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Rebounding Big Lots Curbs Expansion

COLUMBUS, OH-As the discount-retailer returns to profitability, executives decide that growth will not come from significant store openings.

By Debra Hazel | Updated on March 12, 2007

COLUMBUS, OH-With a major return to profitability, Big Lots predicted that earnings per share would rise 20% annually through 2009. But that growth will not come through significant new stores, executives said at its fourth quarter conference call.

In fact, predicted Steve Fishman, chairman and CEO, the total store count likely will contract in coming years, due to an overvalued real estate market. Instead, the company will wait for the market to soften.

“Right now, real estate is not a value,” Fishman said. “We could open a significant number of stores from our cash position, but we will not overpay for real estate.”

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