Big Lots 2014 Annual Report Download - page 152
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74
NOTE 15 - SALE OF REAL ESTATE
In October 2013, we sold company-owned real property in California, on a component of which we operated a store, for $5.1
million. Concurrently with the sale, we entered into a lease agreement with the purchaser of the property which allowed us to
continue to operate our store on an uninterrupted basis. As a result of the sale and concurrent leaseback, we determined that
only a portion of the gain on the transaction could be recognized at that time. Based on the terms of the transaction, we
recognized a gain of $3.6 million during the third quarter of 2013 and deferred a gain of $0.8 million, which will be amortized
over the committed lease term.
NOTE 16 – BUSINESS SEGMENT DATA
We use the following seven merchandise categories, which match our internal management and reporting of merchandise net
sales: Food, Consumables, Soft Home, Hard Home, Furniture & Home Décor, Seasonal, and Electronics & Accessories. The
Food category includes our beverage & grocery, candy & snacks, and specialty foods departments. The Consumables category
includes our health and beauty, plastics, paper, chemical, and pet departments. The Soft Home category includes the fashion
bedding, utility bedding, bath, window, decorative textile, and area rugs departments. The Hard Home category includes our
small appliances, table top, food preparation, stationery, greeting card, tools, paint, and home maintenance departments. The
Furniture & Home Décor category includes our upholstery, mattress, ready-to-assemble, case goods, home décor, and frames
departments. The Seasonal category includes our lawn & garden, summer, Christmas, toys, books, sporting goods, and other
holiday departments. The Electronics & Accessories category includes the electronics, jewelry, apparel, hosiery, and infant
accessories departments.
We periodically assess, and potentially enact minor adjustments to, our product hierarchy, which can impact the roll-up of our
merchandise categories. Our financial reporting process utilizes the most current product hierarchy in reporting net sales by
merchandise category for all periods presented. Therefore, there may be minor reclassifications of net sales by merchandise
category compared to previously reported amounts.
The following table presents net sales data by merchandise category:
(In thousands) 2014 2013 2012
Furniture & Home Décor $ 1,160,640 $ 1,072,410 $ 1,060,993
Consumables 953,028 918,124 905,444
Seasonal 888,146 907,787 923,434
Food 821,915 747,840 742,267
Hard Home 499,034 565,126 591,523
Soft Home 460,256 427,137 431,999
Electronics & Accessories 394,059 486,331 556,658
Net sales $ 5,177,078 $ 5,124,755 $ 5,212,318