Big Lots 2015 Annual Report Download - page 80
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Please find page 80 of the 2015 Big Lots annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
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Merchandise
Our business has historically focused on selling value-based merchandise sourced through closeout channels, which can result
in inconsistent offerings to our customers. In 2014, we implemented a merchandising strategy to improve the consistency of
the value-based merchandise available in our stores by reducing our reliance on sourcing closeout offerings in certain
merchandise categories. In order to improve the consistency of our merchandise, we introduced new disciplines for purchasing
merchandise through the use of a ratings process that measures quality, brand, fashion, and value. This discipline requires us to
focus our decision-making activities on our customers’ expectations and enables us to compare the potential performance of
traditionally-sourced merchandise, either domestic or import, to closeout merchandise, which is generally sourced from
production overruns, packaging changes, discontinued products, order cancellations, liquidations, returns, and other disruptions
in the supply chain of manufacturers. We believe this greater level of focus on our customers’ expectations enhances our ability
to provide a desirable assortment of offerings in our merchandise categories and improves our inventory turnover. For net sales
and comparable store sales by merchandise category, see the discussion below under the captions “2015 Compared To 2014”
and “2014 Compared To 2013” in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of
Operations” (“MD&A”) of this Form 10-K.
Real Estate
The following table compares the number of our stores in operation at the beginning and end of each of the last five fiscal
years:
2015 2014 2013 2012 2011
Stores open at the beginning of the year 1,460 1,493 1,495 1,451 1,398
Stores opened during the year 9 24 55 87 92
Stores closed during the year (20) (57)(57)(43)(39)
Stores open at the end of the year 1,449 1,460 1,493 1,495 1,451
For additional information about our real estate strategy, see the discussion under the caption “Operating Strategy - Real
Estate” in the accompanying MD&A in this Form 10-K.
In addition, in 2011, we acquired 89 stores in Canada as a result of our acquisition of Liquidation World Inc. (subsequently
renamed Big Lots Canada, Inc.) (which are not included in the above table). During the first quarter of 2014, we wound down
and discontinued the operations of Big Lots Canada, Inc. and closed all of our stores in Canada (which are not included in the
above table).