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Business Description
Big Lots, Inc. is a broadline closeout retailer. At February 2, 2002, the Company operated a total of 1,335 stores, operating as Big Lots, Big Lots Furniture, Pic 'N' Save and Mac Frugal's BargainSoCloseouts. Wholesale operations are conducted through Big Lots Wholesale, Consolidated International, Wisconsin Toy and with online shopping at biglotswholesale.com. Its business is divided into two segments: retail operations, comprised of stores in strip-shopping centers that offer one-stop shops for everyday needs, and wholesale operations, comprised predominately of merchandise obtained through the same or shared opportunistic purchases of the retail operations.

Financial Information
Big Lots is a value retailer specializing in closeout merchandise. As of 11/02, BLI operated 1,371 retail closeout stores in 45 states, operating as Big Lots, Big Lots Furniture, MacFrugal's Bargains -Close-outs and Pic 'N' Save. For the 52 weeks ended 2/1/03, net sales rose 13% to $3.87 billion. Net income from continuing operations totaled $76.6 million vs. a loss of $28.7 million. Results reflect store additions, higher comparable store sales and improved gross margins.