Big Lots’ (BIG) CEO David Campisi on Q2 2014 Results – Earnings Call Transcript

Source: Seeking Alpha

Webcast Audio:


Big Lots, Inc. (NYSE:BIG)

Q2 2014 Earnings Conference Call

August 29, 2014 8:00 AM ET


Andy Regrut – Director, IR

David Campisi – President and CEO

Tim Johnson – EVP and CFO


Brad Thomas – KeyBanc Capital Markets

Peter Keith – Piper Jaffray

Paul Trussell – Deutsche Bank

Matthew Boss – JPMorgan

Patrick McKeever – MKM Partners

Meredith Adler – Barclays Capital

Joe Feldman – Telsey Advisory Group

David Mann – Johnson Rice

Jeff Stein – Northcoast Research

Dan Wewer – Raymond James


Ladies and gentlemen, welcome to the Big Lots Second Quarter 2014 Teleconference. This call is being recorded. During this session all lines will be muted until the question-and-answer portion of the call. (Operator Instructions) At this time, I would like to introduce today’s first speaker, Andy Regrut, Director of Investor Relations.

Andy Regrut – Director, IR

Thanks, Laurie and thank you everyone, for joining us for our second quarter conference call. With me here today in Columbus are David Campisi, our CEO and President and Tim Johnson, Executive 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. Reconciliations of GAAP to non-GAAP adjusted earnings are available in today’s press release. This morning, David, will start the call with a few opening comments, TJ, will review the financial highlights for the quarter and update the outlook for 2014 and David will complete our prepared remarks before taking your questions.

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So, with that, I’ll now turn it over to David.

David Campisi – President and CEO

Thanks, Andy and good morning, everyone. I am very pleased with the results we reported this morning. For the second quarter or the second consecutive quarter our comps were positive and well within the guidance range we provided. And our earnings were above the high-end of our range. From a merchandising perspective five of our seven merchandise categories comped positive in the quarter, only two categories were down to last year, both of them were edits to amplify categories where we have downsized or exited classifications of the business.

Trends in our food business remained very strong comping high single-digits. Trey and his team have done a great job improving the consistency and breath of our offerings. We’ve improved our in store signage to make it easier for Jennifer to find all the items on her list while also providing an easy way for her to determine which of our favorite brands are never out and we always be in our stores. We are also pleased with the progress of rolling out our coolers and freezers. We’re on pace to complete this year’s roll out to approximately 600 stores. This will have us somewhere in the neighborhood of 725 stores with coolers and freezers by the all important holiday in fourth quarter selling season.

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