of Directors along with its recommendation that the Board reject the shareholder's demand. Our Board of Directors unanimously accepted the recommendation of the demand investigation committee and, on September 9, 2013, outside counsel for the committee sent a letter to counsel for the shareholder informing the shareholder of the Board's determination. We are involved in other legal actions and claims arising in the ordinary course of business. We currently believe that each such action and claim will be resolved without a material effect on our financial condition, results of operations, or liquidity. However, litigation involves an element of uncertainty. Future developments could cause these actions or claims to have a material effect on our financial condition, results of operations, and liquidity. |
Consolidated Statements of Comprehensive Income (Unaudited) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Aug. 03, 2013
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Jul. 28, 2012
|
Aug. 03, 2013
|
Jul. 28, 2012
|
|
Net income | $ 18,126 | $ 22,075 | $ 50,459 | $ 62,821 |
Other comprehensive income (loss): | ||||
Foreign currency translation | (1,390) | (914) | (1,965) | (255) |
Amortization of pension, net of tax benefit of $(170), $(192), $(336) and $(457), respectively | 248 | 293 | 499 | 705 |
Valuation adjustment of pension, net of tax benefit of $0, $(102), $0, and $(102), respectively | 0 | 156 | 0 | 156 |
Total other comprehensive income (loss) | (1,142) | (465) | (1,466) | 606 |
Comprehensive income | $ 16,984 | $ 21,610 | $ 48,993 | $ 63,427 |
Basis of Presentation and Summary of Significant Accounting Policies
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Aug. 03, 2013
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES All references in this report to “we,” “us,” or “our” are to Big Lots, Inc. and its subsidiaries. We are North America’s largest broadline closeout retailer. At August 3, 2013, we operated 1,593 stores in two countries: the United States of America (“U.S.”) and Canada. We make available, free of charge, through the “Investor Relations” section of our website (www.biglots.com) under the “SEC Filings” caption, our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), as soon as reasonably practicable after we file such material with, or furnish it to, the Securities and Exchange Commission (“SEC”). The contents of our websites are not part of this report. The accompanying consolidated financial statements and these notes have been prepared in accordance with the rules and regulations of the SEC for interim financial information. The consolidated financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly our financial condition, results of operations, and cash flows for all periods presented. These consolidated financial statements, however, do not include all information necessary for a complete presentation of financial condition, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Interim results may not necessarily be indicative of results that may be expected for, or actually result during, any other interim period or for the year as a whole. We have historically experienced, and expect to continue to experience, seasonal fluctuations, with a larger percentage of our net sales and operating profit realized in our fourth fiscal quarter. The accompanying consolidated financial statements and these notes should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended February 2, 2013 (“2012 Form 10-K”). Fiscal Periods Our fiscal year ends on the Saturday nearest to January 31, which results in fiscal years consisting of 52 or 53 weeks. Unless otherwise stated, references to years in this report relate to fiscal years rather than calendar years. Fiscal year 2013 (“2013”) is comprised of the 52 weeks that began on February 3, 2013 and will end on February 1, 2014. Fiscal year 2012 (“2012”) was comprised of the 53 weeks that began on January 29, 2012 and ended on February 2, 2013. The fiscal quarters ended August 3, 2013 (“second quarter of 2013”) and July 28, 2012 (“second quarter of 2012”) were both comprised of 13 weeks. The year-to-date periods ended August 3, 2013 (“year-to-date 2013”) and July 28, 2012 (“year-to-date 2012”) were both comprised of 26 weeks. Merchandise Inventories We assign cost to merchandise inventories using the average cost retail inventory method. Under our previous inventory management system which was used through the end of 2011, we calculated average cost at the department level which constituted approximately 50 inventory cost pools. On January 29, 2012, the first day of 2012, we completed the implementation of new inventory management systems, which has allowed us to more precisely determine our inventory cost under the retail method. Since the beginning of 2012, we have calculated average cost at the class level which constitutes approximately 350 inventory cost pools. As the impact of the accounting change on inventory for the first quarter of 2012 was immaterial, we recognized the cumulative effect of the change in accounting principle as a current year expense by recording a reduction in inventory and a corresponding increase to cost of sales of approximately $5.6 million in the first quarter of 2012. This non-cash charge reduced the year-to-date 2012 income from continuing operations and net income by approximately $3.4 million and reduced the year-to-date 2012 basic and diluted earnings per share from continuing operations by $0.05. Selling and Administrative Expenses Selling and administrative expenses include store expenses (such as payroll and occupancy costs) and costs related to warehousing, distribution, outbound transportation to our stores, advertising, purchasing, insurance, non-income taxes, and overhead. Our selling and administrative expense rates may not be comparable to those of other retailers that include distribution and outbound transportation costs in cost of sales. Distribution and outbound transportation costs included in selling and administrative expenses were $39.9 million and $39.6 million for the second quarter of 2013 and the second quarter of 2012, respectively, and $82.3 million and $81.3 million for the year-to-date 2013 and the year-to-date 2012, respectively. Advertising Expense Advertising costs, which are expensed as incurred, consist primarily of television and print advertising, internet marketing and advertising, and in-store presentations. Advertising expenses are included in selling and administrative expenses. Advertising expenses were $19.7 million and $21.7 million for the second quarter of 2013 and the second quarter of 2012, respectively, and $43.3 million and $46.1 million for the year-to-date 2013 and the year-to-date 2012, respectively. Foreign Currency Translation The functional currency of our international subsidiary is the local currency of the country in which the subsidiary is located. We have one foreign subsidiary domiciled and operating in Canada. Foreign currency denominated assets and liabilities are translated into U.S. Dollars using the exchange rate in effect at the consolidated balance sheet date. Results of operations and cash flows are translated using the average exchange rates throughout the period. The effect of exchange rate fluctuations on translation of assets and liabilities is included as a component of shareholders’ equity in accumulated other comprehensive income (loss). Gains and losses from foreign currency transactions, which are included in other income (expense), were a loss of $0.1 million and immaterial for the second quarter of 2013 and the second quarter of 2012, respectively, and a loss of $0.3 million and immaterial for the year-to-date 2013 and the year-to-date 2012, respectively. Supplemental Cash Flow Disclosures The following table provides supplemental cash flow information for the year-to-date 2013 and 2012:
During the year-to-date 2013 and the year-to-date 2012, our gross proceeds from borrowings under the bank credit facility (as described in note 2) were $596.7 million and $523.8 million, respectively, and our gross repayments of borrowings under the bank credit facility were $626.2 million and $346.9 million, respectively. Reclassifications In the fourth quarter of 2012, we realigned select merchandise categories in our U.S. segment to be consistent with the realignment of our merchandising team and changes to our management reporting. Prior to the fourth quarter of 2012, we reported sales of our toys, books and sporting goods departments in the Play n' Wear category. We moved the toys, books and sporting goods departments out of the Play n' Wear category and repositioned them in the Hardlines & Other category. We also moved the results of certain large closeout deals that are typically acquired through our alternate product sourcing operations out of the Hardlines & Other category and repositioned them in the Play n' Wear category. We subsequently renamed our Hardlines & Other category to Hardlines and Toys and renamed our Play n' Wear category to Electronics & Other. Our Consumables category was also separated into a Food category and a Consumables category. The Consumables category now contains our health and beauty care, housekeeping supplies, household chemicals, paper products, pet, and home organization departments, while the Food category contains our various food and beverage departments. Fiscal 2012 sales results have been reclassified to reflect this realignment. Recent Accounting Pronouncements There are currently no new accounting pronouncements with a future effective date that are of significance, or potential significance, to us. |
Employee Benefit Plans (Tables)
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Aug. 03, 2013
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | The weighted-average assumptions used to determine net periodic pension cost for our plans were as follows:
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Schedule of Net Benefit Costs [Table Text Block] | The components of combined net periodic pension cost were as follows:
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Business Segment Data
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Aug. 03, 2013
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BUSINESS SEGMENT DATA | BUSINESS SEGMENT DATA We manage our business as two segments: U.S. and Canada. The following tables summarize net sales, results of operations, and total assets, by segment:
Our U.S. segment uses the following seven merchandise categories, which match our internal management and reporting of merchandise net sales: Food, Consumables, Furniture, Home, Seasonal, Hardlines & Toys, and Electronics & Other. The Food category includes our food and beverage departments. The Consumables category includes the health and beauty care, housekeeping supplies, household chemicals, paper products, pet and home organization departments. The Furniture category includes the upholstery, mattresses, ready-to-assemble, and casegoods departments. Casegoods consist of bedroom, dining room, fireplaces, and other occasional furniture. The Home category includes the domestics, stationery, and home decorative departments. The Seasonal category includes the lawn & garden, Christmas, summer, and other holiday departments. The Hardlines & Toys category includes the toys, appliances, tools, paint, and home maintenance departments. The Electronics & Other category includes the electronics, jewelry, infant accessories, and apparel departments, as well as the results of certain large closeout deals that we typically acquire through our alternate product sourcing operations. In the fourth quarter of 2012, we realigned the merchandise categories reported in our U.S. segment to be consistent with the realignment of our merchandising team. Please see the Reclassifications section of note 1 to the consolidated financial statements for further discussion. The following is net sales data by segment and category:
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Business Segment Data (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Aug. 03, 2013
|
Jul. 28, 2012
|
Aug. 03, 2013
|
Jul. 28, 2012
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Feb. 02, 2013
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Segment Reporting Information [Line Items] | |||||
Net sales | $ 1,225,572 | $ 1,218,037 | $ 2,536,910 | $ 2,512,518 | |
Depreciation expense | 28,149 | 26,271 | 55,619 | 51,559 | |
Operating profit (loss) | 32,811 | 39,344 | 89,503 | 108,186 | |
Interest expense | (733) | (895) | (1,459) | (1,231) | |
Other income (expense) | (118) | (38) | (264) | (1) | |
Income (loss) from continuing operations before income taxes | 31,960 | 38,411 | 87,780 | 106,954 | |
Income tax expense | 13,835 | 16,321 | 37,322 | 44,084 | |
Income (loss) from continuing operations | 18,125 | 22,090 | 50,458 | 62,870 | |
Total assets | 1,801,311 | 1,801,311 | 1,753,626 | ||
UNITED STATES
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|||||
Segment Reporting Information [Line Items] | |||||
Net sales | 1,187,677 | 1,183,023 | 2,462,421 | 2,445,258 | |
Depreciation expense | 27,570 | 25,468 | 54,450 | 49,892 | |
Operating profit (loss) | 36,544 | 42,627 | 97,534 | 117,622 | |
Interest expense | (730) | (895) | (1,456) | (1,231) | |
Other income (expense) | (11) | 0 | (11) | 0 | |
Income (loss) from continuing operations before income taxes | 35,803 | 41,732 | 96,067 | 116,391 | |
Income tax expense | 13,835 | 16,321 | 37,322 | 44,084 | |
Income (loss) from continuing operations | 21,968 | 25,411 | 58,745 | 72,307 | |
Total assets | 1,738,124 | 1,738,124 | 1,681,005 | ||
UNITED STATES | Consumables [Member]
|
|||||
Segment Reporting Information [Line Items] | |||||
Net sales | 224,222 | 218,304 | 431,643 | 418,326 | |
UNITED STATES | Seasonal [Member]
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|||||
Segment Reporting Information [Line Items] | |||||
Net sales | 200,648 | 194,472 | 379,464 | 367,877 | |
UNITED STATES | Furniture [Member]
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|||||
Segment Reporting Information [Line Items] | |||||
Net sales | 197,920 | 181,619 | 501,674 | 468,523 | |
UNITED STATES | Home [Member]
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|||||
Segment Reporting Information [Line Items] | |||||
Net sales | 172,889 | 178,260 | 358,666 | 369,437 | |
UNITED STATES | Food [Member]
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|||||
Segment Reporting Information [Line Items] | |||||
Net sales | 167,933 | 169,892 | 344,257 | 347,803 | |
UNITED STATES | Hardlines & Toys [Member]
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|||||
Segment Reporting Information [Line Items] | |||||
Net sales | 122,064 | 127,650 | 228,671 | 245,435 | |
UNITED STATES | Electronics & Other [Member]
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|||||
Segment Reporting Information [Line Items] | |||||
Net sales | 102,001 | 112,826 | 218,046 | 227,857 | |
CANADA
|
|||||
Segment Reporting Information [Line Items] | |||||
Net sales | 37,895 | 35,014 | 74,489 | 67,260 | |
Depreciation expense | 579 | 803 | 1,169 | 1,667 | |
Operating profit (loss) | (3,733) | (3,283) | (8,031) | (9,436) | |
Interest expense | (3) | 0 | (3) | 0 | |
Other income (expense) | (107) | (38) | (253) | (1) | |
Income (loss) from continuing operations before income taxes | (3,843) | (3,321) | (8,287) | (9,437) | |
Income tax expense | 0 | 0 | 0 | 0 | |
Income (loss) from continuing operations | (3,843) | (3,321) | (8,287) | (9,437) | |
Total assets | $ 63,187 | $ 63,187 | $ 72,621 |
Goodwill (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
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Aug. 03, 2013
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | The changes in the carrying amount of goodwill, which are generally not deductible for income tax purposes, were as follows:
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Components of Accumulated Other Comprehensive Income (Tables)
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3 Months Ended | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Aug. 03, 2013
|
Jul. 28, 2012
|
Aug. 03, 2013
|
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME | The following table summarizes the components of accumulated other comprehensive loss, net of tax, during the second quarter of 2013:
|
The following table summarizes the components of accumulated other comprehensive loss, net of tax, during the second quarter of 2012:
|
The following table summarizes the components of accumulated other comprehensive loss, net of tax, during 2012 and 2013:
|
Goodwill (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Aug. 03, 2013
|
Aug. 03, 2013
|
Jul. 28, 2012
|
|
Goodwill [Line Items] | |||
Goodwill | $ 13,522 | $ 12,282 | |
Goodwill, Purchase Accounting Adjustments | 0 | 1,191 | |
Goodwill, Translation Adjustments | (531) | (45) | |
Goodwill | 12,991 | 12,991 | 13,428 |
Goodwill, Impairment Loss | $ 0 |
Bank Credit Facility (Details) (2011 Credit Agreement [Member], USD $)
In Millions, unless otherwise specified |
6 Months Ended | ||
---|---|---|---|
Aug. 03, 2013
|
May 30, 2013
|
Jul. 21, 2011
|
|
2011 Credit Agreement [Member]
|
|||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 700 | ||
Deferred Finance Costs, Gross | 1.0 | 3.0 | |
Line of Credit Facility, Canadian Swing Loan Sublimit | 10 | ||
Line of Credit Facility, Swing Loan Sublimit | 30 | ||
Line of Credit Facility, Letter of Credit Sublimit | 150 | ||
Line of Credit Facility, Canadian Revolving Credit Loan Subfacility | 200 | ||
Line of Credit Facility, Amount Outstanding | 141.7 | ||
Line of Credit Facility, Letters of Credit Outstanding | 19.7 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 538.6 |
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