BIG - Earnings call transcript Q1 2019

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Operator

Ladies and gentlemen, welcome to the Big Lots Q1 2019 Earnings Conference Call. This call is being recorded. All lines will be muted during the question-and-answer portion of the call. [Operator Instructions]

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

Andrew Regrut

morning. Good joining first for conference for us you quarter our call. Thank and are here Executive our Merchandising and Tim Chief today Administrative me President, Bruce Executive Vice Officer; Vice Johnson, in Chief Financial Bachmann, With Officer Lisa Columbus Thorn, Chief and CEO; President President, Officer. Operating and

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

today focused is non-GAAP adjusted commentary results. All on

per quarter For as are after earnings XXXX costs loss are available charges phases diluted associated to of with excludes today's of early $X.XX release. certain adjusted our as this contingencies. review share. fiscal transformation the Reconciliations strategic business GAAP press implementation These totaling first settlement tax legal of well or $XX.X in million non-GAAP

Bruce for will morning, remarks for will with a taking few from results will the will then XXXX, the perspective. call prepared Lisa T.J. QX our and outlook quarter the merchandising financial discuss the review complete opening results questions. our fiscal Bruce comments. start before This your

the turn to now call I'll Bruce. over

Bruce Thorn

provided the growth well we in the we increasing year Andy, adjusted in good $X.XX, each fiscal growth reported This range start with total with morning, store above X.X% margins new and our you, management our expense of sales sales Thank X.X% everyone. solid end EPS level QX stable March. a guidance. of line to was of with comparable and sales solid high of guidance

refunds, is down the Lisa of weather fourth break actual markets. will late sales encouraging challenges our tax consecutive income quarter which merchandise quarter First many light our in of in of the most the businesses the the comps results positive represents drivers being are in permission and a Furniture, us QX Jennifer the to Seasonal high key Soft where but growth. gives at performance the level Home, play sales moment, four in were category Consumables

continue turnover near performance certain longer positive base of our best We our Future including our progression be term the term higher had business, customer to business the quarter in strategic our of continued with their results, ecommerce and Future, format, with and Store program, contribution associates of Store our sales along strong lower pleased and to stores, the loyalty elements sales our in accelerating stores. of experience our new the and its remodeled the growth trends of Rewards feedback ever. in we continue which in and engagement very to

success. lift digits for and solid with [indiscernible] term Home. Store [indiscernible] Soft long of of for continued for of single and winner the return five Sales big rich be for as majority Furniture, coming winner our investment the to a increase shareholders for business Jennifer, stores Future the from Seasonal categories we is high in margin [indiscernible] associates our position our the the [indiscernible] the

experiencing is sales a Furniture reminder, larger a As increase.

store. higher increases margin Soft is stores of have and by seasonal the in growth of rates bigger and driven result Our traffic next a Home Sales customer Store Future to to is line in basket average. accretive company transaction, gross the are and which the highly in our

outperform continued two includes markets Columbus lift now our as see of our year which Phoenix, to Beach in the store general from comps results to [ph] Austin, in balance the store. and Charleston, Myrtle continue of the We sales positive most chain

recent cases where highest history. above excited about near in new our have marks the or store recent the stores. spot many in bright I'm performing during QX we was our Another opening performance stores particularly of

located of was highest on week is during As become most opened this store fleet store and February volume an of in the our example, our Long the year quickly in Bay QX. Island in which [ph] has Shore

to The become majority open of strongest still years. of sized we've Seasonal our Soft new the of in categories XX highest openings this our new Furniture, We and store relocated openings feature be Home. relocations continue store appropriately year, stores expect to more to new or number where several

Future towards With access our the available expanding new is of in format our space the Store of store the confidence success the to market, the fleet and growing.

leverage to setting the to loyalty targeted opportunity. record in membership with Really million drive strategic transactions during QX. where XX% good base key in collaborative Rewards ended and one record it XXX,XXX both continues increasing for our effort this continued continues QX by penetration marketing active source adding Jennifer directed to Next active year-over-year. over We her XX.X the with up, time channels. quarter media, an high customers growth pace social, one and quarter experienced team marketing whether our sales email, program members, the this our consumes she members of its all We or be and teams marketing team at digital between and

Erica business, traffic had through of on higher increased launching the volumes done our in sales cross with one job last loyalty entire higher of XXXX any quarter a number a orders leveraging our one our very combination good in record and marketing ecom best average April a finally, and have site the with in to basket. of its which operating functional quarter lowest in drive database, And since three years. to loss date Steve, team

BOPIS core directly along and we Rewards, the These in performance with and excited our surprise accessibility, of strategies New delight address her and Jennifer's save [indiscernible]. helping big at our I'm trajectory about this four live key Store has the their week. strategies; increasing of feedback launched are the and pilot which ecommerce Future, Stores,

over merchandising Lisa QX for to I'll now the details more hand call results. on

Lisa Bachmann

everyone. good you, and Thank morning

the low a mid-single up comp From strength digits single Bruce a category was with mattresses. was goods, a of a top and upholstery As line [indiscernible]. in The performer, quarter digit guidance with solid highlighted QX merchandising in perspective. from case sales Furniture perspective, increased our

early We the are tax is refunds pleased the this its income big make when timing This frequently the many of and with ticket refunds. in impact their quarter. season they given correlated business with as purchases tax result late highly receive Americans refund

team. and continues the and is double-digit and Congratulations quarter to Progressive entire resulting new choices the Jennifer growth. from in assortments in sectionals resonating And which of with space newness giving to our motions more towards again comps offering program loves gravitate with offered goods, this use expanded lease-to-purchase once her her. leasing Martha reallocated easy up she certainly with through case upholstery dining store and and an our

making that elevate sales, believe and we're our Furniture in important perception forward, will some changes quality factor, Looking drive with Jennifer. newness we our continue enhance to

reached we announce of in-store an the mattress agreement to to our excited transition to Sealy assortments quarters. majority two are We next over recently the

very excitement a quality the our offering elevate and Sealy additional our increase and mattresses this confidence technology key gives partnership performance and the good research Our the in offer factor format with has larger to transition. our stores This category. currently expanded and features, in updates of us perception styles, frequent will strong customers indicates in both Sealy Serta more ability

team while inventory the and tried We trusted in will smooth be ensure weeks in-store of an anticipate we brand levels stores all the offering the support as assortment be our to we come and Sealy, well transition. carry majority will with larger training Sealy continue a will mattress Serta to in in format and expanded as online. in-store our stores the to closely with the And and months is working seamless

has Home extended Soft digits, consecutive mid good was Kevin this also quarters streak team their for XX growth for in up digit with better quarter mid-single his business. single margin who or another high and comp

as will Fashion, Value value QBFV the to propositions. themed business in gives improve play. Home the continue business even redeploy Quality, to the in new lean where into a have Soft strategic further decision highlighted space and cards the line industry [indiscernible] trending or for permission in [indiscernible]. disciplines fashion or the us We downsize Often our quarter, is exit that to and bedding and to and and soon, Jennifer Brand, we Coming coordinated on greeting the made leverage of assortments we

digits Next a the important a and mid solid to very summer team well, a and is start single Steve season. Michelle, quarter garden for and Seasonal, which and lawn was as good up

spring As the unpredictability we've on any reward month. discussed in impact prior trends sales high as years, this in weather is high business week day, risk, or can given

country, a high very start most combined and with After March of Easter period holiday single-digit. slow and in increasing timing the normalizes tax the of Marpril due accelerated unseasonably late sales conditions April to refunds through in which months weather the the of the of in across February,

Jennifer. QX for the positioned Our fashionable, inventory products levels warmer are trend with right for of months well

our online a contributor expanded in the a to Bruce business ecommerce our highlighted which loved success record also We assortment ago. was which of QX significant seasonal moment

future. single consecutive traffic we expanded aids Consumables to second category gives digits, orderly the driven Consumables and for in us the was in the by growing up increase this team. driving housekeeping [indiscernible]. again Jennifer permission was of our his and see Once cleaning in strength quarter never business play low this Steven the and world

was quarter. down the in Food

trends over After and times driven stated has low single-digit of reverted for our to have the intense returns during business events competition. most more last been results or QX, this with facing gift we the As recent our quarters, several back assortments multiple holiday business solid [ph]. business softened industry-wide

see continue We and pockets, namely snacks in spots bright to candy, beverages.

goods staple portions our to we [indiscernible] higher deemphasize QX Jennifer of staple get for overall performance. pantry and sweet snack the and category type assortment salty our the where food we and However, transition assortment. additional [indiscernible] softness play executed from an of in Late of a permission

planned Electronics, in as were Declines Home down permission Jennifer toward categories Toys gives which in us QX. Accessories to also shifted Hard better were & and we to place more play. broadly

and tariffs. these of to few and the merchant handing topic want we as around adjusted, extra thank effort T.J., business our chain I over our call their the during Before for risk last weeks mitigated import ever-changing evaluated, teams to supply

understand teams' each a business. important structure for they stable is to value our just every margin price importance and Our of how and and day Jennifer understand also the

a done, bear form know possible see portion Our ways. managed. unified, better and in extent both to fluid likely of domestic Like been tried but origin you our is the and merchants we we country sourcing, manufacturers incorporate in proactive most are topic, nowhere extremely evaluating to the prices, other customer overall in have forecast. recognize higher prices. many This we of have you've we import cost unfortunately the situation retailer retail QX this everything every of working will discuss and The the near already with near-term managing

numbers turn the insight our now guidance call on in for the I'll T.J. XXXX. over for to

Timothy Johnson

store offset $X.XXX increase. the Net we Lisa. stores not included X.X% billion sales year. Thanks versus sales a lower total store first $X.XXX our growth comp of open digit stores fiscal of in and XXXX XX up quarter low months, billion guidance the from partially in for by the new sales increased increase plus Comparable resulted positive for reported were our comp sales last the X.X% sales single count year-over-year. at ecommerce to base, of least compared a The

of quarter, tax trends noted cadence terms refunds. In throughout on of sales delayed as slowed we but started February mid a last income of result our month the month meaningfully call strong, the

results and period, single Our sales the digits. And Marpril guidance the April, during sales recovered February which March for [indiscernible] in combined digit call The to the February was mid accelerated in low be to comps low of like holiday. lost not the up Easter but year. and single QX just balance in that we the would have assumed down

was to compares first $X.XX to largely line million was of margin for share for diluted $XX period Sales diluted lower levels. in adjusted the expense diluted and $X.XX of with per our quarter share, share attributable the year. or million last [Indiscernible] $X.XX or expectations. income income same to Adjusted our guidance $XX were $X.XX gross per per rates directly

last points Adjusted with and gross in margin rate guidance. from line XX basis up was year XX.X% for QX

of more mix, of up especially strength in improvement the merchandise adjusted expense by were expected, and mid a growth X.X% lower was guidance million rate. promotional expense the markdown offset Total QX IMU, the [indiscernible] or favorable to higher single result $XXX which As better was digits. dollars favorable our or

and [Indiscernible] has efficiently the The transportation progressing nicely. were insurance, a corporate job to are done our headquarters. operating our growth spends operations, and good fund initiatives team [indiscernible] favorable

up bonus which slightly QX which year's Our adjusted expense point. coupled LY low rate the XX.X% XX.X% in was resulting with last QX adjusted of was the results to expense first adjusted exceeded deleverage from, higher compared as plan the rate incentive

our to of in the in investment stores. new store was expense Interest elevated And new an with correlated I'll with item to speak rent adoption moment. quarter expense we Adjusted increased paid for program year. growth last and $X.X was of have is the a Store and note rate during balance the which was the $X.X standard. average quarter million year's depreciation which larger XX.X%. last higher the debt Second, associated increase compared to last compared tax million income remodel lease of the XX.X% a new the Future for in of accounting rate deleverage and Rates quarter

over for increasing Moving on run per fiscal inventory normal XXXX last elevated million ended or our reasons. to $XXX rate in key to increase sales store year sheet, of This inventory levels compared million expected the three the quarter balance at with is $XXX first level XX%.

higher intentional merchandise, tariffs and to to Soft move of anticipated of of first inventory slower in commitments QX finally, Furniture the the resets cost to the decision categories third and impact First, products. support due of Home forward weather. largely seasonally products fresh on new than in our sensitive of second And earlier general key sales

season. down will to our levels as fall growth low closer flat QX is or Our and enter slow we exit and digit single inventory expectation return the

footage QX and During we XXXX selling stores with total million. closed nine stores of six us square opened new and stores XX.X leaving

eligible Future be store of As end of our calculation. included approximately sales Store the stores QX in of XXX the comp were to

in We $XX with to compared and million aligns and credit last strategic last our higher cash compared our California year-over-year. quarter Depreciation year. number of new million Capital our of the under of increase quarter. million cash of cash in investment The were year. Store $XX million million $XX.X with This store equivalents the in $XXX beginning expenditures $XX million credit DC first for $XX CapEx the equivalents $XX.X and our quarter Future, new to and compared first of a XXXX expense facility openings of was million and ended with borrowings facility. under the $XXX million borrowings of cash

levels year to debt largely moved to debt for year in lower be end key and QX. our Typically This higher relative timing our would due in four QX reasons.

amount of the on the significant stores. focused growth of a the First, CapEx Future of namely at year, Store start and new

in on of market QX our of compared our million trading. share Second, to we value is executed $XX repurchase nearly all the authorization price estimate based intrinsic where

at of Third, of made our mix merchandise material [indiscernible]. in to events and the timing end, elevated inventories unusually our based low steps were and stores merchandise our changes inventory an in the we've repeating finally quarter [indiscernible] inventory we as on ratio no

of first In the activity in million shares represents $XX of repurchase fiscal under repurchase million us payment the to dividend XXXX. current million first invested shareholders our A X.X returned QX. we quarter $X of leaving at approximately our XXXX the of authorization quarterly to million with end approximately repurchase share $XX share quarter this combination and

repurchase company's business release As the X.X Also exhausted authorization quarter subsequent cash common dividend Board XXXX fiscal or our the Directors per XXXX $XX million for shares second repurchase of we of of total quarterly the our noted invested record of June of dividend This in the quarter million to at approximately payable of XX. on end on XX, morning, this the In June XXXX $XXX as X% program. in to a declared to on program separate close a we shareholders share first shares is of the share. press the outstanding.

per diluted diluted guidance, forward $X.XX adjusted of range share. $X.XX to to of per year's income QX to income we compared share the expect $X.XX last to turning for in Now be

assumes single-digit store guidance increase the a sales on of in last increase the for top same low period X.X% Our year. the comparable

this Total low sales ago. higher in slightly a reflecting new significantly mid year year QX per growth openings and in is or stores to trends comp the expected store in both our single-digit of is number to increase volume new recent than in above a store in

weather digit the to in month solidly largely start of last slow due weeks been single got up low the two May have off impact, to Although a range. the regional

Gross margin down gross as to and year to of margin last second primarily the rate products QX of last The seasonal higher is in sales a fall slightly function a improve of fiscal new is rate percent than XXXX for slightly begin from sell-through year. markdown, be down exit and we expected as to higher our appropriately is quarter the season. as expected be expenses

is higher markdowns mix overall the location adjusted increase to transition as costs of range expect higher distribution occupancy be [indiscernible]. our planned impact the associated partially total and we new of perspective, QX and a with expenses Valley. in mid-single-digit the result offset and in Apple our in From new beginning center of by level in both depreciation, from higher in QX and lease our lower This accounting continued new an expected stores for improvement California and rate the our our to to expense of IMU standards move current

This view of expenses financial low in growth performance. mid-single-digit our guidance reduction and portion as issued calls in March larger in our initiatives become our grow overall for is in which a singles the fund-the-growth consistent to with expense to in the moderate prior fall further spring

for will result based guidance comparable total low-single-digit. $X.XX flow sales financial $XXX and in level believe of cash $X.XX per on in performance For the the $X.XX an guidance prior adjusted our income performance per to adjusted adjusted $X.XX share compared and for to based XXXX million. strength QX fiscal in of growth both increase diluted fiscal We share sales of guidance XXXX adjusted approximately This of share. per the we store $X.XX range on of diluted of diluted increased have income income our to of is this

of clarification. last One note

been EPS has activity excluding $X.XX GAAP million. transformation costs, GAAP is our QX an and release for settlement $XX of a basis for of $XX non-GAAP commentary were legal press category of year, we million the in or flow exit fiscal press contingencies approximately in today. our release guidance merchandise basis per XXXX. on non-GAAP after-tax a on for cash our to of fiscal the reducing level This range In or which share and provide All items detailed also

I’ll now Bruce. turn back over to the call

Bruce Thorn

reposition the been our On T.J. the March, work success. team call project Northstar. Operation Currently Thanks has named long-term leadership to in we've last outlined business earnings I on for focused our the

significant a and in of areas or in management PMO funding have time progress of up made period short We growth, numerous standing project business a streams enabler. office and journey work organizing the

streams the across functional scope, led long in over work near specific executives ensure objective, with terms teams to by KPIs and success and both senior The the run.

growth in category. One and and across including offer. driver also multiple and not the Growth with is these strengthening categories Home the properly is best focusing The early special with leveraging [indiscernible] on introduction in but work instance, Furniture is Vision of stream a only Team Home Hard initiatives, our [ph] during insights a emphasis icon XXXX. brands Soft and better Seasonal team feedback to on customers' position For

stream work to and solution our events small. Back for occasion, with simplifying rated life geared towards certain bundled life’s assortments lifetime few focused on is Jennifer’s big

QX piloting in this Dorm with be Essentials. tests QX starting late will and We early certain concept of

shopping for kids a drive across the multiple excitement, upcoming curated relevance Essentials merchandise prepares approach easier space. the her back year. Dorm and assortment school New Jennifer categories, with will to campus as be to

Our in successful team the pilot. messaging assortment, for a leading the of [indiscernible] the is marketing and finalizing process selecting

stream eighteen builds last the a works a executed example is Future great the that has the of months. the of of upon team Store work growth good over

to over our open fiscal the the new mentioned XXX third by will XX annual this stores of Work base on is the end increasing the we to stores in basis. was of As an and approximately expanding penetration over store XXX year one format, well convert stores we nearly stream the earlier, remodel going year. focused forward on numbers of

Jennifer big fleet believe will digital XXXX. should the of our with by as and delight accessibility company be in our be our that win for for share another surprise has and a fleet roughly been of We we and gross increase our or example enhance experience in expands end the the XX% upon our brand, streams complete we This of the the the Growing largely of team. stores is online done Home growth work by factor and work that enhancing our category.

out. pilot our [indiscernible]. this and goal our recently Buy a ecommerce accessibility we functionality, made another improving BOPIS with convenience BOPIS, increase Earlier element week Online navigation, We for summer. key couple is check updates that to the shopping intuitive for later The platform team important of is additional overall and of is Pickup this In Store, a faster Jennifer full to roll-out and launched

how Fund-the-growth top growth also to streams our our is key differently. has operate business multiple and the unlocked the We work at know line future. accelerating looking for

meant facing. the which tasks realigning also to not to processes efficiency our quarter making overall by details we organization lowering to However and and need reviewing [indiscernible]. base. and associated first office overall reductions our cost structure corporate our sales supplement streamline customer leverage on This in growth were increase reporting included the restructuring meant and efficiency higher for improve our related and to and structure and creating it field activities It payroll hours

we're a innings, the identifying In path in in Confident approach bottoms-up create to level million in lower-cost of year opportunities, goal meet to our indirect addition, save point XXXX the of the savings the $XXX our this goal fiscal spend at traction year next and of down in damage longer-term good very but or well over lower-cost [indiscernible]. will merchandise the has million and we we exceed the and front. markdowns $XX relationships lower are team And score renegotiating to early beginning [indiscernible].

business to and to to give in be enabler. proper we certain in investment sure addition fund-the-growth want growth In focus

the designed to established streams and of best periods our enhancing the overview to focused handful industry, These on win creating strategy the human have just associates our a examples is fiscal a we nearly strategic of XX the in support XXXX. and work play developing are example, work For attracting resources of talent retaining and environment.

as looks to Now, great looking excited our and opportunity growth company deliver associates forward shareholders. customers, our our for I'm for by our values

now call to back I’ll turn the over Andy.

Andrew Regrut

Operator, Bruce. questions. like open for now would to Thanks we line the

Operator

Markets. first Brad with KeyBanc Thank We’ll you, to go sir. Thomas [Operator Instructions] Capital

Brad Thomas

I Hi to expense on morning $XXX color us million how and and on could to in XQ off good expenses over start start wanted the years? T.J. three side how a here. and the congratulations more to came you you’re on year that hoping have tracking the around bit the you for give relative expectations little cost target that next

Timothy Johnson

Sure, for Brad. question the thanks

management the from team think store point expenses view, a both General for quarter. were well Particularly a items Comp performance I quarter. an as a of pleased Nick very health good of first just perspective, our of continued our we payroll, controllable all point the From from and plus of had was quarter. the other performance very operations claims in but as Liability not note, view, point with in the store view in insurance from good in and expense Workers

really Again, office Workers there activity focus from to distribution our a so Comp store that collaborative team gets the of then in at costs. the safety for view it and point the so, level terms performance safety on of effort legal starts here at good centers procedures, once in lot and good team, of

mentioned payroll fall in the we from activity. operational did season into fund-the-growth perspective, In ahead I office comments, tell on his us. you an specific and Bruce Brad, perspective an continue and and a of to would people here quarter from facing the majority late From perspective of from the in non-customer manage perspective as very, second the store their in is very a fund-the-growth Columbus, have Additionally, budgets adjustments opening well.

of that we changes So and well. any executed the made, Jennifer should those teams not have the noticed

quarters. some from operational timing openings around So did also our some have those third are think the in the Brad, We I of differences of second and our quarter. point in focused that store are quarter, more on differences the now new view of some particularly

if from mention we point that centers the be So good that there but were our saved operational view, some well. chain supply of didn't distribution business. remiss performance just costs and as I'd generally across I

through continued some what do rising now, kind those we've a we even very carrier control. battled hope of worst to the though So they of challenges good can had what and we've is rate teams costs the job fuel controlling

So, business. good just across the performance broadly

Brad Thomas

a helpful. around… if That's I could And ask up follow

Bruce Thorn

faded there, the you out second part? I'm sorry,

Operator

we're And Thomas, not to hear you. this the is Mr. able operator,

Brad Thomas

hear hear me? Can you me? Can

Operator

can Yes, now. hear you we

Brad Thomas

Can you hear Hello, me? operator hear me? can

Operator

Yes Mr. Thomas we you. can hear

Brad Thomas

All Serta? that, happened partnership you apologize the to to talk not the Serta, of I on what change the decision versus Thank [ph] about prompted category, and all I right. whole was to curious you've the time. you're if hear the Yes timing what I'm with you. to Sealy, the could making you expecting be I in there. you're different Sealy a partnership could follow change what mattress that. sure clear up for I the know had longstanding

Lisa Bachmann

Brad. Hi,

we to partnership a stores. with think, many our our with about furthering expansion had Serta as I for with And, years. that the both to excited great we're talk about say we've and relationship fair it's Sealy Sealy,

we brand and confidence store, the both stated And to our and in very innovation of for bringing performance from the that a our Sealy in be we of recognition, product, styling us. strong this Serta features having I a with going stores their in in is positive and to Sealy that strong a is has - functions. lot both and believe have our brands table larger really transition lot format a think we to see as there Sealy today. due We

Brad Thomas

Great. Thank you.

Operator

you. Thank

next will go of We to Jason Haas with Bank America.

Jason Haas

provide or should forward? merchandise the other your categories? potential question. my and you're an for further thanks going how How about update category Could good shifts Hi think morning, you on thinking about taking we for

Lisa Bachmann

Hi Jason, start with that. I'll

we're Seasonal. yes we've they've been a First we've seeing Home talked and the Store of our categories the and if, out talked and the that Future, categories clearly Future. about of And clearly nice the been center times position own-able front Store the of of prominence comp from Furniture, all, standpoint driving many about of and they've performance are these Soft as

these stated back we like will we're continue categories in and offering décor. shifting Soft children's perspective our from as And into Home we a cards I've lead. within and performing lower that further greeting remarks, expand my to So categories bedding earlier some home so that can took

food you're lot value to us we've a in deliver both lean but an important really into place introducing upon success important Seasonal, we some that with still see Furniture, it's when had also consumables to great brands. to So categories we've our of has Home is continuing going also our national and been understand but business where nice closeouts and

to a again help traffic looking to entire from traffic into the store. perspective, drive driving categories these we And lean into really Consumables are

small, but continuing key So and the focus a again, of Home I'll from merchandising you to drivers really Seasonal. on tweaks Furniture know say perspective,

Jason Haas

And then the from much the quantify a as could the that you follow was and increase XX% then Thanks. expect in in tariffs a reflected guidance? XX% from how you to up, of in headwind change

Lisa Bachmann

too China. what of we a is just to from to about product price of to understanding marketplace. from XX% perspective, I Again, understands, tariff on direct team our think and really is the import our is I XX% for give want in that a our talk And about value continue and maintaining just our deliver and our how us value and position it proposition important objective to which

has now some for sourcing, have several moved working hard been other it teams the over of our months to moving the very and So so - countries.

a other of with most some heard working prices. you our to to customer manage both import domestic costs because that potentially you've our to know of we from ultimately we better pass of may have cost vendors, the form have on some the and like probably reducing and be portion retailers, will in the higher likely buys unit also We're

top the from we best to have pricing. strategies But ability, absolutely that can our by bottom forecast. I'm of QX reflected the sure at in very from and as been our fluid a have our as relates to this certainly looking category review working SKU is standpoint you up but a down it a understand and process, teams But

Jason Haas

Thank you. Understandable.

Operator

Goldman Prykull Please Chris Thank next ahead. you. Sachs. to We’ll go with go

Christopher Prykull

up of on follow in any business? a I about news color question that had the come just I questions. percentage give with tariff the taking you Mexico the for Thanks mean what can from imports last your morning. night. Good

Bruce Thorn

we Yes. Chris. globally is we this react always It's what's it, news but on Bruce. discussing We it to the This think were is and low. morning. impact going Thanks, breaking

Christopher Prykull

that Got What you it. has category, the then seeing food on that lifts reaction nice Just And a helpful. how the the color, transition that did? bit about you're the more that sort to term. stores? That's certain impetus was for any and tests the of in mentioned longer in have of what you you Were for you been? comp it tested transition thinking little trying customer get

Lisa Bachmann

culture and Chris, Yes. test did learn we the category. we've test strong Sure. and real here a food got

really is including of We food a did strategy there traffic Again, we credit candy, and beverage, types to to the tests lot the standpoint that front-end within very also here, other driving what foods, categories both proved we're for had the basic food entertaining receptivity from some and getting and less as in staples. well snacking, of successful. be a

we us ultimately was of have for at these that performing April credit end for. getting of been that tested rolled the out So, what and space the moving categories and some into we're staples what we of

some lot earlier, we've well of traffic as of we're categories. that introduced into response close want also national brands I I driving We as as these to some our that lean consumables, outs. space really the to of into shifted where seeing And had strong stated some a

the transaction. front to per us tests end And then UPTs, was help we units really did with that

As forward standpoint. an of of some of an back to from food we the had that moving opportunity to that we with the you bring felt Future store, impulse the know and Store

tested and be is rolling we also the it successful to proved So, it very that stores and as well. that to

Bruce Thorn

what I'd just add to said Lisa terms in our strategy. food like to on of there

the look entirety, to store forward, think look space of productive. food necessary doing important it's its what I we're not look as at to more make but we in the at

leaning for Lisa traffic beverages, like the said, us. actually in So and the sweet salty, those drivers the into are snacks,

competitive And in is where and the so really productive to a spot in like more category that won't we're space our parts giving going other up forth store be we or and the competitive more to. canopies where

our much So the to and how is measurement to box more make we continue appealing really on productive Jennifer.

Christopher Prykull

out? sneak think on across and can pickup I online, expectations you just Great, was as and one helpful. give And an summer, in slated that stores, sales if you margins in, could you. it update one many us the are Thank last that's rollout, how I buy store for your this roll what

Bruce Thorn

proud Chris. really question it. Great of We're Yes.

as pickup pilot our store. launched we week said on this we online, know in buy You

of now. in right couple it's So districts a

smiling from what something Our really schedule ahead a first is it really was stores internally, than this and Ohio. so is get rollout full it we to were the expected, full order and that. in to - to larger from end the It we're came summer. bit expect see planning of little great Parma, about that by the rollout of we was But

because they mean about it's an really time our It it card. exciting purchase that to from they to Prime year, means research online is have journey important quite of a did in their just they start Amazon that make we access more. today, the here able of many in offers done have earlier the we've online our offer XX% to customers store. and in skew XX% not customers online frankly journey and start we the fact from in-store does And their it skews perspective that over a our really double pickup buy stores, are increase What the in could

for quarter very e-commerce. for e-influence in us ever to So resulted saw the competitive. e-commerce standpoint has it's important be influence And best from you an our just

what about the us this excited of and for start is it. we're So

Christopher Prykull

the Great, good year. of thanks so and much luck rest the

Bruce Thorn

you. Thank

Operator

go Loop Anthony next We'll go Partners. you. Please Chukumba Thank with ahead. Capital to

Anthony Chukumba

Do morning Good and - you questions. were that, taking the question, negatively I so that talked there's all? you so know a that at the fact do it tax had quarter and and delayed think March that impacted April income feel or thanks about the of for shift you and you comps refunds I that you might guess my Bruce all sense. in that that recovered makes into certainly maybe some second that of

Bruce Thorn

more see first then quarter. Good from started it. returns color question We some definitely the and I'll late here, that impacted off team very good Thanks with tax Anthony. but the get delay could and you lead

like tax to team Marpril in with likes in, we we and probably a position. we good we've finish see You about don't trip I gained sensitive the know quarter good a and better May weather starting that in we first much something March back, in coupled but delay the are customer to that some our We talk trip shape. - and you good the is as kicked because that produce quarter. got lost returns the the good in those very of in, weather results kicked a lost That said in believe that poor is

Lisa Bachmann

start drive I it with and presentation inventory we've that about just a in early add relates Furniture, Bruce for the to, and in. pleased some reinforce know aisle and high we're for extremely great the that as shifts, May color said, brought as we sets new the in of Yes, up I'll off we're as beginning some to you little brought and we new was Marpril jump more to that. single, mean inventory of talked

Timothy Johnson

Yes.

our view, chime were from comps store. Just, I in in of Anthony, think up point single Marpril I difficult. the would digit mean there. low I it's

in kind been leading of As into and digits, business fourth our just Furniture that mentioned, Lisa quarter. of single sort first of had being early that trend coming quarter out up high

in it that trip because, way first really morning, being refunds that I very back So as performance. missed difficult notes we but solid this look I've that seen or of when Marpril, a look that we for know of is some it's quarter that was lateness came level, really to early us that high we the out to the at say at tax sales

X.X% I but up March X against in shows and the it low understand negative some off our single digits, the of biggest surface, and light that a might the down on in started number to appear rebound February particularly really you happened comp a at understanding categories. April mid

about trend for what Marpril mean of good the it and rest So we feel really that the year. could

Soft and sets in newness early those flowing As now Lisa some Furniture with categories. mentioned, Home key again leading

good If the we'd because quarter and and you of weather lawn business rest we're garden that, out could we know ready and help for with second us some summer. the appreciate

feel to quarter. big second that those about good So perform, very our have we categories for position

the that of we're comments, would in just you, of in I the So, new first very, some seeing volume encouraging. remind mentioned out we very also quarter this prepared stores our but the

and the total be that's to comp you. in So in with number probably quarter is up first growth higher of of, than growth, sales happened it number a years time a a the in honest

BOPIS building new very new, as just performance So, Bruce good very base good in performance e-com our stores, loyalty in and mentioned. and card being

should term term number So or Marpril we quarter feel every the well expectation longer into in that did they of quarter the levers first like a coming year. for perform out of have we opportunities going validate growth, longer of different and well some strategies of the have balance the second in

Anthony Chukumba

follow then And just helpful. that's it, up. quick one Got

you quite of of the more performances in or Future the So performance, strong very, be growth is in which you your long-term Future talked targets, Future Store obviously like re-evaluate Store about or shape be really do could make form could now encouraging square – I does that may words well. that stores, there just way the the other wondering you store the the very I you've open any performance and lot continues footage guess, seems of humming? you upside, got was talked to store new Store strong a the very and new between then

Timothy Johnson

which the year. versus this the our it actually even next more I and remodel as somewhere term that start in we prepared XXX year strategy validates XXXs long have in comments to is mentioned think numbers stores

become stores and the validates sized that and more think continue relocate to appropriately I count. to grow our strategy store net

where relocated to of is to from new I want you store new XX team growth year our stores. point very sense, the but think XXX energized it accelerate makes I remodels this view look roughly at stores think or

is an that store will a this base strategy. our base on projects year think larger significant next a XXXX, got part validates pretty be you've the changing so portion XXX even of I changing So year, of store it and

Anthony Chukumba

That's helpful. Thank you.

Operator

We'll Jaffray. you. with Keith Piper ahead. next to go Peter go Thank Please

Peter Keith

want for dig bit I tariffs. morning to the thanks Hi, thanks. and my Good a did on more questions. taking

so on So were from be would reaction higher I imported from and what's with want items the China XX% our partly was year. we've to price up consumer observation like far increases those understand to tariffs slightly some the been the this seen that priced it the that items? seasonal that looks related of if seasonal

Lisa Bachmann

Peter. Hi

within in wicker. of especially furniture think specifically, a on had important we've prices higher some answer points, products, that understand the I prices about it's in great our of with lot success our patio retail to price to our the question resin

as our So strategy improve aside well our and for to our dining. to resin part offer, upon of putting quality the wicker product offering within the and expand as continue moment tariffs a some our was of of

raised absolutely overall. had provided natural larger and a progression from our which inherently So our sales sectional to we demand, retails offerings responding

that, you tariff of On the play. accurate, are yes, top though into came

So including there look our promotional things was to posture. at had of lot that a we

initial at that our offered the looking deep on we how initial would some we promotions know go pricing. retail You of

of account, properly in all for be those the order into to things to manage taken had overall business. us So

Bruce Thorn

may it's in and outdoor We're important Yes weather everyone and you've it. with too. said quarter remember and come, poor returns. add dealing remember we're late that what And some of on think that was Bruce. to disrupted indicator that category it's to first tax boat peter, Lisa the while seasonal think with this got in I furniture again an else and the I'd to by early like all might same to what

working all this. So, through we're

doing team fabulous job. the think a I is

we're product and competitive think this regardless, wonderful I very competitive. looks in assortment, Our

Tim Johnson

By you performance, can that, see region. to onto again, and across add our variance XX to based business like XX perspective and Peter think regions on weather. comp I the in what points of points country weather Bruce across prices, all across items from pricing XX by region, mentioned a of same difference Yes, retails to of XX similar same on

a and tariffs hard that us bigger the to separate than two. it's suggests that it's it's likely really So to weather from - perspective, but

Peter Keith

clear be seems impact the are any forecast, QX from Okay. just to XX%. like but Yes, good that very into fair. that's it been because that certainly want note now tariffs have the not I too, And you've would intentional to presumably

kind Chinese how still may we - might XX% have - on merchandise? minimal imports you wait see seasonal guess are about the back of think I So, as impact the you the half and or do maybe QX

Bruce Thorn

in from Lisa China very and trying for proactive being what That's that's communicate I the job pointed tariffs. this weren't trying wrestling necessarily on Peter. we and ago most time a done as the good think. of weeks to I real as teams we information at understand two think we're And merchandise with us to issue. But have think, or can I specifically I up-to-date again, three providing the think,

that regard. I we in seasonal confident fairly think perspective, feel a from So

aren't As yet, piece it get to it other with you have we're becomes the that to reality. know expanded that phases that naturally effect as that's starts and then going in to to deal categories

along we too other And with to to might market. face the we're exposure even going have have to overall that pressure domestic not countries, if to starts just as there, it expand but within much

So the Big other fluid sources Lots, along outside with every it's very retailer there a situation. of that very, United out States, anything

about thinking the think same the So I when would we thing other retailers struggling season. are with are fall

Timothy Johnson

what so known in forecast. far, we've our what we've But done is and reflected

Peter Keith

tariffs? sneak from this just one, three imports impacted China. you've that's indicated by now quick If of XX% I percentage in What so could is, being right one on

Bruce Thorn

Peter, directly XX%, is XX% the world from from China. Asia coming source across we

to as our situation a markets. answer to this fluid in is and teams our other up is So that XX% work

Peter Keith

very you luck. Good guys. Thank much Okay.

Bruce Thorn

Thank you.

Operator

Thank you.

Trussell comes next from Our question Bank. Deutsche Paul with

Paul Trussell

the shrink just mentioned in for expectations of like expectations expectations and discuss original morning. track environment? bit the in still with of and Good are I given I that and more And T.J., a bit gross your believe margin takes for on in line little we pressure gross a kind the believe year? for XQ, for was maybe promotional margin you in puts XQ, the detail then estimates

Timothy Johnson

we right for of everything know from forecasting good I based that feel Again, we're parts margins on bet and year. days we today, I'll the about now where lot XX moving think now be our a we'll talking about today better of we parts moving perspective. But forecast. adjust, half primarily those difficult we to different tariff year understand it's potentially are back the from than until

we all inventory of move favorable the of our our get been that Paul, goods, through that we're the clean is teams We're to level be to that quarter. trying in view, we good from going not exit have to and need Again, start has looking in do the move product to second weather expect seasonal to and promotional markdown so point yet. through to enough From off we're a quarter. more point the on we view, provide to QX third forward that the

posture From a promotional up seasonal. in the margins slightly and view, lawn within a store and aggressive to first March overall to garden quarter that of were and late point included business in in more and in April, try and drive

than from had little to do good that sure. start would our of was that, moving not earlier was a that a have to maybe view we weather. have clear needed it margins liked we But had - because So, been to on better, seasonal point bit otherwise we the of little

coming this his team trying are and that seeing it. fresh the proactive, of teams behind product Again, be to and doing inventory corner need bulkier great a Nick I understand we new to have move through the bigger because job think around

Paul Trussell

we growth for of rewards that then growth year-over-year, around that's comments upon members are sales the efforts sales you program? you're expand those seeing the you And from some program. And loyalty should around pretty do think just to the rewards how color. Maybe mention about of the favorable that all coming taking pretty in had steps Thank marketing? active one-on-one percent - of or you percent that remarks and the

Bruce Thorn

XX.X we're year-over-year, members up at Thanks for growth about is million Yes, around to question which a excited Paul. this the program of our loyalty XX%. point, quarter-over-quarter

to our that about customers and all the value the before, - this we've it's it's way bring us said talk her. the communicate way we most and for to productive So, best

a also very very, to and e-com it excited about adding that's So record business.

the, optimistic think for quarter getting question, sales in it's there, that terms e-com all the been we're I will our in of it's about to the is growth, that the get record offering augmented the less than happy but having and BOPIS But part store in total think of X% capturing to be of and the us. comp. going We sales. by

an loss that to in total important us a $X is $X million but how we're value. e-commerce extremely million, between in to an to we're BOPIS be we be like in It's something nice with this with last loss standpoint. $XX on is from million and million that, where $X omnichannel of predominantly a to year. manner. trajectory important in is us million mortar, We've e-commerce But growth sales retailer, were $XX now. the to and year-over-year, projecting grow profitably. an is see for and finds to total e-influence sales right We million profitable around more that's a in the brick part obviously year, lower important neighborhood $XX going grown to add she the we're we That's starting

Paul Trussell

a of the about percent what rewards as And program, sales?

Bruce Thorn

by in today. our mean X, growing. I in it's for standpoint company clearly a very it's a points Paul the stores given understand we efficiency growing or to Yes. I think It's and outperform easily it. the importance just to in that important. It's important separation marketing over not, half it high out we in the also any of really X, in that encourage haven't the teams of on sales stores of are focused X, is stores in to performance separately, our by And quarter. very have very that and there's those do penetration broken rewards, would their definitely tend that from program volume you very

the comp key understand, for a are on growth. So, future Nick his this very and very lever focused team being the clearly, stores

and all better So on our point number of touches business of financial them aspects of performance. to a it different

Paul Trussell

of luck. Thanks for best the color,

Operator

Thank you.

question with ahead. Telsey Advisory Please comes Feldman from next Group. Joseph Our go

Joseph Feldman

I I was with I that if the hearing had transformation Hey on then I the guy, the called strategic but driving guess strategic static are you review what's guys a on apologize earlier sorry guys years. feel the on plan of like guys I plan mute it or missed call. this the and expenses, there. I this that something like, some you that's earlier, legal trouble the of it because you path specifically taking charges on been for like how have few

again the what's high contingency legal about also, that charges? that So, caused expense I'm on seemed pretty new and more there? curious And what's then going

Bruce Thorn

Yes. I'll start off more color. on have this. little And a then we'll Joseph. Thanks

First focused which off, strategic growth. is top process to not Funding taking plan. we planning Operation growth the call accelerating on older is fund Also this new is building a enablement across the same and out North Star. our It's This enterprise. strategic Journey cost line

in that to to done our work the customers, we so that we That's rate could the on of growing of get fair trends, is amount can we doing understand in past play, and where at been we've that the in marketplace bigger believe for competition that. this was point research Specifically years. a to important general, our marketplace, we've get win a this doing us the tremendous than share

than in the done we've is So this past. different what

past of Jennifer's which we like Lisa spoke curating as around than on Home life growing makes entering remodels in into to which things more is also such that earlier, focus it's It life's enhances now things are that the new performing Store products occasions, other doing the our like many sense. done we the but Future well and is stores, a of have and

authority traffic for surprise as being and price as delight she as stores, value about that enjoys. the well increasing in and drivers It's and known growing our value products and the in shouting

done logical we order do make different, data. in costs also we've is that against to our it benchmarked sure all to and in this that those make infrastructure our steeped I sure was this So wanted to best-in-class, for we properly very and want things.

And traction. I think we're getting

exceeding and year traffic we're in we're it drivers $XX going we're or of this occasions hear update the management, doing three next you've the terms in in on well life's and tests some to the cost of this how track You're $XXX target later million million see as on as and about years. heard in our doing

over important is strategy nice knows I in going going where where about excited as we're understanding. our point this. way. They company XX% has their everyone survey a we're understand and because very but with That's we're at positive. across So been in this think reaction with execution we're and valuable, very is We execution people the mode priceless

Joseph Feldman

could just Great. the that? then gross Thanks second remark was the mention maybe question legal for like contingencies, that. it And the margin if seems then, around on T.J., you And my how a Thanks. coming guys should that lighter maybe think little we I than half of year? you initially second in about thought. what it's wondering was it the - for just the

Timothy Johnson

Yes.

point. said try Let for me what Bruce the last a let minute hit me just to expand on and

new here very Joe, do we're quickly. is really what my muscle view So I to trying up stand guess, from

of first standpoint was day can speak important. transformational very jobs a their so that that, above on team from do we So quarter thought deliver having to that guidance, so was help and some rest focus a the to the

So cost. we the that's Bruce building the the stand in help us the mentioned, have portion helping up that PMO of a

prepared in be are the changes the in separation part so costs going we remarks Additionally talked of structure, transformation. to about org

transparency. in non-GAAP American good real as decision prepared to carved Category a a item to a Soft and clearly something Greetings expand historically to working. for we've comments, her again separated out a exit Home is category We the more store, us Lisa that's exit as mentioned we're for trying presence made with

some some of setting claims in standpoint, made and down but we're the information, wage legal further around we the the know not more. front a in From filings, new disclosures money quarter that us and hour aside this potential primarily our we've in again of of around SEC path

this So, got that's really quarter. how we to first the in

mentioned I part in through products. trying a your as seasonal gross to more Paul, move around were around margins, question and second we first aggressive of little to quarter promotions The

standpoint been we done that trending expense we have have. look So approach in again They understand make certainly re-investments took. would favorable in that, some from margins the and richer? quarter not absolutely would at our we was were Did very an that had and the That we margin?

just really business and how to quarter. the trying line manage So where we individual not holistically items first manage landed is we the landed for

through be a and good little margin we second standpoint, From to we very again we have lighter heavier know about year, a Back move the half of quarter seasonal in feel will we're plans. our because it.

not is of uncertainty one the as that's just shift some new through. impact product manufacturers, winds to we on but our their on know have what continue and You anything work tariffs the import or to domestic our

what focused on. are the that's teams So

Bruce Thorn

at this to our it. this is proactive is from business stores question take driven to necessary. us a are California we've towards being doing This cases I settling taken a California mitigating and we're situation. retailers in We exposure relative we as is concerted our just back in very to will now. adjustments where a cases want also DC right really a legal bundle wage always that and and by there litigating perspective. effort of puts concerted looking or We've to But is in your get in continue hour got small on effort other and believe

Joseph Feldman

thank guys quarter. very second luck Got it. for you Good with clarifying and that Thanks this much.

Bruce Thorn

you. Thank

Lisa Bachmann

Thank you.

Operator

to go Thank Karen go Short ahead. next Barclays. Please [Operator We'll Instructions] you. with

Karen Short

I is had draw consumables still the obviously couple before snap are you're side, then of I a a questions, tell for – there big changes of thanks. for and shift if can eligible on in also percent Hi, sales discounts employees. the And that on any consumable the this questions making know section? the after in you in just me

for And separate on any another So then eligible structure had changes the employees? discount and skews I followup.

Bruce Thorn

to part off of and eligible. I'll Hi question Karen, what start this but have off you on eligibility might SNAP your I me is Bruce. let We're I is, second reset. think start ask the still with and the food the

in be intention the program Our those items to SNAP food with food for always reality. under - coming eligible customers is for

have qualify second may we you the we of feet can part still beverages of for your reduce assortment XX that. while a that reduced Karen? question our So, And coolers repeat

Karen Short

I on in discounts a Well for big I just, are draw Well. general. consumables think employees

any eligible there structure discount discount from are So, skews changes or a for perspective? in the employees

Bruce Thorn

are no to that changes There program.

Timothy Johnson

changes, part last enterprise. year reform our No program across of did Karen. to the broadly as No. associate we base No. tax support reinvestment Actually our and enhance

on discount believe a with we our So seasonal some of to very are very best products, No and you customers. discount associates discount furniture the on candidly it. changes that our XX% store program. know - XX% often a so And appealing

of to to of we can to want that being valuable make definitely we continue team. them everything a part So do part the

Karen Short

that the Okay I had if great. missed on buy you any on store, consumer well. said total seeing what skews time to what's how available And dealing in like question online the relates then skew, how BOPIS because of pickup is update as just this, with online this then second marrying store, the But hear kind can't inventory? inventory is I I of and the versus it that or in are you real

Bruce Thorn

skews Yes. will around in we skews store. the XX,XXX the in roughly buy that past, pickup online the BOPIS be part Karen. second question? number The Good have will And available so for online available of be double question for

Lisa Bachmann

on I'll jump one. in that

Karen Short

Yes, on the inventory. marrying

Lisa Bachmann

we From all inventory yes up-to-date will stores. perspective, inventory our Yes. of within an have

will Bruce for So that as XX,XXX be indicated eligible skews BOPIS.

will thing The now other have we too didn't a have exposure exciting that is food before. prominent consumables real to and we

our excited also we're exposure about So customers. bringing to that

Bruce Thorn

offered there's wait, vendor Furniture also shipping. and is on BOPIS direct more. with And

Karen Short

so like Is some then is, in there of the from I untouched older of just lift of metrics the older Store per the sales stores? these way on square know foot is, Furniture Future question in given versus to stores in or the the Soft categories format the what had are give Seasonal, Home actual And you've I any the Store some Future. comp last

Bruce Thorn

a are at have for makes Store that may team would we Again the and not detail most in reason. need that in most going easy that the are extrapolate remodel. team looking because of of efficient to of change or that I'm be that it estate provide those marketplace inverse that both range that to the volume of or the of included through a you pick to we're to be difficult that sure be go our would Future, markets stores for stores in together so events representative the that real would in of chain it have Karen, anything on in balance

that Furniture, that still Seasonal in I of up coming at and Home we Future store. of would believe Future is we're Store of of or seeing Soft we the the know comps just large Store the XX% from front to acceleration sales lift majority the suggest the the

that unique somewhat a are driving confident the very competitive have feel advantage those - we where So, to we categories lift. us

this Future we're A of same nice we're Karen, byproduct that format the new also is of stores Store the stores. format remodeling that using the for in is

actually that, we confidence quarter new that's the forward. we our store as look believe portion outperformance new a in So our of store and

the learnings. of comes lot a that the Store good from there's of So Future

I and they've see who item our we're on because turnovers in who business in is remind to now impact the higher they having interested a on the the with so of program. to in of Store have level last benefits seen a just their as to Future who the The the has lifts engagement center Future, of some of us because sales would our associates landlords see more us and that do want are but positive more of stats Store everybody improved, Future, of well starting Store vendors on not lot it

Karen Short

thank Great, you.

Operator

question… Thank you. And our next

Andrew Regrut

any questions? do have we Operator, more

Operator

sir. Yes

Raymond Ingles for Mitch question a have We with James.

Mitch Ingles

for sales about stated you Store believe squeezing is, remodels question generating XX% the lift. Thanks I said X% a were to a the you high-single of My me believe they here. generating Today digit previously Yes. that were Future gain. I in

has what So there? changed

Bruce Thorn

clarify average. I'll Yes. is Mitch. digit on High-single Well,

really to we're regard. changed. in significant which our a we nothing past completed very I is over by changed been has regionally I'd The high-single results also weather, digits strong. first a add major remain still coming that Even are in low-double most think Really nothing here there have in quarter when seeing language markets that quarter the the has some year-over-year. markets. XX stores that in second has increase differences in little into

teams great doing Nick what and they are controlling job the a of control. can

the little forward here we very to those we'll stores in quarter, XXX seeing comp disruption so majority we're new take, the and where program quarter comp that remodel stores give the with remodeling into those in Store and lots while we're under to look look lifts third of base, terms forward the of have stores As come or second to Future. will the being of in

Mitch Ingles

quarter. congrats a on great and you, thank Great,

Bruce Thorn

thanks. Yes,

Tim Johnson

you. Thank

Andrew Regrut

Okay. Thank instructions? with call you everyone. you please Derrick, the would replay close

Operator

May XX. replay gentlemen, of on end and PM Eastern you XXXX. by will Ladies noon XX.XX call to XX:XX June this will replay available be Eastern XX, today Friday The a Absolutely. at

enter sign. and You and code code XXXXXXX can USA enter access by pound Canada XXXXXXX X-XXX-XXX-XXXX the followed the toll the pass by dialing followed replay International free pass replay X-XXX-XXX-XXXX pound sign. and replay by

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disconnect. now may You

Big Lots (BIGGQ) 31 May 192019 Q1 Earnings call transcript