Big Lots, Inc. (BIG) Q2 2022 Earnings Call Transcript

Big Lots, Inc. (BIG) Q2 2022 Earnings Conference Call August 30, 2022 8:00 AM ET

Company Participants

Alvin Concepcion - VP, IR
Bruce Thorn - President and CEO
Jonathan Ramsden - EVP, CFO and Chief Administrative Officer

Conference Call Participants

Spencer Hanus - Wolfe Research
Krisztina Katai - Deutsche Bank
Jason Haas - Bank of America
Zachary Donnelly - KeyBanc

Alvin Concepcion

Good morning. This is Alvin Concepcion, Vice President of Investor Relations at Big Lots. Welcome to the Big Lots Second Quarter Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

On the call with me today are Bruce Thorn, President and Chief Executive Officer; and Jonathan Ramsden, Executive Vice President, Chief Financial and Administrative Officer.

Before starting today's call, we would like to remind you that any forward-looking statements made on the call involve risks and uncertainties that are subject the company's safe harbor provisions as stated in the company's press release and SEC filing and that actual results can differ materially from those described in the forward-looking statements. We would also like to point out that where applicable, commentary today is focused on adjusted non-GAAP results. Reconciliations of GAAP to non-GAAP adjusted results are available in today's press release. The second quarter earnings release, presentation and related financial information are available at biglots.com/corporate/investors.

I will now turn the call over to Bruce.

Bruce Thorn

Good morning everyone and thank you for joining us.

The second quarter was one in which we did what we said we would do, despite a very challenging environment. We brought inventories down materially, stayed tight on both OpEx and CapEx, and made great progress on repositioning our assortment toward better bargains, closeouts and lower price points, while enhancing our healthy offering of treasures and everyday essentials.

We also took