Big Lots, Inc. (BIG) Initiates Qtr. Dividend at 17c/Share; Affirms Q2, FY14 Outlook

Big Lots, Inc. (NYSE: BIG) has initiated a quarterly dividend at $0.17 per share, or $0.68 annualized.

The dividend will be payable on July 29, 2014, to stockholders of record on July 11, 2014, with an ex-dividend date of July 9, 2014.

The annual yield on the dividend is 1.5 percent.

Commenting on today's announcement, David Campisi, Chief Executive Officer and President of Big Lots stated, "Over the last year, we have worked diligently to reposition our company for long-term sustainable growth. We've made significant improvements to our merchandise product offerings, marketing activities, and we are implementing several key strategic initiatives intended to improve comparable store sales and the overall shopping experience for Jennifer. Today's announcement demonstrates the confidence we have as a Board of Directors in our management team, our strategy, and our long-term opportunities to drive meaningful profit growth and cash flow to return to our shareholders."

Mr. Campisi continued, "Over the last several years, the business has returned in excess of $2 billion dollars to shareholders by repurchasing 74 million shares at an average price of approximately $27 per share. We believe this represents very good execution and has driven value for our shareholders. After careful deliberation and considering feedback obtained from investors as part of our shareholder outreach program, we will begin to institute a more balanced approach of returning cash to shareholders by introducing a regular quarterly dividend to supplement this year's and anticipated future share repurchase activity. We are confident the dividend program we announced today along with our recently completed $125 million share repurchase program fit comfortably within our expected cash flow for 2014."

GUIDANCE AFFIRMATION

• Affirms Q2 guidance for income from continuing operations of $0.24 to $0.30 per diluted share
• Affirms Q2 guidance for comparable store sales in the range of +1% to +3%
• Affirms fiscal 2014 guidance for income from continuing operations to be $2.35 to $2.50 per diluted share
• Affirms fiscal 2014 guidance for comparable store sales in the range of +1% to +2%
• Affirms cash flow from continuing U.S. operations of $170 million

In advance of the Company's Investor / Analyst Conference being held in Columbus, Ohio tomorrow June 26, the Company has affirmed its second quarter and full year fiscal 2014 guidance previously issued on May 30, 2014.

For a dividend history and other dividend-related data on Big Lots, Inc. (BIG) click here.

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