Big Lots 2008 Annual Report Download - page 142

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74
BIG LOTS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 13 — Selected Quarterly Financial Data (Unaudited) (Continued)
Fiscal Year 2007 First Second Third Fourth Year
(In thousands, except per share amounts) (a)
Net sales ....................... $1,128,399 $1,084,891 $1,030,638 $1,412,374 $4,656,302
Gross margin ................... 446,913 421,074 411,806 560,550 1,840,343
Income from continuing
operations ................... 29,024 22,135 14,373 85,648 151,180
Income (loss) from discontinued
operations ................... (260) 1,249 (75) 6,367 7,281
Net income ..................... 28,764 23,384 14,298 92,015 158,461
Earnings per share — basic:
Continuing operations .......... 0.26 0.21 0.14 0.97 1.49
Discontinued operations ........ — 0.01 — 0.07 0.07
0.26 0.22 0.14 1.05 1.56
Earnings per share — diluted:
Continuing operations .......... 0.26 0.21 0.14 0.97 1.47
Discontinued operations ........ — 0.01 — 0.07 0.07
$ 0.26 $ 0.22 $ 0.14 $ 1.04 $ 1.55
(a) Earnings per share calculations for each quarter are based on the applicable weighted-average shares
outstanding for each period and the sum of the earnings per share for the four quarters may not necessarily
be equal to the full year earnings per share amount.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
Not applicable.
ITEM 9A. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated
the effectiveness of our disclosure controls and procedures, as that term is defined in Rules 13a-15(e) and 15d-15(e)
of the Securities Exchange Act of 1934, as amended (“Exchange Act”), as of the end of the period covered by this
report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have each concluded that
such disclosure controls and procedures were effective as of the end of the period covered by this report.
Management’s Report on Internal Control over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting
for us as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Our internal control over financial
reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements in accordance with accounting principles generally accepted in the United
States of America.
Internal control systems, no matter how well designed and operated, have inherent limitations, including the
possibility of the circumvention or overriding of controls. Due to these inherent limitations, our internal control
over financial reporting may not prevent or detect misstatements. As a result, projections of effectiveness to
future periods are subject to risk that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.