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Segment Reporting (Notes)
 12 Months Ended
Apr. 27, 2024
Segment Reporting
Note 4. Segment Reporting
During the fourth quarter of Fiscal 2023, assets related to our DSS Segment met the criteria for classification as Assets Held for Sale and Discontinued Operations and is no longer a reportable segment. On May 31, 2023, we completed the sale of these assets related to our DSS Segment. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 2. Summary of Significant Accounting Policies.
We have two reportable segments: Retail and Wholesale. Additionally, unallocated shared-service costs, which include various corporate level expenses and other governance functions, are not allocated to a specific reporting segment and continue to be presented as “Corporate Services”. We identify our segments in accordance with the way our business is managed (focusing on the financial information distributed) and the manner in which our chief operating decision maker allocates resources and assesses financial performance. The following summarizes the two segments. For additional information about this segment's operations, see Part I - Item 1. Business.
Retail Segment
The Retail Segment operates 1,245 college, university, and K-12 school bookstores, comprised of 707 physical bookstores and 538 virtual bookstores. Our bookstores typically operate under agreements with the colleges, universities, or K-12 schools to be the official bookstore and the exclusive seller of course materials and supplies, including physical and digital products. The majority of the physical campus bookstores have school-branded e-commerce websites, which we operate independently or along with our merchant service providers, and which offer students access to required and recommended course materials and affinity products, including emblematic apparel and gifts. The Retail Segment offers our BNC First Day® equitable and inclusive access programs, consisting of First Day Complete and First Day, which provide faculty required course materials on or before the first day of class. Additionally, the Retail Segment offers a suite of digital content and services to colleges and universities, including a variety of open educational resource-based courseware.
Wholesale Segment
The Wholesale Segment is comprised of our wholesale textbook business and is one of the largest textbook wholesalers in the country. The Wholesale Segment centrally sources, sells, and distributes new and used textbooks to approximately 2,750 physical bookstores (including our Retail Segment's 707 physical bookstores) and sources and distributes new and used textbooks to our 538 virtual bookstores. Additionally, the Wholesale Segment sells hardware and a software suite of applications that provides inventory management and point-of-sale solutions to approximately 325 college bookstores.
Corporate Services
Corporate Services represents unallocated shared-service costs which include corporate level expenses and other governance functions, including executive functions, such as accounting, legal, treasury, information technology, and human resources.
Intercompany Eliminations
The eliminations are primarily related to the following intercompany activities:
•The sales eliminations represent the elimination of Wholesale sales and fulfillment service fees to Retail and the elimination of Retail commissions earned from Wholesale, and
•These cost of sales eliminations represent (i) the recognition of intercompany profit for Retail inventory that was purchased from Wholesale in a prior period that was subsequently sold to external customers during the current period and the elimination of Wholesale service fees charged for fulfillment of inventory for virtual store sales, net of (ii) the elimination of intercompany profit for Wholesale inventory purchases by Retail that remain in ending inventory at the end of the current period.
Our international operations are not material, and the majority of the revenue and total assets are within the United States.
As of
April 27, 2024April 29, 2023
Total Assets
Retail $748,378 $785,900 
Wholesale 143,390 160,868 
Corporate Services13,316 6,581 
Sub-Total905,084 953,349 
Assets Held for Sale— 27,430 
Total Assets$905,084 $980,779 
52 weeks ended
April 27, 2024April 29, 2023
Capital Expenditures from Continuing Operations
Retail$12,483 $23,098 
Wholesale1,573 1,959 
Corporate Services14 35 
Total Capital Expenditures$14,070 $25,092 
Summarized financial information for our reportable segments is reported below:
52 weeks ended
April 27, 2024April 29, 2023
Sales:
Retail$1,514,917 $1,491,726 
Wholesale112,631 106,366 
Eliminations (60,413)(54,884)
Total Sales$1,567,135 $1,543,208 
Gross Profit
Retail
$332,947 $331,344 
Wholesale22,799 18,275 
Eliminations 1,030 (180)
Total Gross Profit$356,776 $349,439 
Selling and Administrative Expenses
Retail$278,459 $320,730 
Wholesale13,439 15,036 
Corporate Services19,679 22,000 
Eliminations(3)(155)
Total Selling and Administrative Expenses$311,574 $357,611 
Depreciation and Amortization
Retail$35,294 $36,737 
Wholesale5,228 5,373 
Corporate Services38 53 
Total Depreciation and Amortization$40,560 $42,163 
Impairment loss (non-cash) - Retail (a)
$7,166 $6,008 
Restructuring and Other Charges (b)
Retail$571 $2,964 
Wholesale(813)916 
Corporate Services19,651 6,223 
Total Restructuring and Other Charges$19,409 $10,103 
Operating Income (Loss)
Retail$11,457 $(35,095)
Wholesale
4,945 (3,050)
Corporate Services(39,368)(28,276)
Eliminations 1,033 (25)
Total Operating Loss $(21,933)$(66,446)
The following is a reconciliation of segment Operating Loss from Continuing Operations to consolidated Loss from Continuing Operations Before Income Taxes
Total Operating Loss$(21,933)$(66,446)
Interest Expense, net(40,365)(22,683)
Total Loss from Continuing Operations Before Income Taxes$(62,298)$(89,129)
(a)See Part II - Item 8. Financial Statements and Supplementary Data - Note 2. Summary of Significant Accounting Policies - Impairment of Long-Lived Assets.
(b)See Part II - Item 8. Financial Statements and Supplementary Data - Note 9. Supplementary Information.