Exhibit 99.1

PRESS RELEASE

FOR IMMEDIATE RELEASE

Contact: Timothy A. Johnson
Vice President, Strategic
Planning and Investor Relations
614-278-6622

BIG LOTS REPORTS FIRST QUARTER RESULTS

Columbus, Ohio – May 25, 2006 – Big Lots, Inc. (NYSE: BLI) today reported first quarter fiscal 2006 income from continuing operations of $14.5 million, or $0.13 per diluted share, compared to income from continuing operations of $7.3 million, or $0.06 per diluted share, in the first quarter of fiscal 2005, exceeding Thomson Financial/First Call’s consensus first quarter earnings estimate of $0.05 per share. Including the impact of discontinued operations, first quarter fiscal 2006 net income totaled $13.7 million, or $0.12 per diluted share, compared to $7.8 million, or $0.07 per diluted share, in the prior year. As discussed in the Company’s Form 10-K filed with the SEC on April 13, 2006, the Company’s fiscal 2005 results from continuing operations do not include the 130 stores closed in January 2006 that are classified as discontinued operations.

FIRST QUARTER HIGHLIGHTS

• Earnings per share from continuing operations of $0.13 versus $0.06 last year, an increase of 117%

• Expenses as percent of sales improved 140 basis points to 38.2% versus 39.6% last year

• Record cash flow results

• Record inventory turnover performance

First Quarter Results

Net sales for the first quarter ended April 29, 2006, increased 4.7% to $1,091.6 million, compared to $1,043.1 million for the same period in fiscal 2005. Comparable store sales for stores open at least two years at the beginning of the fiscal year increased 2.5% for the quarter.

Operating income from continuing operations for the first quarter of fiscal 2006 increased 70% to $21.3 million, compared to $12.5 million for the same period last year, with the improvement to last year driven by the Company’s 2.5% comparable store sales increase along with significant expense leverage for the quarter. Expenses as a percent of sales improved by 140 basis points for the quarter due to improving efficiencies in stores and distribution centers along with benefits from cost reduction actions taken as part of the Company’s previously discussed WIN strategy. Expense leverage for the quarter was partially offset by pressure in gross margin. The gross margin rate for the quarter declined 60 basis points compared to last year due to a slight shift in merchandise mix towards lower margin categories, such as consumables and hardlines, and the continued impact of rising fuel prices on the cost of inbound freight.

Shareholder Relations Department
300 Phillipi Road
Columbus, Ohio 43228-5311
Phone: (614) 278-6622   Fax: (614) 278-6666
E-mail: aschmidt@biglots.com

For the first quarter, the Company recorded net interest income of $0.3 million, a $1.4 million improvement to last year’s net interest expense of $1.1 million. The improvement in interest for the first quarter was directly attributed to the improved cash generation of the business over the last 12 months.

Inventory and Cash Management

Inventory ended the quarter at $806 million, down 10% or $91 million compared to last year. The 10% decline in inventory was due to a 7% decline in store count coupled with a 3% decline in average inventory carried per store. The combination of improving disciplines around inventory management and improving sales trends led to record inventory turnover performance for the first quarter of fiscal 2006. The inventory turnover performance combined with improving operating results and low levels of capital spending resulted in record cash flow performance for the first quarter. The Company generated $104 million of cash flow (defined as cash provided by operating activities less cash used by investing activities) for the first quarter of fiscal 2006, compared to approximately $60 million of cash flow generated in the same period last year.

Share Repurchase Update

As announced in February of 2006, the Company’s Board of Directors authorized the repurchase of up to $150 million of the Company’s common shares. From February 24, 2006 (following approval of the program by the Company’s Board of Directors) through the end of the quarter on April 29, 2006, the Company purchased 2,345,400 shares at a total cost of $31.2 million.

FINANCIAL OUTLOOK

• Provides initial Q2 Sales and EPS guidance

• Increases annual EPS guidance to a range of $0.44 to $0.49 per diluted share

• Increases annual inventory turnover guidance

• Increases annual cash flow guidance to $140 million

For the second quarter of fiscal 2006, the Company’s guidance calls for a 1% to 4% comparable store sales increase with net sales estimated to be in the range of $1,015 million to $1,045 million. The Company expects that the operating income rate as a percent of sales will improve compared to the prior year as continued expense leverage will be only partially offset by an anticipated decline in the gross margin rate. Based on these assumptions, the Company estimates a loss from continuing operations of $0.07 to $0.10 per share for the second quarter of fiscal 2006, compared to a loss from continuing operations of $0.11 per share for the second quarter of fiscal 2005.

Based on the strength of the first quarter operating results, the Company raised its fiscal 2006 guidance for earnings, inventory turnover, and cash flow. Earnings from continuing operations are now expected to be in the range of $0.44 to $0.49 per diluted share, an increase from prior guidance which called for earnings from continuing operations of $0.38 to $0.43 per diluted share. The Company’s annual earnings expectations for fiscal 2006 compare favorably to earnings from continuing operations of $0.14 per diluted share for fiscal 2005. For fiscal 2006, inventory turnover is now anticipated to be in the range of 3.1 to 3.2, up from prior guidance of 3.1. Given the increase in annual earnings and inventory turnover guidance, the Company increased its fiscal 2006 cash flow guidance to $140 million from its prior guidance of $120 million. All cash flow estimates exclude the impact of the Company’s share repurchase program mentioned earlier in this release.

Shareholder Relations Department
300 Phillipi Road
Columbus, Ohio 43228-5311
Phone: (614) 278-6622   Fax: (614) 278-6666
E-mail: aschmidt@biglots.com

Conference Call/Webcast

The Company will host a conference call today at 8:00 a.m. Eastern Time to discuss the Company’s financial results for the first quarter of fiscal 2006. The Company invites you to listen to the live webcast of the conference call. The Company is hosting the live webcast at http://www.biglots.com.

If you are unable to join the live webcast, an archive of the call will be available at http://www.biglots.com in the Investor Relations section of our website two hours after the call ends and will remain available through midnight on Thursday, June 8. A replay of the call will be available beginning May 25 at 12:00 noon (Eastern Time) through June 8 at midnight by dialing: 1.800.207.7077 (United States and Canada) or 1.913.383.5767 (International or metro-Seattle). The PIN number is 4783.

Big Lots is the nation’s largest broadline closeout retailer. The Company currently operates 1,401 BIG LOTS stores in 47 states. Wholesale operations are conducted through BIG LOTS WHOLESALE, CONSOLIDATED INTERNATIONAL, WISCONSIN TOY and with online sales at www.biglotswholesale.com. The Company’s website is located at www.biglots.com.

Cautionary Statement Concerning Forward-Looking Statements

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 that Act. The words “anticipate,” “estimate,” “expect,” “objective,” “goal,” “project,” “intend,” “plan,” “believe,” “will,” “target,” “forecast” 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 in such forward-looking statements as a result of various factors, including 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.

Shareholder Relations Department
300 Phillipi Road
Columbus, Ohio 43228-5311
Phone: (614) 278-6622   Fax: (614) 278-6666
E-mail: aschmidt@biglots.com

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

	13 WEEKS ENDED						13 WEEKS ENDED
	APRIL 29, 2006						APRIL 30, 2005
				%						%
	(Unaudited)						(Unaudited)
Net sales	$	1,091,622			100.0		$	1,043,084			100.0
Gross margin		438,322			40.2			425,658			40.8
Selling and administrative expenses		392,389			35.9			387,306			37.1
Depreciation expense		24,653			2.3			25,837			2.5
Operating income		21,280			1.9			12,515			1.2
Interest expense		90			0.0			1,174			0.1
Interest income		(394	)		(0.0	)		(31	)		(0.0	)
Income from continuing operations before income taxes		21,584			2.0			11,372			1.1
Income tax expense		7,080			0.6			4,106			0.4
Income from continuing operations		14,504			1.3			7,266			0.7
(Loss) income from discontinued operations, net of tax benefit (expense) of $506 and ($331), respectively		(791	)		(0.1	)		534			(0.0	)
Net income	$	13,713			1.3		$	7,800			0.7
Income (loss) per common share — basic
Continuing operations	$	0.13					$	0.06
Discontinued operations		(0.01	)					0.01
Net income	$	0.12					$	0.07
Weighted average common shares outstanding — basic		113,014						112,969
Income (loss) per common share — diluted
Continuing operations	$	0.13					$	0.06
Discontinued operations		(0.01	)					0.01
Net income	$	0.12					$	0.07
Weighted average common shares outstanding — diluted		114,508						113,343

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

	APRIL 29,		APRIL 30,
	2006		2005
	(Unaudited)		(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents	$	74,541	$	10,945
Inventories		805,604		897,030
Deferred income taxes		76,824		73,729
Other current assets		62,971		63,755
Total Current Assets		1,019,940		1,045,459
Property and equipment — net		563,661		637,031
Deferred income taxes		23,813		20,051
Other assets		29,218		35,650
	$	1,636,632	$	1,738,191
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	184,768	$	183,688
Property, payroll and other taxes		107,788		110,429
Accrued operating expenses		58,084		42,901
Insurance reserves		47,212		48,422
KB lease obligation		27,163		32,482
Accrued salaries and wages		22,248		20,642
Other current liabilities		11,687		12,906
Total Current Liabilities		458,950		451,470
Long-term obligations		—		106,900
Deferred rent		40,809		41,701
Insurance reserves		44,436		37,630
Other liabilities		19,815		10,979
Shareholders’ equity		1,072,622		1,089,511
	$	1,636,632	$	1,738,191

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

	13 WEEKS ENDED			13 WEEKS ENDED
	APRIL 29, 2006			APRIL 30, 2005
	(Unaudited)			(Unaudited)
Net cash provided by operating activities	$	109,934		$	75,124
Net cash used in investing activities		(5,916	)		(15,274	)
Net cash used in financing activities		(31,187	)		(51,426	)
Increase in cash and cash equivalents		72,831			8,424
Cash and cash equivalents:
Beginning of year		1,710			2,521
End of quarter	$	74,541		$	10,945