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 S
|
Accelerated
filer o
|
Non-accelerated
filer o
|
Page
|
||
2
|
||
2
|
||
a)
|
2
|
|
b)
|
3
|
|
c)
|
4
|
|
d
)
|
5
|
|
e
)
|
6
|
|
14
|
||
21
|
||
21
|
||
21
|
||
21
|
||
21
|
||
22
|
||
22
|
||
22
|
||
22
|
||
23
|
||
23
|
Consolidated
Statements of Operations (Unaudited)
(In
thousands, except per share
amounts)
|
Thirteen
Weeks Ended
|
Thirty-Nine
Weeks Ended
|
|||||||||||||||
November
3, 2007
|
October
28, 2006
|
November
3, 2007
|
October
28, 2006
|
|||||||||||||
Net
sales
|
$ |
1,030,638
|
$ |
1,049,537
|
$ |
3,243,928
|
$ |
3,197,694
|
||||||||
Cost
of sales
|
618,832
|
634,192
|
1,964,135
|
1,931,734
|
||||||||||||
Gross
margin
|
411,806
|
415,345
|
1,279,793
|
1,265,960
|
||||||||||||
Selling
and administrative expenses
|
367,806
|
388,041
|
1,116,315
|
1,160,546
|
||||||||||||
Depreciation
expense
|
21,268
|
24,988
|
64,860
|
74,568
|
||||||||||||
Operating
profit
|
22,732
|
2,316
|
98,618
|
30,846
|
||||||||||||
Interest
expense
|
(235 | ) | (185 | ) | (432 | ) | (390 | ) | ||||||||
Interest
and investment income
|
578
|
61
|
5,180
|
1,209
|
||||||||||||
Income
from continuing operations before income taxes
|
23,075
|
2,192
|
103,366
|
31,665
|
||||||||||||
Income
tax expense
|
8,702
|
373
|
37,834
|
10,638
|
||||||||||||
Income
from continuing operations
|
14,373
|
1,819
|
65,532
|
21,027
|
||||||||||||
Income
(loss) from discontinued operations, net of tax expense (benefit) of
$(48), $(1,097), $581, and $(1,773), respectively
|
(75 | ) | (85 | ) |
914
|
(1,281 | ) | |||||||||
Net
income
|
$ |
14,298
|
$ |
1,734
|
$ |
66,446
|
$ |
19,746
|
||||||||
Income
(loss) per common share - basic
|
||||||||||||||||
Continuing
operations
|
$ |
0.14
|
$ |
0.02
|
$ |
0.62
|
$ |
0.19
|
||||||||
Discontinued
operations
|
-
|
-
|
0.01
|
(0.01 | ) | |||||||||||
$ |
0.14
|
$ |
0.02
|
$ |
0.63
|
$ |
0.18
|
|||||||||
Income
(loss) per common share - diluted
|
||||||||||||||||
Continuing
operations
|
$ |
0.14
|
$ |
0.02
|
$ |
0.61
|
$ |
0.19
|
||||||||
Discontinued
operations
|
-
|
-
|
0.01
|
(0.01 | ) | |||||||||||
$ |
0.14
|
$ |
0.02
|
$ |
0.62
|
$ |
0.18
|
|||||||||
Weighted-average
common shares outstanding:
|
||||||||||||||||
Basic
|
101,188
|
108,239
|
105,866
|
110,750
|
||||||||||||
Dilutive
effect of share-based awards
|
1,055
|
1,656
|
1,329
|
1,214
|
||||||||||||
Diluted
|
102,243
|
109,895
|
107,195
|
111,964
|
Consolidated
Balance Sheets
(In
thousands, except par
value)
|
(Unaudited)
|
||||||||
November 3,
2007
|
February 3,
2007
|
|||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ |
41,776
|
$ |
281,657
|
||||
Inventories
|
989,742
|
758,185
|
||||||
Deferred
income taxes
|
65,006
|
60,292
|
||||||
Other
current assets
|
65,989
|
48,913
|
||||||
Total
current assets
|
1,162,513
|
1,149,047
|
||||||
Property
and equipment - net
|
491,780
|
505,647
|
||||||
Deferred
income taxes
|
50,443
|
45,057
|
||||||
Other
assets
|
22,308
|
20,775
|
||||||
Total
assets
|
$ |
1,727,044
|
$ |
1,720,526
|
||||
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Accounts
payable
|
$ |
386,981
|
$ |
193,996
|
||||
Property,
payroll, and other taxes
|
69,186
|
93,706
|
||||||
Accrued
operating expenses
|
117,879
|
58,815
|
||||||
Insurance
reserves
|
38,257
|
43,518
|
||||||
KB
bankruptcy lease obligation
|
8,768
|
12,660
|
||||||
Accrued
salaries and wages
|
34,884
|
43,515
|
||||||
Other
current liabilities
|
13,914
|
28,022
|
||||||
Total
current liabilities
|
669,869
|
474,232
|
||||||
Long-term
obligations
|
138,900
|
-
|
||||||
Deferred
rent
|
32,604
|
37,801
|
||||||
Insurance
reserves
|
43,961
|
44,238
|
||||||
Unrecognized
tax benefits
|
31,052
|
-
|
||||||
Other
liabilities
|
35,386
|
34,552
|
||||||
Shareholders’
equity:
|
||||||||
Preferred
shares - authorized 2,000 shares; $0.01 par value; none
issued
|
-
|
-
|
||||||
Common
shares - authorized 298,000 shares; $0.01 per value; issued 117,495
shares; outstanding 95,832 shares and109,633 shares,
respectively
|
1,175
|
1,175
|
||||||
Treasury
shares - 21,633 shares and 7,862 shares, respectively, at
cost
|
(554,736 | ) | (124,182 | ) | ||||
Additional
paid-in capital
|
488,824
|
477,318
|
||||||
Retained
earnings
|
845,556
|
781,325
|
||||||
Accumulated
other comprehensive income (loss)
|
(5,547 | ) | (5,933 | ) | ||||
Total
shareholders' equity
|
775,272
|
1,129,703
|
||||||
Total
liabilities and shareholders' equity
|
$ |
1,727,044
|
$ |
1,720,526
|
BIG
LOTS, INC. AND SUBSIDIARIES
Consolidated
Statements of Shareholders’ Equity
(Unaudited)
(In
thousands)
|
Accumulated
|
||||||||||||||||||||||||||||||||||||
Additional
|
Other
|
|||||||||||||||||||||||||||||||||||
Common
|
Treasury
|
Unearned
|
Paid-In
|
Retained
|
Comprehensive
|
|||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Compensation
|
Capital
|
Earnings
|
Income (Loss)
|
Total
|
||||||||||||||||||||||||||||
Balance
- January 28, 2006
|
113,932
|
$ |
1,175
|
3,563
|
$ | (48,294 | ) | $ | (2,114 | ) | $ |
470,677
|
$ |
657,280
|
$ |
-
|
$ |
1,078,724
|
||||||||||||||||||
Net
income
|
-
|
-
|
-
|
-
|
-
|
19,746
|
-
|
19,746
|
||||||||||||||||||||||||||||
Adjustment
due to SFAS No. 123(R)
|
-
|
-
|
-
|
-
|
2,114
|
(2,114 | ) |
-
|
-
|
-
|
||||||||||||||||||||||||||
Purchases
of common shares
|
(8,746 | ) |
-
|
8,746
|
(134,169 | ) |
-
|
-
|
-
|
-
|
(134,169 | ) | ||||||||||||||||||||||||
Structured
share repurchase
|
-
|
-
|
-
|
-
|
-
|
627
|
-
|
-
|
627
|
|||||||||||||||||||||||||||
Exercise
of stock options
|
3,340
|
-
|
(3,340 | ) |
47,685
|
-
|
(7,034 | ) |
-
|
-
|
40,651
|
|||||||||||||||||||||||||
Tax
benefit from share-based awards
|
-
|
-
|
-
|
-
|
-
|
6,203
|
-
|
-
|
6,203
|
|||||||||||||||||||||||||||
Treasury
shares used for matching contributions to savings
plan
|
404
|
-
|
(404 | ) |
5,589
|
-
|
(415 | ) |
-
|
-
|
5,174
|
|||||||||||||||||||||||||
Sale
of treasury shares used for deferred compensation
plan
|
70
|
-
|
(70 | ) |
658
|
-
|
517
|
-
|
-
|
1,175
|
||||||||||||||||||||||||||
Share-based
employee compensation expense
|
-
|
-
|
-
|
-
|
-
|
2,881
|
-
|
-
|
2,881
|
|||||||||||||||||||||||||||
Balance
- October 28, 2006
|
109,000
|
1,175
|
8,495
|
(128,531 | ) |
-
|
471,342
|
677,026
|
-
|
1,021,012
|
||||||||||||||||||||||||||
Net
income
|
-
|
-
|
-
|
-
|
-
|
-
|
104,299
|
-
|
104,299
|
|||||||||||||||||||||||||||
Adjustment
due to SFAS No. 158
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(5,933 | ) | (5,933 | ) | |||||||||||||||||||||||||
Purchases
of common shares
|
(715 | ) |
-
|
715
|
(16,281 | ) |
-
|
-
|
-
|
-
|
(16,281 | ) | ||||||||||||||||||||||||
Structured
share repurchase
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Exercise
of stock options
|
1,332
|
-
|
(1,332 | ) |
20,443
|
-
|
(3,575 | ) |
-
|
-
|
16,868
|
|||||||||||||||||||||||||
Tax
benefit from share-based awards
|
-
|
-
|
-
|
-
|
-
|
5,695
|
-
|
-
|
5,695
|
|||||||||||||||||||||||||||
Sale
of treasury shares used for deferred compensation
plan
|
16
|
-
|
(16 | ) |
187
|
-
|
152
|
-
|
-
|
339
|
||||||||||||||||||||||||||
Share-based
employee compensation expense
|
-
|
-
|
-
|
-
|
-
|
3,704
|
-
|
-
|
3,704
|
|||||||||||||||||||||||||||
Balance
- February 3, 2007
|
109,633
|
1,175
|
7,862
|
(124,182 | ) |
-
|
477,318
|
781,325
|
(5,933 | ) |
1,129,703
|
|||||||||||||||||||||||||
Net
income
|
-
|
-
|
-
|
-
|
-
|
-
|
66,446
|
-
|
66,446
|
|||||||||||||||||||||||||||
Other
comprehensive income
|
||||||||||||||||||||||||||||||||||||
Amortization
of pension, net of tax of $246
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
386
|
386
|
|||||||||||||||||||||||||||
Comprehensive
income
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
66,832
|
|||||||||||||||||||||||||||
Adjustment
due to FIN 48
|
-
|
-
|
-
|
-
|
-
|
-
|
(2,215 | ) |
-
|
(2,215 | ) | |||||||||||||||||||||||||
Purchases
of common shares
|
(16,899 | ) |
-
|
16,899
|
(484,355 | ) |
-
|
-
|
-
|
-
|
(484,355 | ) | ||||||||||||||||||||||||
Exercise
of stock options
|
2,734
|
-
|
(2,734 | ) |
46,428
|
-
|
(10,607 | ) |
-
|
-
|
35,821
|
|||||||||||||||||||||||||
Restricted
shares awarded
|
284
|
-
|
(284 | ) |
6,596
|
-
|
(6,596 | ) |
-
|
-
|
-
|
|||||||||||||||||||||||||
Tax
benefit from share-based awards
|
-
|
-
|
-
|
-
|
-
|
19,794
|
-
|
-
|
19,794
|
|||||||||||||||||||||||||||
Sale
of treasury shares used for deferred compensation
plan
|
80
|
-
|
(80 | ) |
777
|
-
|
1,598
|
-
|
-
|
2,375
|
||||||||||||||||||||||||||
Share-based
employee compensation expense
|
-
|
-
|
-
|
-
|
-
|
7,317
|
-
|
-
|
7,317
|
|||||||||||||||||||||||||||
Balance
- November 3, 2007
|
95,832
|
$ |
1,175
|
21,663
|
$ | (554,736 | ) | $ |
-
|
$ |
488,824
|
$ |
845,556
|
$ | (5,547 | ) | $ |
775,272
|
Consolidated
Statements of Cash Flows (Unaudited)
(In
thousands)
|
Thirty-Nine
Weeks Ended
|
||||||||
November
3, 2007
|
October
28, 2006
|
|||||||
Operating
activities:
|
||||||||
Net
income
|
$ |
66,446
|
$ |
19,746
|
||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
Depreciation
and amortization expense
|
60,719
|
70,367
|
||||||
Deferred
income taxes
|
(7,465 | ) | (16,346 | ) | ||||
Loss
on disposition of equipment
|
1,937
|
566
|
||||||
Employee
benefits paid with common shares
|
-
|
5,174
|
||||||
KB
Toys matters
|
(1,360 | ) |
-
|
|||||
Non-cash
share-based compensation expense
|
7,317
|
2,881
|
||||||
Non-cash
impairment charges
|
-
|
1,534
|
||||||
Pension
|
1,150
|
2,829
|
||||||
Change
in assets and liabilities:
|
||||||||
Inventories
|
(231,557 | ) | (158,648 | ) | ||||
Accounts
payable
|
192,985
|
133,619
|
||||||
Current
income taxes
|
(21,102 | ) |
11,210
|
|||||
Other
current assets
|
(9,188 | ) | (4,793 | ) | ||||
Other
current liabilities
|
(11,414 | ) |
4,657
|
|||||
Other
assets
|
(2,566 | ) | (1,328 | ) | ||||
Other
liabilities
|
(862 | ) |
1,297
|
|||||
Net
cash provided by operating activities
|
45,040
|
72,765
|
||||||
Investing
activities:
|
||||||||
Capital
expenditures
|
(39,397 | ) | (26,135 | ) | ||||
Purchase
of short-term investments
|
(436,040 | ) | (50,000 | ) | ||||
Redemption
of short-term investments
|
436,040
|
50,000
|
||||||
Cash
proceeds from sale of equipment
|
1,294
|
879
|
||||||
Other
|
(15 | ) | (69 | ) | ||||
Net
cash used in investing activities
|
(38,118 | ) | (25,325 | ) | ||||
Financing
activities:
|
||||||||
Proceeds
from long-term obligations
|
175,500
|
193,200
|
||||||
Payment
of long-term obligations, including capital lease
|
(36,965 | ) | (162,600 | ) | ||||
Proceeds
from the exercise of stock options
|
35,821
|
40,651
|
||||||
Excess
tax benefit from share-based awards
|
19,794
|
6,203
|
||||||
Structured
share repurchase
|
-
|
627
|
||||||
Payment
for treasury shares acquired
|
(443,328 | ) | (134,169 | ) | ||||
Treasury
shares sold for deferred compensation plan
|
2,375
|
1,175
|
||||||
Proceeds
from finance obligation
|
-
|
13,289
|
||||||
Net
cash used in financing activities
|
(246,803 | ) | (41,624 | ) | ||||
Increase
(decrease) in cash and cash equivalents
|
(239,881 | ) |
5,816
|
|||||
Cash
and cash equivalents:
|
||||||||
Beginning
of period
|
281,657
|
1,710
|
||||||
End
of period
|
$ |
41,776
|
$ |
7,526
|
||||
Supplemental
disclosure of cash flow information:
|
||||||||
Cash
paid for interest, including capital leases
|
$ |
43
|
$ |
160
|
||||
Cash
paid for income taxes, excluding impact of refunds
|
$ |
46,001
|
$ |
20,313
|
||||
Non-cash
activity:
|
||||||||
Assets
acquired under capital leases
|
$ |
2,855
|
$ |
-
|
||||
Treasury
shares acquired, but not settled
|
$ |
41,027
|
$ |
-
|
||||
Increase
in accrued property and equipment
|
$ |
11,972
|
$ |
1,530
|
Notes
to Consolidated Financial Statements
(Unaudited)
|
Third
Quarter
|
Year
to Date
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Weighted-average
fair value of options granted
|
$ |
12.08
|
$ |
7.99
|
$ |
11.59
|
$ |
5.52
|
||||||||
Risk-free
interest rate
|
4.0 | % | 4.7 | % | 4.4 | % | 4.6 | % | ||||||||
Expected
life (years)
|
4.9
|
4.8
|
4.4
|
4.6
|
||||||||||||
Expected
volatility
|
43.8 | % | 41.1 | % | 42.6 | % | 42.4 | % | ||||||||
Expected
annual forfeiture rate
|
3.0 | % | 3.0 | % | 3.0 | % | 3.0 | % |
Number
of Options
|
Weighted
Average Exercise Price
|
Weighted
Average Remaining Contractual Term (years)
|
Aggregate
Intrinsic Value (000's)
|
|||||||||||||
Outstanding
stock options at February 3, 2007
|
6,644,990
|
$ |
15.78
|
5.3
|
$ |
73,439
|
||||||||||
Granted
|
1,057,500
|
28.72
|
||||||||||||||
Exercised
|
(2,318,325 | ) |
12.99
|
|||||||||||||
Forfeited
|
(526,825 | ) |
26.91
|
|||||||||||||
Outstanding
stock options at May 5, 2007
|
4,857,340
|
$ |
18.73
|
5.8
|
$ |
70,136
|
||||||||||
Granted
|
6,000
|
28.73
|
||||||||||||||
Exercised
|
(208,000 | ) |
14.01
|
|||||||||||||
Forfeited
|
(243,900 | ) |
14.25
|
|||||||||||||
Outstanding
stock options at August 4, 2007
|
4,411,440
|
$ |
19.21
|
5.6
|
$ |
34,109
|
||||||||||
Granted
|
92,500
|
28.32
|
||||||||||||||
Exercised
|
(207,480 | ) |
13.46
|
|||||||||||||
Forfeited
|
(141,090 | ) |
33.67
|
|||||||||||||
Outstanding
stock options at November 3, 2007
|
4,155,370
|
$ |
19.21
|
5.5
|
$ |
27,469
|
||||||||||
Vested
and expected to vest at November 3, 2007
|
3,975,476
|
$ |
19.17
|
5.5
|
$ |
26,433
|
||||||||||
Exercisable
at November 3, 2007
|
1,882,170
|
$ |
17.38
|
4.8
|
$ |
15,514
|
Number
of Shares
|
Weighted
Average Grant-Date Fair Value
|
|||||||
Nonvested
restricted stock at February 3, 2007
|
408,671
|
$ |
12.37
|
|||||
Granted
|
319,100
|
28.73
|
||||||
Vested
|
(66,667 | ) |
11.25
|
|||||
Forfeited
|
-
|
-
|
||||||
Nonvested
restricted stock at May 5, 2007
|
661,104
|
$ |
20.38
|
|||||
Granted
|
1,800
|
27.92
|
||||||
Vested
|
(283,500 | ) |
12.80
|
|||||
Forfeited
|
(2,700 | ) |
23.42
|
|||||
Nonvested
restricted stock at August 4, 2007
|
376,704
|
$ |
26.10
|
|||||
Granted
|
4,500
|
28.96
|
||||||
Vested
|
-
|
-
|
||||||
Forfeited
|
(2,700 | ) |
28.73
|
|||||
Nonvested
restricted stock at November 3, 2007
|
378,504
|
$ |
26.11
|
Third
Quarter
|
Year
to Date
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
(In
thousands)
|
||||||||||||||||
Total
intrinsic value of stock options exercised
|
$ |
3,423
|
$ |
9,042
|
$ |
45,931
|
$ |
15,967
|
||||||||
Total
fair value of restricted stock vested
|
-
|
-
|
11,021
|
-
|
Third
Quarter
|
Year
to Date
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
(In
thousands)
|
||||||||||||||||
Service
cost - benefits earned in the period
|
$ |
658
|
$ |
750
|
$ |
1,974
|
$ |
2,248
|
||||||||
Interest
cost on projected benefit obligation
|
787
|
792
|
2,362
|
2,375
|
||||||||||||
Expected
investment return on plan assets
|
(1,072 | ) | (1,079 | ) | (3,216 | ) | (3,238 | ) | ||||||||
Amortization
of actuarial loss
|
174
|
351
|
520
|
1,054
|
||||||||||||
Amortization
of prior service cost
|
34
|
33
|
102
|
101
|
||||||||||||
Amortization
of transition obligation
|
3
|
3
|
10
|
10
|
||||||||||||
Settlement
loss
|
-
|
1,327
|
-
|
1,327
|
||||||||||||
Net
periodic pension cost
|
$ |
584
|
$ |
2,177
|
$ |
1,752
|
$ |
3,877
|
2007
|
2006
|
|||||||
Discount
rate
|
5.9%
|
5.7%
|
||||||
Rate
of increase in compensation levels
|
3.5%
|
3.5%
|
||||||
Expected
long-term rate of return
|
8.5%
|
8.5%
|
||||||
Measurement
date for plan assets and benefit obligations
|
12/31/06
|
12/31/05
|
Third
Quarter
|
Year
to Date
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
(In
thousands)
|
||||||||||||||||
Consumables
|
$ |
334,712
|
$ |
324,330
|
$ |
971,940
|
$ |
940,726
|
||||||||
Home
|
190,433
|
207,776
|
558,021
|
579,293
|
||||||||||||
Furniture
|
160,169
|
150,292
|
502,435
|
472,342
|
||||||||||||
Hardlines
|
136,838
|
141,286
|
436,341
|
431,268
|
||||||||||||
Seasonal
|
83,674
|
77,504
|
402,579
|
384,560
|
||||||||||||
Other
|
124,812
|
148,349
|
372,612
|
389,505
|
||||||||||||
Net
sales
|
$ |
1,030,638
|
$ |
1,049,537
|
$ |
3,243,928
|
$ |
3,197,694
|
|
·
|
Comparable
store sales for stores open at least two years at the beginning of
2007
decreased 0.5%.
|
|
·
|
Gross
margin dollars decreased $3.5 million principally due to lower net
sales
of $18.9 million partially offset by the increase in gross margin
rate of 40 basis points to 40.0% of sales versus 39.6% of
sales.
|
|
·
|
Selling
and administrative expenses as a percent of sales decreased 130 basis
points to 35.7% of sales versus 37.0% of sales. In the third
quarter of 2006, we reached tentative settlements of two
employment-related civil actions brought against us and we recorded
pretax
charges of $9.7 million (90 basis points) included in selling and
administrative expenses for the estimated settlement liability for
these
matters.
|
|
·
|
Depreciation
expense as a percent of sales decreased 30 basis points to 2.1% of
sales
versus 2.4% of sales.
|
|
·
|
Diluted
earnings per share from continuing operations improved to $0.14 per
share
compared to $0.02 per share. The litigation charges recorded in
the third quarter of 2006 lowered diluted earnings per share approximately
$0.05 per share in that quarter.
|
|
·
|
Net
cash used in operating activities was $52.6 million in the third
quarter
of 2007 compared to $40.3 million in the third quarter of
2006. The seasonal increase in inventories, partially offset by
higher accounts payable, drove the cash used in operating activities
in
the third quarter of 2007.
|
|
·
|
We
acquired 6.1 million of our common shares under the 2007 Repurchase
Program during the third quarter of
2007.
|
2007
|
2006
|
|||||||
Stores
open at the beginning of the fiscal year
|
1,375
|
1,401
|
||||||
Stores
opened during the period
|
7
|
10
|
||||||
Stores
closed during the period
|
(14 | ) | (8 | ) | ||||
Stores
open at the end of the period
|
1,368
|
1,403
|
Third
Quarter
|
Year
to Date
|
||||||||||||||||
2007
|
2006
|
2007
|
2006
|
||||||||||||||
Net
sales
|
100.0
|
% |
|
100.0 | % | 100.0 | % | 100.0 | % | ||||||||
Cost
of sales
|
60.0
|
60.4
|
60.5
|
60.4
|
|||||||||||||
Gross
margin
|
40.0
|
39.6
|
39.5
|
39.6
|
|||||||||||||
Selling
and administrative expenses
|
35.7
|
37.0
|
34.4
|
36.3
|
|||||||||||||
Depreciation
expense
|
2.1
|
2.4
|
2.0
|
2.3
|
|||||||||||||
Operating
profit
|
2.2
|
0.2
|
3.0
|
1.0
|
|||||||||||||
Interest
expense
|
0.0
|
0.0
|
0.0
|
0.0
|
|||||||||||||
Interest
income
|
0.1
|
0.0
|
0.2
|
0.0
|
|||||||||||||
Income
from continuing operations before income taxes
|
2.2
|
0.2
|
3.2
|
1.0
|
|||||||||||||
Income
tax expense
|
0.8
|
0.0
|
1.2
|
0.3
|
|||||||||||||
Income
from continuing operations
|
1.4
|
0.2
|
2.0
|
0.7
|
|||||||||||||
Discontinued
operations
|
0.0
|
0.0
|
0.0
|
0.0
|
|||||||||||||
Net
income
|
1.4
|
% |
|
0.2 | % | 2.0 | % | 0.6 | % |
Third
Quarter
|
||||||||||||||||||||||||||
2007
|
2006
|
Change
|
||||||||||||||||||||||||
($
in thousands)
|
||||||||||||||||||||||||||
Consumables
|
$ |
334,712
|
32.5
|
%
|
|
$ |
324,330
|
30.9
|
%
|
$ |
10,382
|
3.2 | % | |||||||||||||
Home
|
190,433
|
18.5
|
207,776
|
19.8
|
(17,343 | ) | (8.3 | ) | ||||||||||||||||||
Furniture
|
160,169
|
15.5
|
150,292
|
14.3
|
9,877
|
6.6
|
||||||||||||||||||||
Hardlines
|
136,838
|
13.3
|
141,286
|
13.5
|
(4,448 | ) | (3.1 | ) | ||||||||||||||||||
Seasonal
|
83,674
|
8.1
|
77,504
|
7.4
|
6,170
|
8.0
|
||||||||||||||||||||
Other
|
124,812
|
12.1
|
148,349
|
14.1
|
(23,537 | ) | (15.9 | ) | ||||||||||||||||||
Net
sales
|
$ |
1,030,638
|
100.0
|
%
|
|
$ |
1,049,537
|
100.0
|
%
|
$ | (18,899 | ) | (1.8 | )% |
Year
to Date
|
||||||||||||||||||||||||
2007
|
2006
|
Change
|
||||||||||||||||||||||
($
in thousands)
|
||||||||||||||||||||||||
Consumables
|
$ |
971,940
|
30.0
|
%
|
$ |
940,726
|
29.4 | % | $ |
31,214
|
3.3 | % | ||||||||||||
Home
|
558,021
|
17.2
|
579,293
|
18.1
|
(21,272 | ) | (3.7 | ) | ||||||||||||||||
Furniture
|
502,435
|
15.5
|
472,342
|
14.8
|
30,093
|
6.4
|
||||||||||||||||||
Hardlines
|
436,341
|
13.4
|
431,268
|
13.5
|
5,073
|
1.2
|
||||||||||||||||||
Seasonal
|
402,579
|
12.4
|
384,560
|
12.0
|
18,019
|
4.7
|
||||||||||||||||||
Other
|
372,612
|
11.5
|
389,505
|
12.2
|
(16,893 | ) | (4.3 | ) | ||||||||||||||||
Net
sales
|
$ |
3,243,928
|
100.0
|
%
|
$ |
3,197,694
|
100.0 | % | $ |
46,234
|
1.4 | % |