Big Lots, Inc. (NYSE: BLI) With annual sales over $4 billion and over 1,400 stores nationwide, Big Lots is America’s largest broadline closeout retailer. Our stock is traded on the New York Stock Exchange under the symbol BLI and is ranked among the Fortune 500. 

http://www.biglots.com/

Big Lots Reports Second Quarter Comparable Store Sales Increase Of 5.2%
COLUMBUS, Ohio, Aug. 9 /PRNewswire-FirstCall/ -- Big Lots, Inc. (NYSE: BIG) today reported second quarter retail sales for fiscal quarter ended August 4, 2007 increased 2.8% to $1,075.4 million, compared to $1,046.5 million for the second quarter of fiscal 2006. Comparable store sales for stores open at least two years at the beginning of the fiscal year increased 5.2% for the second quarter of fiscal 2007, above the Company's guidance for a comparable store sales increase in the range of 2% to 4%.
For the twenty-six week year to date period ended August 4, 2007, retail sales increased 3.1% to $2,191.4 million, compared to $2,124.6 million for the same period in fiscal 2006. Comparable store sales increased 5.0% for the year to date period.

Big Lots Reports Fourth Quarter and Fiscal Year Results for 2006 
                  Company Provides Initial Guidance for 2007
                     Company Communicates 3-Year Outlook
           Company Announces $600 Million Share Repurchase Program

COLUMBUS, Ohio, March 9 /PRNewswire-FirstCall/ -- Big Lots, Inc. (NYSE: BIG) today reported fourth quarter fiscal 2006 net income of $104.3 million, or $0.94 per diluted share, compared to net income of $14.7 million, or $0.13 per diluted share for the same period of fiscal 2005. For the fifty- three week fiscal year ended February 3, 2007, net income was $124.0 million, or $1.11 per diluted share, compared to a net loss of $10.1 million, or $0.09 per diluted share, for the fifty-two week fiscal year in 2005. Results include both the continuing operations of the business and discontinued operations.
Discontinued Operations
As discussed in the Company's Form 10-K filed with the SEC on April 13, 2006, activity related to KB Toys, a former division of the Company, as well as the operating results and costs associated with 130 stores closed in January 2006 are classified as discontinued operations. For the fourth quarter and fiscal year ended February 3, 2007, net income from discontinued operations totaled $12.7 million and $11.4 million, respectively, compared to a net loss of $23.0 million and $25.8 million, respectively, for the fourth quarter and full year periods of fiscal 2005.
Continuing Operations
For the fourth quarter of fiscal 2006, the income from continuing operations was $91.6 million, or $0.83 per diluted share, compared to income from continuing operations of $37.7 million, or $0.33 per diluted share, for the same period of fiscal 2005. For the fifty-three week fiscal year ended February 3, 2007, income from continuing operations was $112.6 million, or $1.01 per diluted share, compared to income from continuing operations of $15.7 million, or $0.14 per diluted share, for the fifty-two week fiscal year in 2005.

    FULL YEAR FISCAL 2006 HIGHLIGHTS
     * Income from continuing operations of $1.01 per diluted share versus
       income from continuing operations of $0.14 per diluted share last year
     * Comparable store sales increase of 4.6%
     * Operating profit expansion of 290 basis points
     * Record $351 million of Cash Flow (defined as operating activities less
       investing activities)
     * Record inventory turnover of 3.4
     * Completed $150 million Share Repurchase program
Commenting on fiscal year 2006 results, Steve Fishman, Chairman and Chief Executive Officer stated, "We made Big Lots a stronger company in 2006 by staying focused on our WIN strategy and holding our team accountable. Quarter by quarter, our execution improved and the merchandise offering in our stores got better and better. During 2006, we restored consistency in comp sales growth, turned inventory faster, and generated more cash than any other period in the Company's history. We reinvested in our business and returned cash to our shareholders by spending $150 million to repurchase 9.4 million shares of the Company's stock. Our organization worked extremely hard over the last 12 months and I firmly believe that the WIN strategy is working and we're seeing the benefits of our efforts in these results. We are equally as excited about what we learned throughout 2006 which served as the basis for our strategies that have been developed for the next three years."
    FOURTH QUARTER HIGHLIGHTS
     * Income from continuing operations of $0.83 per diluted share versus
       income from continuing operations of $0.33 per diluted share last year
     * Comparable store sales increase of 4.9%
     * Gross margin rate of 40.5%, up 340 basis points to last year
     * Expense rate of 31.6%, an improvement of 100 basis points to last year
     * Record Cash Flow and inventory turnover
    Fourth Quarter Results
Fourth quarter net sales for the fourteen week fiscal quarter ended February 3, 2007, increased 10.8% to $1,545.4 million, compared to $1,394.9 million for the thirteen week fourth quarter in fiscal 2005. Comparable store sales for stores open at least two years at the beginning of the fiscal year increased 4.9% for the quarter.
Operating profit for the fourth quarter of fiscal 2006 was $137.0 million, or 8.9% of sales, compared to last year's operating profit of $62.8 million, or 4.5% of sales. The improvement in operating profit performance resulted from the Company's 4.9% comparable store sales increase, a higher gross margin rate, and the continuation of expense leverage compared to the prior year. The Company's gross margin rate increased 340 basis points compared to last year principally due to improved merchandising and inventory management throughout the entire year which led to significantly less clearance merchandise compared to the prior year. Expenses as a percent of sales improved by 100 basis points resulting primarily from store and distribution center efficiencies associated with lower inventory levels and improved timing of inventory flow.
For the fourth quarter of fiscal 2006, the Company recorded net interest income of $1.9 million, a $3.0 million improvement compared to last year, which was directly attributable to the improved cash generation of the business over the last 12 months.
Inventory and Cash Management
Inventory ended the quarter at $758 million, down 9% or $78 million compared to last year. Lower inventory value resulted from a decline in store count along with an 8% decline in average store inventory levels year over year. For the fourth quarter, the Company achieved record inventory turnover results driven by improving inventory management and timely flow of merchandise along with strength in comparable store sales. Inventory turnover performance combined with improving operating results yielded higher Cash Flow for the fourth quarter compared to last year. Cash Flow for the fourth quarter of fiscal 2006 was $304 million compared to approximately $230 million of Cash Flow during the same period last year. The Company ended the fourth quarter of fiscal 2006 with no debt and total cash and investments of $282 million, an increase of $280 million over the prior 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. During the fourth quarter of fiscal 2006, the Company completed its $150 million program by purchasing 702,489 shares at a weighted average cost of $22.78. For fiscal 2006, the Company invested $150 million to repurchase 9,434,610 shares at a weighted average price of $15.90 per share. The shares repurchased represent approximately 8% of the total outstanding shares at the beginning of fiscal 2006.