2025 Q1 - Quarterly Report

TableofContents UNITEDSTATES SECURITIESANDEXCHANGECOMMISSION Washington,D.C.20549 FORM10-Q ☑QUARTERLYREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 ForthequarterlyperiodendedMay4,2024or ☐TRANSITIONREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934Forthetransitionperiodfromto CommissionFileNumber001-08897 BIGLOTS,INC. (Exactnameofregistrantasspecifiedinitscharter) Ohio06-1119097 (StateorOtherJurisdictionofIncorporationorOrganization)(I.R.S.EmployerIdentificationNo.) 4900E.Dublin-GranvilleRoad,Columbus,Ohio43081 (AddressofPrincipalExecutiveOffices)(ZipCode) (614)278-6800 (Registrant’stelephonenumber,includingareacode) SecuritiesregisteredpursuanttoSection12(b)oftheAct: Titleofeachclass TradingSymbol(s) Nameofeachexchangeonwhichregistered Commonshares BIG NewYorkStockExchange Indicatebycheckmarkwhethertheregistrant(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeActof1934duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtofilesuchreports),and(2)hasbeensubjecttosuchfilingrequirementsforthepast90days.YesþNoo IndicatebycheckmarkwhethertheregistranthassubmittedelectronicallyeveryInteractiveDataFilerequiredtobesubmittedpursuanttoRule405ofRegulationS-T(§232.405ofthischapter)duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtosubmitsuchfiles).YesþNoo Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,asmallerreportingcompany,oranemerginggrowthcompany.Seethedefinitionsof“largeacceleratedfiler,”“acceleratedfiler,”“smallerreportingcompany,”and“emerginggrowthcompany”inRule12b-2oftheExchangeAct. LargeacceleratedfileroAcceleratedfilerþNon-acceleratedfileroSmallerreportingcompanyoEmerginggrowthcompanyo Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanyneworrevisedfinancialaccountingstandardsprovidedpursuanttoSection13(a)oftheExchangeAct.☐ Indicatebycheckmarkwhethertheregistrantisashellcompany(asdefinedinRule12b-2oftheExchangeAct).Yes☐Noþ Thenumberoftheregistrant’scommonshares,$0.01parvalue,outstandingasofJune7,2024,was29,681,973. BIGLOTS,INC.FORM10-Q FORTHEFISCALQUARTERENDEDMAY4,2024TABLEOFCONTENTS Page PartI.FinancialInformation 2 Item1.FinancialStatements(Unaudited) 2 a)CondensedConsolidatedStatementsofOperationsandComprehensiveLossfortheThirteenWeeksEndedMay4,2024andApril29,2023 2 b)CondensedConsolidatedBalanceSheetsatMay4,2024andFebruary3,2024 3 c)CondensedConsolidatedStatementsofShareholders’EquityfortheThirteenWeeksEndedMay4,2024andApril29,2023 4 d)CondensedConsolidatedStatementsofCashFlowsfortheThirteenWeeksEndedMay4,2024andApril29, 5 2023 e)NotestoCondensedConsolidatedFinancialStatements 6 Item2.Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations 18 Item3.QuantitativeandQualitativeDisclosuresAboutMarketRisk 26 Item4.ControlsandProcedures 26 PartII.OtherInformation 26 Item1.LegalProceedings 26 Item1A.RiskFactors 27 Item2.UnregisteredSalesofEquitySecuritiesandUseofProceeds 27 Item3.DefaultsUponSeniorSecurities 27 Item4.MineSafetyDisclosures 27 Item5.OtherInformation 27 Item6.Exhibits 28 Signature 29 1 PartI.FinancialInformation Item1.FinancialStatements BIGLOTS,INC.ANDSUBSIDIARIES CondensedConsolidatedStatementsofOperationsandComprehensiveLoss(Unaudited)(Inthousands,exceptpershareamounts) ThirteenWeeksEnded May4,2024 April29,2023 Netsales $1,009,112$ 1,123,577 Costofsales(exclusiveofdepreciationexpenseshownseparatelybelow) 637,413 731,108 Grossmargin 371,699 392,469 Sellingandadministrativeexpenses 533,004 620,865 Depreciationexpense 31,551 36,582 Gainonsaleofrealestate — (3,799) Operatingloss (192,856) (261,179) Interestexpense (11,989) (9,149) Otherincome(expense) 1 5 Lossbeforeincometaxes (204,844) (270,323) Incometaxexpense(benefit) 191 (64,250) Netlossandcomprehensiveloss $(205,035)$ (206,073) Earnings(loss)percommonshare Basic $(6.99)$ (7.10) Diluted $(6.99)$ (7.10) Weighted-averagecommonsharesoutstanding Basic 29,350 29,018 Dilutiveeffectofshare-basedawards — — Diluted 29,350 29,018 Cashdividendsdeclaredpercommonshare $ —$ 0.30 Theaccompanyingnotesareanintegralpartofthesecondensedconsolidatedfinancialstatements. 2 BIGLOTS,INC.ANDSUBSIDIARIESCondensedConsolidatedBalanceSheets(Unaudited)(Inthousands,exceptparvalue) May4,2024 February3,2024 ASSETSCurrentassets: Cashandcashequivalents $43,985 $46,411 Inventories 949,899 953,302 Othercurrentassets 82,236 86,310 Totalcurrentassets 1,076,120 1,086,023 Operatingleaseright-of-useassets 1,543,378 1,637,845 Propertyandequipment-net 516,418 563,185 Deferredincometaxes — — Otherassets 42,426 38,256 Totalassets $3,178,342 $3,325,309 LIABILITIESANDSHAREHOLDERS’EQUITYCurrentliabilities: Accountspayable $298,743 $320,682 Currentoperatingleaseliabilities 236,841 242,384 Property,payroll,andothertaxes 69,648 72,517 Accruedoperatingexpenses 111,003 116,900 Insurancereserves 31,564 33,458 Accruedsala