Big Lots 2007 Annual Report Download - page 5
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 |
 |
Steven S. Fishman Chairman, CEO and President
Last March, we outlined our Long-Range Plan. We detailed for you a three-year plan based on operating
profi t growth from within our existing fl eet of stores. Fiscal 2007 was the fi rst year of that plan, and we’re
proud to say we surpassed our goals. In fact, 2007 also surpassed the expectations that we set for the
second year of the plan. During the year, we improved our fi nancial results, reinvested in our business,
and continued to build the talent base of the organization for the future of our Company.
Let me start by sharing that we measure success by producing operating profi t growth that is sustainable
over the long-term — that’s the Big Lots way — no short-term gains or one-hit wonders. Despite a
challenging macro environment for retailers, we did not overreact with crazy promotions for the sake of
boosting comparable store sales. Our team remained incredibly focused on our strategy and what was
within our control, and drove operating profi t growth and record results for our business.
I want to give you a brief update on what turned out to be a record year for Big Lots:
—
We continued to introduce more and more top quality brands like Cuisinart®
, Broyhill®
, Lego® and
Olevia® to our stores, reinforcing our strategy of offering branded product at values you cannot
fi nd elsewhere.
Our team remained incredibly focused on our strategy and what was
within our control, and drove operating profit growth and record results for
our business.
Dear Shareholders:
2007 Big Lots Annual Report