Big Lots Inc. (NYSE:BIG) Q1 2020 Earnings Conference Call - Final Transcript

May 29, 2020 • 08:00 am ET


Big Lots Inc. (NYSE:BIG) Q1 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, welcome to the Big Lots' First Quarter Conference Call. Currently, all lines are in a listen-only mode. A brief question-and-answer portion will follow the prepared remarks. [Operator Instructions] As a reminder, this conference is being recorded.

At this time, I would like to introduce today's first speaker, Andy Regrut, Vice President, Investor Relations. Please go ahead, Andy.

Andrew D. Regrut

Good morning. Thank you for joining us for our first quarter conference call. With me here today in Columbus are Bruce Thorn, our President and CEO; Lisa Bachmann, Executive Vice President, Chief Merchandising and Operating Officer; and Jonathan Ramsden, Executive Vice President, Chief Financial and Administrative 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. Our first quarter results reported today do not include any non-GAAP adjustments. However, comparisons to prior year are to adjusted non-GAAP results. Reconciliations of GAAP to non-GAAP adjusted results are available in today's press release.

This morning, Bruce will start the call with a few opening comments, Lisa will discuss Q1 results from a merchandising perspective, Jonathan will review the financial highlights from the first quarter and Bruce will complete our prepared remarks before taking your questions.

I'll now turn the call over to Bruce.

Bruce Thorn

Thank you, Andy and good morning, everyone. I want to start by saying how proud I am of all that our team here at Big Lots has accomplished over the past quarter. We are certainly pleased with our financial results, which I'll come back to in a moment, but I am proudest of how we have responded to the unprecedented crisis of COVID-19 and the many ways in which we have grown as an organization.

Across all areas of our business, it has been inspiring to see how we have stepped-up our game over the past 90 days. During that time, we have become more nimble, we have seen new leaders emerge and most importantly, thanks to the incredible commitment of our Store and DC associates, we have continued to serve our customers in as a safe environment as possible. We are particularly grateful to have had the opportunity to serve our country's heroes working in the medical, first responder and emergency services communities along with active military and veterans.

When the crisis began to unfold in March, we aligned on five key priorities. First, that health and safety for associates and customers would take precedence. Second, that we would batten down the hatches and focus on liquidity and business continuity to enable us to support our associates, our customers and our communities. Third, that we would all lean on each other to successfully navigate this crisis as a team. Fourth, that we would need to make quick and often imperfect decisions. And last, that