(1) Non-GAAP detailed reconciliation provided in statement belowįor fiscal 2022, the company reported a net loss of $210.7 million, or $7.30 per diluted share. We remain focused on growing margin, reducing expenses, and making highly disciplined investment decisions."Ī summary of adjustments to loss per diluted share is included in the table below.Įarnings (loss) per diluted share - as reportedĪdjustment to exclude store asset impairment charges and a gain on the sale of real estate and related expenses (1)Įarnings (loss) per diluted share – adjusted basis In addition, we will continue to take strides to meet our customer's needs, grow our relevance, and be more efficient across our fleet. These include offering even more compelling opening price points and better bargains and treasures, which are easier to find and more convenient to shop. We continue to accelerate the transformation of our business through key action points. "As we enter 2023, we remain excited about the opportunity to provide more value to our customers, while improving our sales and earnings momentum as the year progresses. I remain impressed by the agility and efforts of the team, who once again delivered on our targets under challenging conditions." We also saw favorability in SG&A, as we tightly managed costs, and have further strengthened our balance sheet through asset monetization efforts.
Further, our year-over-year inventories came down materially to appropriate levels. "Even though our furniture business was adversely impacted by the unexpected closure of our largest vendor, we were able to deliver fourth quarter sales and gross margins that were in line with guidance.
Against that backdrop, we made sequential progress to improve our margins, tightly manage expenses, and right-size our inventories over the last few quarters." This impact excludes the attachment impact on adjacent categories, such as soft home. Net new stores and relocations contributed approximately 210 basis points of sales growth compared to the fourth quarter of 2021.Ĭommenting on today's results announcement, Bruce Thorn, President and CEO of Big Lots stated, "Despite the extremely difficult consumer environment throughout 2022, we've taken action to strengthen and transform our business model. We estimate comparable sales were adversely impacted by approximately 130 basis points due to product shortages in furniture, resulting from the unexpected closure of our largest vendor in November. The decline to last year was driven by a comparable sales decrease of 13.0%. Net sales for the fourth quarter of fiscal 2022 totaled $1.543 billion, a 10.9% decrease compared to $1.732 billion for the same period last year. Adjusted net income for the fourth quarter of fiscal 2021 was $53.6 million, or $1.75 per diluted share (non-GAAP). Excluding this charge, the adjusted net loss in the fourth quarter of 2022 was $8.1 million, or $0.28 per share (see non-GAAP table included later in this release). This result includes a net after-tax charge of $4.4 million, or $0.15 per share, associated with the net impact of store asset impairment charges and a gain on the sale of real estate and related expenses. (NYSE: BIG) today reported a net loss of $12.5 million, or $0.43 per share, for the fourth quarter of fiscal 2022 ended January 28, 2023. Right-sized inventory position and strengthened balance sheet with asset monetizationĮxpect to drive significant business improvements during FY 2023įor the Q4 Results Presentation, Please Visit: ĬOLUMBUS, Ohio, Ma/PRNewswire/ - Big Lots, Inc. Q4 GAAP EPS loss of $0.43 adjusted EPS loss of $0.28 Q4 comparable sales and gross margins in line with guidance expenses, excluding adjustments, better than expected
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