Big Lots Inc BIG
Q1 2013 Earnings Call Transcript

Transcript Call Date 05/30/2013

Operator: Good day, ladies and gentlemen, and welcome to today's Big Lots First Quarter 2013 Conference Call. As a reminder, today's conference is being recorded.

At this time, I would like to turn the conference over to your host today, Mr. Andy Regrut, Director of Investor Relations. Please go ahead, sir.

Andrew D. Regrut - Director, Investor Relations: Thanks, Casey, and thank you everyone for joining us for our first quarter conference call. With me here today in Columbus are David Campisi, our newly appointed CEO and President; Chuck Haubiel, Executive Vice President and Chief Administrative Officer; and Tim Johnson, Senior Vice President, Chief Financial Officer.

Before we get started, I'd like to remind you that any forward-looking statements we make on today's call involve risks and uncertainties, and are subject to our Safe Harbor provisions as stated in our press release and our SEC filings and that actual results can differ materially from those described in our forward-looking statements.

All commentary today is focused on adjusted non-GAAP results from continuing operations. For the first quarter of fiscal 2013, this excludes a non-recurring after-tax charge of $3.2 million or $0.06 per diluted share which Chuck will touch on in a moment. Reconciliations of GAAP to non-GAAP adjusted earnings for both this year and last year's results are available in today's press release.

Given our Annual Meeting of Shareholders begins at 9.00 am; our comments will be brief to allow for Q&A to be completed by 8.45.

It's now my pleasure to introduce David Campisi.

David Campisi - President and CEO: Thanks Andy, and good morning, everyone. I am going to spend the next few minutes this morning sharing some of my background and experiences along with some of my early observations after three weeks on the job here in Columbus.

I want to start by telling you how excited I am to be here and be part of the Columbus community. Big Lots is a great company. We have an energized and talented workforce, a loyal fan base, and we are a financially strong company and generate significant amounts of cash to reinvest and return to shareholders each year. I look forward to the opportunity to help the team take this great Company to the next level.

For those of you not familiar with my background, I'm a merchant. I spent the last 30 years in retail with many well-known companies including The May Department Stores, Fred Meyer which is a division of the Kroger Company, Kohl's, The Sports Authority and most recently a startup apparel company, Respect Your Universe. I have a direct experience in many of the merchandise categories you see in Big Lots today, including General Merchandise, Home, Electronics, Apparel, Accessories, and Sporting Goods. Based on my own experience as a consumer as well as my professional experience over the last 30 years, I understand the potential for our brand and retail strategy. Additionally, consumer trends suggest we will at some point need a strategy for omnichannel presence as well.

Big Lots offers a unique and compelling shopping experience for millions of customers across America. The Company's growth has elevated Big Lots as a closeout retailer and created value for some of our longer-term shareholders, but that doesn't mean that there isn't work to be done to enhance our consumer appeal through merchandising strategy and marketing message. From my own research and perspective, and from discussions with the Big Lots board members and from my interactions with the associates, I have met thus far, I have a growing appreciation for the opportunity at hand. My top priority in the coming weeks and months ahead will be to engage with our executive leadership team, our merchants and our planning groups, our store operations team as together we will travel to stores and our single focus will be to learn more about the business and our customers' wants and desires and develop a vision on how best to move Big forward.

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