Exhibit

Columbus, Ohio - December 2, 2016 - Big Lots, Inc. (NYSE: BIG) today reported income from continuing operations of $1.4 million, or $0.03 per diluted share, for the third quarter of fiscal 2016 ended October 29, 2016. This result includes an after tax expense of $0.5 million, or $0.01 per diluted share, associated with legacy pension plans which have been terminated. Excluding this expense, adjusted income from continuing operations totaled $1.9 million, or $0.04 per diluted share (see non-GAAP table included later in this release), which compares to our guidance for continuing operations in the range of an adjusted loss of $0.04 per share (non-GAAP) to adjusted income of $0.01 per diluted share (non-GAAP). In the third quarter of fiscal 2015, the adjusted loss from continuing operations totaled $0.2 million, or $0.00 per share (non-GAAP). Comparable store sales were flat for the third quarter of fiscal 2016, compared to our guidance of flat to an increase of 2%. Net sales for the quarter decreased 1.0% to $1,105 million, a result of a lower store count year-over-year.

Commenting on today’s release, David Campisi, Chief Executive Officer and President of Big Lots, stated, “We are pleased to report in a challenging retail environment the team delivered upon our financial commitments. Sales were in line with our communicated guidance while EPS was above our expectations. Jennifer continues to positively respond to our focus on ownable and winnable merchandise categories, improved merchandise presentations and more consistent in-store execution.”



	Earnings per Share

	Q3 2016	Q3 2015	YTD 2016	YTD 2015

Continuing operations	$0.03	($0.03)	$1.36	$0.94

Impact of legacy pension costs ⁽¹⁾	$0.01	$0.03	$0.05	$0.06

Impact of non-recurring expense ⁽¹⁾	—	—	—	$0.05

Continuing operations - adjusted basis ⁽¹⁾	$0.04	$0.00	$1.41	$1.05

% Change (2016 vs. 2015)			+34%

(1) Non-GAAP detailed reconciliation provided below.

We ended the third quarter of fiscal 2016 with $60 million of Cash and Cash Equivalents and $363 million of borrowings under our credit facility compared of $62 million of Cash and Cash Equivalents and $335 million of borrowings under our credit facility as of the end of the third quarter of fiscal 2015. Our growth in year-over-year borrowings resulted from returning a higher amount of cash to shareholders (dividends and share repurchases) while investing in capital expenditures to support our strategic plan.

For the fourth quarter of fiscal 2016, we estimate adjusted income from continuing operations will be in the range of $2.18 to $2.23 per diluted share (non-GAAP), compared to adjusted income from continuing operations of $2.01 per diluted share (non-GAAP) for the fourth quarter of fiscal 2015. This guidance is based on estimated comparable store sales in the range of flattish to +2% compared to a 0.7% comparable store sales increase in Q4 of fiscal 2015.

Based on operating results for the first three quarters and our expectations for the fourth quarter of fiscal 2016 noted above, we now estimate fiscal 2016 adjusted income from continuing operations to be in the range of $3.55 to $3.60 per diluted share (non-GAAP), compared to our previous guidance of $3.45 to $3.55 per diluted share. This compares to adjusted income from continuing operations of $3.01 per diluted share (non-GAAP) for fiscal 2015. This outlook is based on a comparable store sales increase in the range of +1% to +2% and total sales up slightly.

We will host a conference call today at 8:00 a.m. to discuss our financial results for the third quarter and provide commentary on our outlook for fiscal 2016. We invite you to listen to the webcast of the conference call through the Investor Relations section of our website http://www.biglots.com. If you are unable to join the live webcast, an archive of the call will be available through the Investor Relations section of our website after 12:00 noon today and will remain available through midnight on Friday, December 16, 2016. A replay of this call will also be available beginning today at 12:00 noon through December 16 by dialing 1.888.203.1112 (Toll Free USA and Canada) or 1.719.457.0820 (International), and entering Replay Passcode 4545762. All times are Eastern Time.

Headquartered in Columbus, Ohio, Big Lots, Inc. (NYSE: BIG) is a unique, non-traditional, discount retailer operating 1,445 BIG LOTS stores in 47 states with product assortments in the merchandise categories of Food, Consumables, Furniture, Seasonal, Soft Home, Hard Home, and Electronics & Accessories. Our vision is to be recognized for providing an outstanding shopping experience for our customers, valuing and developing our associates, and creating growth for our shareholders. Big Lots supports the communities it serves through the Big Lots Foundation, a charitable organization focused on four areas of need: hunger, housing, healthcare, and education. For more information about the Company, visit www.biglots.com.

Certain 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, current economic and credit conditions, 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.




BIG LOTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)

		OCTOBER 29		OCTOBER 31
		2016		2015
		(Unaudited)		(Recast)
	ASSETS

Current assets:
	Cash and cash equivalents		$59,743		$61,541
	Inventories	1,036,337		1,047,322
	Other current assets	112,251		110,184
	Total current assets	1,208,331		1,219,047

Property and equipment - net		540,669		576,563

Deferred income taxes		56,102		54,478
Other assets		42,141		39,209
			$1,847,243		$1,889,297

	LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
	Accounts payable		$503,625		$490,049
	Property, payroll and other taxes	88,941		81,808
	Accrued operating expenses	80,227		76,761
	Insurance reserves	42,141		42,661
	Accrued salaries and wages	50,243		36,658
	Income taxes payable	1,407		862
	Total current liabilities	766,584		728,799

Long-term obligations under bank credit facility		362,900		334,900

Deferred rent		55,291		61,418
Insurance reserves		58,647		57,527
Unrecognized tax benefits		14,639		17,809
Other liabilities		44,107		51,572

Shareholders' equity		545,075		637,272
			$1,847,243		$1,889,297




BIG LOTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)

		13 WEEKS ENDED					13 WEEKS ENDED
		OCTOBER 29, 2016					OCTOBER 31, 2015
					%					%
		(Unaudited)					(Unaudited)

Net sales			$1,105,498		100.0			$1,116,474		100.0
	Gross margin	441,992			40.0		440,007			39.4
	Selling and administrative expenses	409,753			37.1		411,994			36.9
	Depreciation expense	30,294			2.7		30,171			2.7
Operating profit (loss)		1,945			0.2		(2,158		)	(0.2	)
	Interest expense	(1,665		)	(0.2	)	(1,272		)	(0.1	)
	Other income (expense)	698			0.1		(673		)	(0.1	)
Income (loss) from continuing operations before income taxes		978			0.1		(4,103		)	(0.4	)
	Income tax benefit	(378		)	(0.0	)	(2,400		)	(0.2	)
Income (loss) from continuing operations		1,356			0.1		(1,703		)	(0.2	)
	Income from discontinued operations, net of tax expense of $13 and $118, respectively	20			0.0		195			0.0
Net income (loss)			$1,376		0.1			($1,508	)	(0.1	)

Earnings (loss) per common share - basic (a)
	Continuing operations		$0.03					($0.03	)
	Discontinued operations	0.00					0.00
	Net income (loss)		$0.03					($0.03	)

Earnings (loss) per common share - diluted (a)
	Continuing operations		$0.03					($0.03	)
	Discontinued operations	0.00					0.00
	Net income (loss)		$0.03					($0.03	)

Weighted average common shares outstanding
	Basic	44,165					49,057
	Dilutive effect of share-based awards	761					—
	Diluted	44,926					49,057

Cash dividends declared per common share			$0.21					$0.19

(a)	The earnings (loss) per share for Continuing Operations, Discontinued Operations and Net income (loss) are separately calculated in accordance with accounting pronouncements; therefore, the sum of earnings (loss) per share for Continuing Operations and Discontinued Operations may differ, due to rounding, from the calculated earnings per share of Net income (loss).




BIG LOTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)

		39 WEEKS ENDED					39 WEEKS ENDED
		OCTOBER 29, 2016					OCTOBER 31, 2015
					%					%
		(Unaudited)					(Unaudited)

Net sales			$3,621,228		100.0			$3,606,615		100.0
	Gross margin	1,446,096			39.9		1,419,957			39.4
	Selling and administrative expenses	1,251,905			34.6		1,246,545			34.6
	Depreciation expense	90,750			2.5		92,388			2.6
Operating profit		103,441			2.9		81,024			2.2
	Interest expense	(3,793		)	(0.1	)	(2,737		)	(0.1	)
	Other income (expense)	1,000			0.0		(2,387		)	(0.1	)
Income from continuing operations before income taxes		100,648			2.8		75,900			2.1
	Income tax expense	37,942			1.0		27,584			0.8
Income from continuing operations		62,706			1.7		48,316			1.3
	Income from discontinued operations, net of tax expense of $28 and $10, respectively	44			0.0		25			0.0
Net income			$62,750		1.7			$48,341		1.3

Earnings per common share - basic (a)
	Continuing operations		$1.37					$0.95
	Discontinued operations	0.00					0.00
	Net income		$1.37					$0.95

Earnings per common share - diluted (a)
	Continuing operations		$1.36					$0.94
	Discontinued operations	0.00					0.00
	Net income		$1.36					$0.94

Weighted average common shares outstanding
	Basic	45,678					50,992
	Dilutive effect of share-based awards	578					540
	Diluted	46,256					51,532

Cash dividends declared per common share			$0.63					$0.57

(a)	The earnings per share for Continuing Operations, Discontinued Operations and Net Income are separately calculated in accordance with accounting pronouncements; 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.





BIG LOTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)


		13 WEEKS ENDED			13 WEEKS ENDED
		OCTOBER 29, 2016			OCTOBER 31, 2015
		(Unaudited)			(Unaudited)

	Net cash used in operating activities		($67,964	)		($64,345	)

	Net cash used in investing activities	(26,812		)	(33,996		)

	Net cash provided by financing activities	96,150			102,519

Increase in cash and cash equivalents		1,374			4,178
	Cash and cash equivalents:
	Beginning of period	58,369			57,363
	End of period		$59,743			$61,541





BIG LOTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)


		39 WEEKS ENDED			39 WEEKS ENDED
		OCTOBER 29, 2016			OCTOBER 31, 2015
		(Unaudited)			(Unaudited)

	Net cash provided by operating activities		$43,536			$52,318

	Net cash used in investing activities	(71,842		)	(98,298		)

	Net cash provided by financing activities	33,905			55,260

Increase in cash and cash equivalents		5,599			9,280
	Cash and cash equivalents:
	Beginning of period	54,144			52,261
	End of period		$59,743			$61,541

The following tables reconcile: (1) selling and administrative expenses, selling and administrative expense rate, operating profit (loss), operating profit (loss) rate, income tax expense (benefit), effective income tax rate, income (loss) from continuing operations, net income (loss), diluted earnings (loss) per share from continuing operations, and diluted earnings (loss) per share for the third quarter of 2016, the year-to-date 2016, the third quarter of 2015, the year-to-date 2015, the fourth quarter of 2015, and the full year 2015 (GAAP financial measures) to adjusted selling and administrative expenses, adjusted selling and administrative expense rate, adjusted operating profit (loss), adjusted operating profit (loss) rate, adjusted income tax expense (benefit), adjusted effective income tax rate, adjusted income (loss) from continuing operations, adjusted net income (loss), adjusted diluted earnings (loss) per share from continuing operations, and adjusted diluted earnings (loss) per share (non-GAAP financial measures).



Third quarter of 2016 - Thirteen weeks ended October 29, 2016

	As Reported			Adjustment to exclude pension costs			As Adjusted (non-GAAP)
Selling and administrative expenses	$	409,753		$	(863	)	$	408,890
Selling and administrative expense rate	37.1		%	(0.1		%)	37.0		%
Operating profit	1,945			863			2,808
Operating profit rate	0.2		%	0.1		%	0.3		%
Income tax benefit	(378		)	342			(36		)
Effective income tax rate	-38.7		%	36.7		%	-2.0		%
Income from continuing operations	1,356			521			1,877
Net income	1,376			521			1,897
Diluted earnings per share from
continuing operations	$	0.03		$	0.01		$	0.04
Diluted earnings per share	$	0.03		$	0.01		$	0.04

The above adjusted selling and administrative expenses, adjusted selling and administrative expense rate, adjusted operating profit, adjusted operating profit rate, adjusted income tax benefit, adjusted effective income tax rate, adjusted income from continuing operations, adjusted net income, adjusted diluted earnings per share from continuing operations, and adjusted diluted earnings per share are “non-GAAP financial measures” as that term is defined by Rule 101 of Regulation G (17 CFR Part 244) and Item 10 of Regulation S-K (17 CFR Part 229). These non-GAAP financial measures exclude from the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) all costs associated with the Company’s pension plans, as the Company froze benefits and began termination activities for its pension plans in 2015 with the intentions of completing the termination and distributing all plan assets during 2016, which totaled $863 ($521, net of tax). The pension costs encompass all items associated with net periodic benefit costs, including curtailment and settlement charges, and professional fees associated with the plan and plan termination proceedings.



Year-to-date 2016 - Thirty-nine weeks ended October 29, 2016

	As Reported			Adjustment to exclude pension costs			As Adjusted (non-GAAP)
Selling and administrative expenses	$	1,251,905		$	(4,073	)	$	1,247,832
Selling and administrative expense rate	34.6		%	(0.1		%)	34.5		%
Operating profit	103,441			4,073			107,514
Operating profit rate	2.9		%	0.1		%	3.0		%
Income tax expense	37,942			1,612			39,554
Effective income tax rate	37.7		%	0.1		%	37.8		%
Income from continuing operations	62,706			2,461			65,167
Net income	62,750			2,461			65,211
Diluted earnings per share from
continuing operations	$	1.36		$	0.05		$	1.41
Diluted earnings per share	$	1.36		$	0.05		$	1.41

The above adjusted selling and administrative expenses, adjusted selling and administrative expense rate, adjusted operating profit, adjusted operating profit rate, adjusted income tax expense, adjusted effective income tax rate, adjusted income from continuing operations, adjusted net income, adjusted diluted earnings per share from continuing operations, and adjusted diluted earnings per share are “non-GAAP financial measures” as that term is defined by Rule 101 of Regulation G (17 CFR Part 244) and Item 10 of Regulation S-K (17 CFR Part 229). These non-GAAP financial measures exclude from the most directly comparable financial measures calculated and presented in accordance with GAAP all costs associated with the Company’s pension plans, as the Company froze benefits and began termination activities for its pension plans in 2015 with the intentions of completing the termination and distributing all plan assets during 2016, which totaled $4,073 ($2,461, net of tax). The pension costs encompass all items associated with net periodic benefit costs, including curtailment and settlement charges, and professional fees associated with the plan and plan termination proceedings.



Third quarter of 2015 - Thirteen weeks ended October 31, 2015

	As Reported			Adjustment to exclude pension costs			As Adjusted (non-GAAP)
Selling and administrative expenses	$	411,994		$	(2,560	)	$	409,434
Selling and administrative expense rate	36.9		%	(0.2		%)	36.7		%
Operating (loss) profit	(2,158		)	2,560			402
Operating (loss) profit rate	(0.2		%)	0.2		%	0.0		%
Income tax benefit	(2,400		)	1,012			(1,388		)
Effective income tax rate	58.5		%	31.5		%	90.0		%
Loss from continuing operations	(1,703		)	1,548			(155		)
Net (loss) income	(1,508		)	1,548			40
Diluted earnings (loss) per share from
continuing operations	$	(0.03	)	$	0.03		$	0.00
Diluted earnings (loss) per share	$	(0.03	)	$	0.03		$	0.00

The above adjusted selling and administrative expenses, adjusted selling and administrative expense rate, adjusted operating (loss) profit, adjusted operating (loss) profit rate, adjusted income tax benefit, adjusted effective income tax rate, adjusted loss from continuing operations, adjusted net (loss) income, adjusted diluted earnings (loss) per share from continuing operations, and adjusted diluted earnings (loss) per share are “non-GAAP financial measures” as that term is defined by Rule 101 of Regulation G (17 CFR Part 244) and Item 10 of Regulation S-K (17 CFR Part 229). These non-GAAP financial measures exclude from the most directly comparable financial measures calculated and presented in accordance with GAAP all costs associated with the Company’s pension plans, as the Company froze benefits and began termination activities for its pension plans in 2015 with the intentions of completing the termination and distributing all plan assets during 2016, which totaled $2,560 ($1,548, net of tax). The pension costs encompass all items associated with net periodic benefit costs, including curtailment and settlement charges, and professional fees associated with the plan and plan termination proceedings.



Year-to-date 2015 - Thirty-nine weeks ended October 31, 2015

	As Reported			Adjustment to exclude loss contingency			Adjustment to exclude pension costs			As Adjusted (non-GAAP)
Selling and administrative expenses	$	1,246,545		$	(4,487	)	$	(4,685	)	$	1,237,373
Selling and administrative expense rate	34.6		%	(0.1		%)	(0.1		%)	34.3		%
Operating profit	81,024			4,487			4,685			90,196
Operating profit rate	2.2		%	0.1		%	0.1		%	2.5		%
Income tax expense	27,584			1,776			1,848			31,208
Effective income tax rate	36.3		%	0.2		%	(0.6		%)	36.7		%
Income from continuing operations	48,316			2,711			2,837			53,864
Net income	48,341			2,711			2,837			53,889
Diluted earnings per share from
continuing operations	$	0.94		$	0.05		$	0.06		$	1.05
Diluted earnings per share	$	0.94		$	0.05		$	0.06		$	1.05

The above adjusted selling and administrative expenses, adjusted selling and administrative expense rate, adjusted operating profit, adjusted operating profit rate, adjusted income tax expense, adjusted effective income tax rate, adjusted income from continuing operations, adjusted net income, adjusted diluted earnings per share from continuing operations, and adjusted diluted earnings per share are “non-GAAP financial measures” as that term is defined by Rule 101 of Regulation G (17 CFR Part 244) and Item 10 of Regulation S-K (17 CFR Part 229). These non-GAAP financial measures exclude from the most directly comparable financial measures calculated and presented in accordance with GAAP: (1) a pretax accrual of a loss contingency associated with merchandise-related legal matters of $4,487 ($2,711, net of tax); and (2) all costs associated with the Company’s pension plans, as the Company froze benefits and began termination activities for its pension plans in 2015 with the intentions of completing the termination and distributing all plan assets during 2016, which totaled $4,685 ($2,837, net of tax). The pension costs encompass all items associated with net periodic benefit costs, including curtailment and settlement charges, and professional fees associated with the plan and plan termination proceedings.



Fourth quarter of 2015 - Thirteen weeks ended January 30, 2016

	As Reported			Adjustment to exclude pension costs			As Adjusted (non-GAAP)
Selling and administrative expenses	$	462,172		$	(8,247	)	$	453,925
Selling and administrative expense rate	29.2		%	(0.5		%)	28.7		%
Operating profit	154,708			8,247			162,955
Operating profit rate	9.8		%	0.5		%	10.3		%
Income tax expense	56,528			3,264			59,792
Effective income tax rate	37.3		%	0.3		%	37.6		%
Income from continuing operations	94,692			4,983			99,675
Net income	94,532			4,983			99,515
Diluted earnings per share from
continuing operations	$	1.91		$	0.10		$	2.01
Diluted earnings per share	$	1.91		$	0.10		$	2.01

The above adjusted selling and administrative expenses, adjusted selling and administrative expense rate, adjusted operating profit, adjusted operating profit rate, adjusted income tax expense, adjusted effective income tax rate, adjusted income from continuing operations, adjusted net income, adjusted diluted earnings per share from continuing operations, and adjusted diluted earnings per share are “non-GAAP financial measures” as that term is defined by Rule 101 of Regulation G (17 CFR Part 244) and Item 10 of Regulation S-K (17 CFR Part 229). These non-GAAP financial measures exclude from the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) all costs associated with the Company’s pension plans, as the Company froze benefits and began termination activities for its pension plans in 2015 with the intentions of completing the termination and distributing all plan assets during 2016, which totaled $8,247 ($4,983, net of tax). The pension costs encompass all items associated with net periodic benefit costs, including curtailment and settlement charges, and professional fees associated with the plan and plan termination proceedings.



Full Year 2015 - Fifty-two weeks ended January 30, 2016

	As Reported			Adjustment to exclude loss contingency			Adjustment to exclude pension costs			As Adjusted (non-GAAP)
Selling and administrative expenses	$	1,708,717		$	(4,487	)	$	(12,932	)	$	1,691,298
Selling and administrative expense rate	32.9		%	(0.1		%)	(0.2		%)	32.6		%
Operating profit	235,732			4,487			12,932			253,151
Operating profit rate	4.5		%	0.1		%	0.2		%	4.9		%
Income tax expense	83,842			1,776			5,112			90,730
Effective income tax rate	37.0		%	0.0		%	0.1		%	37.1		%
Income from continuing operations	143,008			2,711			7,820			153,539
Net income	142,873			2,711			7,820			153,404
Diluted earnings per share from
continuing operations	$	2.81		$	0.05		$	0.15		$	3.01
Diluted earnings per share	$	2.80		$	0.05		$	0.15		$	3.01

The above adjusted selling and administrative expenses, adjusted selling and administrative expense rate, adjusted operating profit, adjusted operating profit rate, adjusted income tax expense, adjusted effective income tax rate, adjusted income from continuing operations, adjusted net income, adjusted diluted earnings per share from continuing operations, and adjusted diluted earnings per share are “non-GAAP financial measures” as that term is defined by Rule 101 of Regulation G (17 CFR Part 244) and Item 10 of Regulation S-K (17 CFR Part 229). These non-GAAP financial measures exclude from the most directly comparable financial measures calculated and presented in accordance with GAAP: (1) a pretax accrual of a loss contingency associated with merchandise-related legal matters of $4,487 ($2,711, net of tax); and (2) all costs associated with the Company’s pension plans, as the Company froze benefits and began termination activities for its pension plans in 2015 with the intentions of completing the termination and distributing all plan assets during 2016, which totaled $12,932 ($7,820, net of tax). The pension costs encompass all items associated with net periodic benefit costs, including curtailment and settlement charges, and professional fees associated with the plan and plan termination proceedings.

Our management believes that the disclosure of these non-GAAP financial measures provides useful information to investors because the non-GAAP financial measures present an alternative and more relevant method for measuring our operating performance, excluding special items included in the most directly comparable GAAP financial measures that management believes is more indicative of our on-going operating results and financial condition. Our management uses these non-GAAP financial measures, along with the most directly comparable GAAP financial measures, in evaluating our operating performance.



PRESS RELEASE
FOR IMMEDIATE RELEASE			Contact: Andrew D. Regrut
			Vice President, Investor Relations
			(614) 278-6622



	Shareholder Relations Department
	300 Phillipi Road
	Columbus, Ohio 43228-5311
	Phone: (614) 278-6622 Fax: (614) 278-8322
	Email: aschmidt@biglots.com



	Shareholder Relations Department
	300 Phillipi Road
	Columbus, Ohio 43228-5311
	Phone: (614) 278-6622 Fax: (614) 278-8322
	Email: aschmidt@biglots.com



	Full Year

	2016 Guidance ⁽¹⁾	2015 ⁽²⁾

Adjusted EPS from continuing operations	$3.55 to $3.60	$3.01

% Change (2016 vs. 2015)	+18% to +20%

(1) Non-GAAP - excludes potential impact of legacy pension costs of approximately $15 million after tax.
(2) Non-GAAP - see attached reconciliation.



	Shareholder Relations Department
	300 Phillipi Road
	Columbus, Ohio 43228-5311
	Phone: (614) 278-6622 Fax: (614) 278-8322
	Email: aschmidt@biglots.com


•	Adjusted income from continuing operations of $0.04 per diluted share (non-GAAP), compared to an adjusted loss of $0.2 million, or $0.00 per share (non-GAAP) last year


•	Comparable store sales were flat which was in line with guidance


•	Affirms Q4 guidance for adjusted income from continuing operations in the range of $2.18 to $2.23 per diluted share (non-GAAP), compared to adjusted income from continuing operations of $2.01 per diluted share (non-GAAP) for the same period last year


•	Affirms Q4 guidance for comparable store sales in the range of flattish to +2%


•	Increases guidance for fiscal 2016 adjusted income from continuing operations to be in the range of $3.55 to $3.60 per diluted share (non-GAAP), representing an 18% to 20% increase compared to fiscal 2015 adjusted income from continuing operations of $3.01 per diluted share (non-GAAP)


•	Affirms guidance for fiscal 2016 comparable store sales increase in the range of 1% to 2%


•	Updates guidance for fiscal 2016 cash flow to $195 million