Big Lots 2008 Annual Report Download - page 7

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NSupply chain costs have declined and will continue to do so for the foreseeable future through transportation
initiatives, lower fuel costs in the near term, consolidating furniture operations, and the natural benefits of
continued focus on inventory management and flow of goods.
NAdvertising spend has remained relatively stable as we have invested in our Web site and built our Buzz Club™
membership to over four million customers. The overall dynamics of how customers wish to receive their
information continues to move from newspaper and print to the Internet. Moving more of our advertising
distribution to the Internet will allow us to leverage our online investment in the future.
NCapital deployment has been very diligent, and business leaders have been held to a very high standard
to ensure return requirements are achieved and leverage is created.
Lowering costs is engrained in our culture. Our past successes have given us the confidence that anything is
possible. And we celebrate them all, whether it’s a hundred thousand-dollar idea or a million-dollar idea.
■Ready for Business
As the CEO of this company, I am accountable for the execution of our strategy and results, and it’s a responsibility
I take very seriously.
Our team firmly believes that the repositioning and improvements of the last three years have left us in the enviable
position of being able to take advantage of deals like never before. We can assure you, our shareholders, that we
are ready to execute in whatever economic climate lies ahead, whether that means weathering challenging times
or chasing upside opportunities.
At Big Lots, we know who we are and what we’re about. We have a competitive format and clearly defined
strategy . . . a growing demand for products offered at great values . . . healthy cash flow and a resilient financial
model . . . and motivated, seasoned associates at every level.
We appreciate your investment in Big Lots and its future. We think it’s a solid one.
Sincerely,
Steven S. Fishman
Chairman, CEO and President
NBig Lots, Inc. 2008 Annual Report N