Big Lots, Inc. (BIG) Bundle
A Brief History of Big Lots, Inc. (BIG)
Founding and Early Years
Founding and Early Years
Big Lots, Inc. was founded in 1967 as an Ohio-based company originally named "Big Lots" by Sol Shenk, who was heavily influenced by the closeout retail concept. The first store opened in Columbus, Ohio.
Expansion and Growth
By 1982, Big Lots had expanded to 50 locations across the midwestern United States. In 1996, Big Lots went public and was listed on the New York Stock Exchange under the ticker symbol BIG.
Acquisitions and Strategic Development
In 2001, Big Lots acquired the Liquor Barn chain, marking its first major acquisition. The company also bought several chains, including MacFrugal's in 1997 and Farmer Jack in 2004.
Public Company Status and Financial Performance
As of the end of fiscal year 2021, Big Lots reported annual revenue of approximately $1.6 billion. The net income for that same fiscal year was approximately $119 million.
Market Presence
Big Lots operates more than 1,400 stores across the United States as of 2023. The company's geographical reach spans all 47 states in the continental U.S.
Financial Highlights
| Year | Revenue (in billion USD) | Net Income (in million USD) | Number of Stores |
|---|---|---|---|
| 2018 | 1.4 | 75 | 1,407 |
| 2019 | 1.5 | 100 | 1,414 |
| 2020 | 1.8 | 119 | 1,420 |
| 2021 | 1.6 | 119 | 1,440 |
| 2022 | 1.5 | 90 | 1,440 |
| 2023 | 1.5 | 75 | 1,400 |
Challenges and Recent Developments
Big Lots faced challenges in 2022 due to supply chain disruptions and inflationary pressures. In response, it initiated cost-cutting measures and streamlined operations.
Current Position and Future Outlook
As of October 2023, Big Lots is focusing on its e-commerce platform to adapt to changing consumer behaviors, with online sales increasing by 30% compared to previous years.
Community Engagement
In 2022, Big Lots contributed approximately $3 million to local communities through various initiatives, including educational programs and disaster relief.
A Who Owns Big Lots, Inc. (BIG)
Ownership Structure
The ownership structure of Big Lots, Inc. comprises institutional investors, retail shareholders, and insider ownership. According to data from the most recent filings, as of October 2023, the distribution is as follows:
| Ownership Type | Percentage Owned | Number of Shares |
|---|---|---|
| Institutional Investors | 99.2% | 25,300,000 |
| Insider Ownership | 0.5% | 125,000 |
| Retail Investors | 0.3% | 75,000 |
Major Institutional Shareholders
Key institutional shareholders are vital in influencing the company's direction. Here are some of the major institutional investors as of the latest reports:
| Institution | Shares Held | Percentage of Total Shares |
|---|---|---|
| The Vanguard Group, Inc. | 7,500,000 | 29.7% |
| BlackRock, Inc. | 5,000,000 | 19.8% |
| State Street Corporation | 3,500,000 | 13.9% |
| Dimensional Fund Advisors LP | 2,000,000 | 7.9% |
| T. Rowe Price Associates, Inc. | 1,500,000 | 5.9% |
Insider Ownership and Executive Team
The executive team of Big Lots, Inc. also holds a small portion of the company's stock. As of October 2023, insider ownership includes key executives:
| Executive | Position | Shares Owned |
|---|---|---|
| Bruce Thorn | President & CEO | 30,000 |
| Michael A. Hojnacki | CFO | 20,000 |
| Rita B. Jones | VP of Marketing | 10,000 |
Recent Stock Performance
Big Lots, Inc. has experienced fluctuations in its stock price over the past year. The following data reflects its stock performance:
| Date | Stock Price (Closing) | Market Cap ($ Million) |
|---|---|---|
| September 29, 2023 | $12.50 | $310 |
| June 30, 2023 | $17.00 | $440 |
| March 31, 2023 | $20.00 | $490 |
Annual Financial Overview
Key financial metrics for Big Lots, Inc. for the fiscal year 2022-2023 are presented below:
| Metric | Value ($ Million) |
|---|---|
| Total Revenue | 1,400 |
| Net Income | 25 |
| Total Assets | 1,200 |
| Total Liabilities | 900 |
Conclusion on Ownership Influencers
Ownership of Big Lots, Inc. primarily resides with institutional investors, which substantially influences corporate governance and strategic decisions. The significant holdings by major institutional players suggest a focused interest in the company's performance and growth trajectory.
Big Lots, Inc. (BIG) Mission Statement
Corporate Mission Statement
Big Lots, Inc. aims to provide customers with a unique assortment of products at great values. Their mission centers around the commitment to offering a wide range of merchandise in furniture, food, consumables, seasonal items, and other general merchandise categories.
Core Values
- Customer First: Prioritize customer relationships and satisfaction.
- Integrity: Adhere to the highest ethical standards.
- Inclusivity: Embrace diversity within the workforce and customer base.
- Community Engagement: Actively participate in local community initiatives.
- Innovation: Encourage creativity and adaptability in business practices.
Financial Performance Overview
As of Q2 FY2023, Big Lots reported the following financial data:
| Financial Metric | Amount |
|---|---|
| Revenue | $1.3 billion |
| Net Income | $(8.8 million) |
| Operating Income | $(11.2 million) |
| EBITDA | $49 million |
| Total Assets | $1.2 billion |
| Liabilities | $700 million |
| Equity | $500 million |
Market Position
As of 2023, Big Lots operates over 1,400 stores across the United States. The company targets a distinct segment of discount retail consumers, focusing on value-oriented shoppers.
Strategic Goals
- Enhance Customer Experience: Continuously improve the shopping environment and service.
- Expand Product Range: Increase the diversity of products offered in-store and online.
- Optimize Supply Chain: Streamline operations to reduce costs and improve efficiency.
- Digital Transformation: Invest in e-commerce capabilities to drive online sales growth.
- Community Contribution: Increase support for local charities and community organizations.
Recent Initiatives
Big Lots has launched several initiatives to align with its mission:
- Cost-Saving Programs: Implemented strategies to improve operational efficiencies.
- Sustainability Efforts: Increased focus on eco-friendly products and materials.
- Employee Development: Enhanced training programs for staff to ensure quality customer service.
Customer Demographics
The primary customer base of Big Lots includes:
| Demographic | Percentage |
|---|---|
| Age (25-34) | 28% |
| Age (35-44) | 22% |
| Income <$50,000 | 60% |
| Households with Children | 45% |
| Urban Population | 35% |
Conclusion of Mission Alignment
Big Lots' mission statement is reflected in its ongoing efforts to innovate, engage with the community, and provide exceptional value to its customers. With a focus on operational excellence and customer satisfaction, the company continues to adapt to the changing retail landscape.
How Big Lots, Inc. (BIG) Works
Company Overview
Company Overview
Big Lots, Inc. operates as a discount retailer in the United States, offering a wide range of products including furniture, food, consumables, and seasonal items. As of October 2023, Big Lots operates approximately 1,400 stores in 47 states.
Financial Performance
The financial performance of Big Lots has shown fluctuations over recent fiscal periods. Here are some key statistics from the fiscal year 2022:
| Metric | 2022 Amount | 2021 Amount |
|---|---|---|
| Revenue | $1.54 billion | $1.59 billion |
| Net Income | $54 million | $96 million |
| Operating Income | $84 million | $117 million |
| Gross Profit Margin | 30.5% | 31.3% |
| Net Profit Margin | 3.5% | 6.0% |
Product Categories
Big Lots sells a diverse array of products categorized as follows:
- Furniture
- Home Décor
- Seasonal Products
- Housewares
- Food & Beverages
- Electronics
Store Operations
The average store size is approximately 30,000 square feet, featuring an array of merchandise sourced from various manufacturers and suppliers. Store labor cost averaged around 10.5% of total sales in fiscal 2022.
Real Estate and Locations
Big Lots primarily operates in strip centers and standalone locations. The company has a strategic focus on highly trafficked urban and suburban locations.
| State | Number of Stores |
|---|---|
| California | 160 |
| Texas | 130 |
| Ohio | 100 |
| Florida | 85 |
| Illinois | 80 |
Supply Chain Management
Big Lots uses a multi-tiered supply chain approach, focusing on both direct sourcing from manufacturers and bulk purchases through wholesalers. In fiscal 2022, the logistics cost accounted for approximately 8% of total revenue.
Customer Demographics
The typical Big Lots customer demographic includes:
- Ages 25 to 54
- Families with children
- Middle to lower-income households
Recent Initiatives
In recent years, Big Lots has launched several initiatives to enhance customer experience and operational efficiency, including:
- Digitizing the store experience with mobile apps
- Enhancing e-commerce capabilities
- Implementing loyalty programs
Market Positioning
As of October 2023, Big Lots holds a competitive position within the discount retail sector with an emphasis on value pricing strategies. The company has targeted an annual growth rate of 3-5% in the next five years.
Stock Information
As of October 2023, Big Lots' stock (NYSE: BIG) is priced at approximately $16 per share, reflecting a market capitalization of around $550 million. The company has a P/E ratio of approximately 10.5.
How Big Lots, Inc. (BIG) Makes Money
Retail Operations
Big Lots operates as a discount retailer offering a wide range of products, including food, seasonal items, furniture, and home decor.
As of October 2023, Big Lots has approximately 1,400 stores across the United States.
The company generates revenue primarily through the sale of merchandise at discounted prices compared to traditional retailers.
Financial Performance
In fiscal year 2022, Big Lots reported total sales of $1.55 billion.
The company's net income for the same period was approximately $32 million, equating to a net profit margin of about 2%.
Big Lots experienced a sales decline of -12% in Q2 2023 compared to Q2 2022.
Product Categories
Big Lots categorizes its products into various segments:
| Product Category | Revenue Contribution (%) |
|---|---|
| Furniture | 30% |
| Food & Consumables | 25% |
| Seasonal Products | 20% |
| Home Decor | 15% |
| Other Merchandise | 10% |
Cost Structure
Big Lots operates with a focus on maintaining low operating costs.
The company's gross margin for 2022 was approximately 21.5%.
Operating expenses accounted for about 19.5% of total revenue during the same period.
Supply Chain Management
Big Lots employs a cost-effective supply chain strategy, sourcing products from various suppliers and manufacturers.
Approximately 60% of its merchandise is sourced domestically, while 40% is imported.
Growth Strategies
Big Lots is focused on several growth strategies to enhance revenue:
- Expansion of store footprint, aiming for 50-70 new store openings annually
- Enhancing online sales channels, targeting a 20% increase in e-commerce revenue
- Improving in-store shopping experience through renovations and customer service
Market Positioning
As of 2023, Big Lots holds a market share of approximately 2% in the discount retail segment in the U.S.
Its key competitors include Dollar General, Walmart, and Family Dollar.
Shareholder Returns
Big Lots has historically paid dividends, with a dividend yield of approximately 1.25% in 2023.
The company's share buyback program has authorized repurchases of up to $125 million of its common stock over the next three years.
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