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DISCONTINUED OPERATIONS
 12 Months Ended
Aug. 02, 2025
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS
15.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 consolidated statements as a discontinued operation for all periods presented.
Cash from our UK business is recorded as continuing operations on the 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 consolidated balance sheets:
(in thousands)August 2, 2025August 3, 2024
Accrued liabilities$— $502 
Current liabilities, discontinued operations — 502 
Total liabilities, discontinued operations $— $502 
The key components of loss from discontinued operations were as follows:
For the Fiscal Year Ended
(in thousands)August 2, 2025August 3, 2024July 29, 2023
Revenue, net$— $9,377 $45,902 
Cost of goods sold— 6,771 29,994 
Gross profit— 2,606 15,908 
Selling, general, and administrative expenses47 11,618 38,425 
Operating profit (loss)(47)(9,012)(22,517)
Interest income— 187 379 
Other income (expense), net (1)
(5)(176)1,120 
Income (loss) before income taxes(52)(9,001)(21,018)
Provision (benefit) for income taxes(157)954 619 
Income (loss) from discontinued operations, net of income taxes$105 $(9,955)$(21,637)
(1) For fiscal year 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 9, “Accumulated Other Comprehensive Income (Loss)” for further details.
We recorded expenses related to the exit and wind down of the UK business of an aggregate $0.1 million, $5.3 million, and $4.7 million for fiscal 2025, fiscal 2024, and fiscal 2023, respectively. In fiscal 2024, these charges were recorded in selling, general and administrative expenses from discontinued operations, and consisted primarily of severance and employee-related benefits and early contract termination charges. In fiscal 2023, these charges were recorded in both costs of goods sold and selling, general and administrative expenses from discontinued operations, and consisted primarily of losses from firm purchase commitments for future receipts of inventory, inventory write-downs to net realizable value, and fixed asset impairment charges.
We expect future expenses associated with the exit of the UK business to be immaterial.