Our consolidated financials include results from our U.S. operations and from our Canadian business that was acquired on July 18, 2011. Our statements also include immaterial amounts of discontinued operations activity. All commentary today is focused on adjusted non-GAAP results from continuing operations, that is excluding the nonrecurring, noncash, after-tax charge of $3.4 million or $0.05 per diluted share mentioned in today's press release. As a reminder, this charge relates to our previously announced change in accounting principle related to inventory valuation and was the direct result of our successful go live of a new merchandising system at the beginning of the fiscal year. A reconciliation of GAAP to non-GAAP adjusted earnings is available on today's press release.Given our Annual Meeting of Shareholders begins at 9:00 a.m., our comments will be brief to allow for Q&A to be completed by 8:45. With that, I will turn it over to TJ.
Big Lots Management Discusses Q1 2012 Results - Earnings Call Transcript
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