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Discontinued Operations
 9 Months Ended
May 03, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued Operations
In June 2023, we announced that we would enter a consultation period, in accordance with UK law, to explore exiting the market in the UK. During the first quarter of fiscal 2024, we ceased operations of our UK business and the accounting requirements for reporting the UK business as a discontinued operation were met. As a result, the UK business is presented in the accompanying condensed financial statements as a discontinued operation for all periods presented.
Cash from our UK business is recorded as continuing operations on the condensed consolidated balance sheets, as any cash remaining after the settlement of outstanding liabilities related to the UK business is expected to be repatriated into the U.S.
The following table summarizes the major classes of assets and liabilities of discontinued operations, if any, which are summarized separately in the condensed consolidated balance sheets:
(in thousands)May 3, 2025August 3, 2024
Accrued liabilities$— $502 
Current liabilities, discontinued operations — 502 
Total liabilities, discontinued operations $— $502 
The key components of loss from discontinued operations were as follows:
For the Three Months EndedFor the Nine Months Ended
(in thousands)May 3, 2025April 27, 2024May 3, 2025April 27, 2024
Revenue, net$— $— $— $9,382 
Cost of goods sold— (482)— 6,792 
Gross profit— 482 — 2,590 
Selling, general, and administrative expenses— (110)47 11,525 
Operating profit (loss)
— 592 (47)(8,935)
Interest income— — — 187 
Other income (expense), net (1)
3 299 (6)(284)
Income (loss) before income taxes
3 891 (53)(9,032)
Provision (benefit) for income taxes
— 202 (157)166 
Income (loss) from discontinued operations, net of income taxes
$3 $689 $104 $(9,198)
(1) For the nine months ended April 27, 2024, other income (expense), net includes the loss from the release of historical foreign currency translation adjustments related to the exit of the UK business. Refer to Note 7, “Accumulated Other Comprehensive Income (Loss)” for further details.
During fiscal 2024, we recorded an aggregate $5.3 million of expenses related to the exit and wind down of the UK business, primarily consisting of losses from firm purchase commitments for future receipts of inventory, inventory write-downs to net realizable value, and fixed asset impairment charges. These charges were recorded in both cost of goods sold and selling, general, and administrative expenses from discontinued operations.
We expect future expenses associated with the exit of the UK business to be immaterial.