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  "docSlug": "jarvis-macellum-big-lots-letter-march-2020",
  "documentTitle": "Macellum Big Lots Letter March 2020",
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  "presentationDate": "2020-03-01 00:00:00",
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      "text": "Grouped bar chart comparing BIG margins to Peer Average from 2016 to 2019",
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      "text": "Source: Company reports; Bloomberg LP and Macellum estimates. Macellum peer group includes: BURL, DG, DLTR, ROST, TJX and OLLI.",
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      "text": "Source: Company reports; Bloomberg LP and Company guidance. EBT = earnings before income taxes",
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      "text": "At the same time, the Company has increased every expense item below the gross profit line.",
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      "text": "Further, Big Lots margins are substantially below industry peers.",
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      "text": "Adjusted Operating Income Margins Compared to Peer Average.",
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      "text": "Declining Annual Adjusted Operating Income and Margins",
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