IMMATERIAL CORRECTION TO PRIOR PERIOD FINANCIAL STATEMENTS

12 Months Ended

Jul. 30, 2016

Accounting Changes and Error Corrections [Abstract]

IMMATERIAL CORRECTION TO PRIOR PERIOD FINANCIAL STATEMENTS

Correction of Prior Period Errors

During the three months ended January 31, 2015, the Company recorded a cumulative adjustment to net sales for $7.7 million related to amounts owed to a customer resulting from an incorrect calculation of contractual obligations to that customer from fiscal year 2009 through fiscal year 2014. The aggregate amount of the reduction in net sales related to this incorrect calculation in fiscal 2015 was $9.3 million, including a $1.6 million reduction in the first quarter of fiscal 2015. The Company reviewed the impact of these corrections in accordance with Securities and Exchange Commission ("SEC") Staff Accounting Bulletin No. 99 "Materiality," and determined that these corrections were not material to prior periods or the periods in which the amounts were recorded.

During the fourth quarter of fiscal 2016, the Company revised previously reported amounts for identified errors in accounting for early payment discounts on inventory purchases. Management considered both the quantitative and qualitative factors within the provisions of SEC Staff Accounting Bulletin No. 99, "Materiality", and Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements. Based on evaluation of the errors, management has concluded that the prior period errors were immaterial to the previously issued consolidated financial statements. Refer to Note 15, "Immaterial Correction of Prior Period Financial Statements" for further detail.

IMMATERIAL CORRECTION TO PRIOR PERIOD FINANCIAL STATEMENTS

During the fourth quarter of fiscal 2016, the Company revised previously reported amounts for identified errors in accounting for early payment discounts on inventory purchases. Management considered both the quantitative and qualitative factors within the provisions of SEC Staff Accounting Bulletin No. 99, Materiality, and Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements. Based on evaluation of the errors, management has concluded that the prior period errors were immaterial to the previously issued financial statements. As such, management has elected to correct the identified error in the prior periods. In doing so, balances in the consolidated financial statements included to which this footnote relates have been adjusted to reflect the correction in the proper periods. Future filings that include prior periods will be corrected, as needed, when filed.

The effect of recording the immaterial correction in the consolidated financial statements as of August 1, 2015 and August 2, 2014 is as follows (amounts in thousands, except per share amounts):



	As of and for the fiscal year ended August 1, 2015
	As Reported		As Revised
Consolidated Balance Sheet
Inventories	$	982,559	$	975,194
Total current assets	1,553,742		1,546,377
Total assets	2,550,190		2,540,994		(1)
Accrued expenses and other current liabilities	129,113		126,193
Total current liabilities	530,860		527,940
Total liabilities	1,164,657		1,159,906		(1)
Retained earnings	983,891		979,446
Total stockholders’ equity	1,385,533		1,381,088
Total liabilities and stockholders’ equity	2,550,190		2,540,994		(1)

Consolidated Statement of Stockholders' Equity
Retained earnings beginning of year	$	845,157	$	840,712
Retained earnings end of year	983,891		979,446

	As of and for the fiscal year ended August 2, 2014
	As Reported		As Revised
Consolidated Statement of Stockholders' Equity
Retained Earnings beginning of year	$	719,675	$	715,230
Retained earnings end of year	845,157		840,712

(1) Amounts are also reflective of a reclassification of debt issuance costs of $1.8 million as the Company early adopted ASU No. 2015-03 during the fourth quarter of fiscal 2016. Refer to Note 1 "Significant Accounting Policies" for further detail.