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Nirav Modi's remand extended in UK until extradition judgment on Feb Lee, Wrangler to transform India biz to omni-channel entities. Budget unveils scheme for setting up mega textile parks in India. Current market trends indicate rising diamond prices. If such trends continue, our LIFO provision could be impacted. We currently hedge a portion of our gold and silver purchases through forward contracts.
Inflation may materially affect us in the future. Critical Accounting Policies and Estimates. Our accounting and financial reporting policies are in conformity with U. The preparation of financial statements in conformity with U. Actual results could differ from those estimates. For example, unexpected changes in market conditions or a downturn in the economy could adversely affect actual results.
Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the consolidated financial statements in the period they are determined to be necessary. Management believes the following accounting policies, among others, affect our more significant judgments and estimates used in the preparation of our consolidated financial statements. Merchandise Inventories. Merchandise inventories are stated at the lower of cost or market.
Substantially all U. Under the retail method, inventory is segregated into categories of merchandise with similar characteristics at its current average retail selling value. The determination of inventory at cost and the resulting gross margins are calculated by applying an average cost-to-retail ratio to the retail value of inventory.
At the end of fiscal year , approximately seven percent of our total inventory represented raw materials and other inventory associated with internally sourced product. This inventory is valued at the weighted average cost of the items. We are required to determine the LIFO cost on an interim basis by estimating annual inflation trends, annual purchases and ending inventory levels for the fiscal year. Actual annual inflation rates and inventory balances as of the end of any fiscal year may differ from interim estimates.
We apply internally developed indices that we believe accurately and consistently measure inflation or deflation in the components of our merchandise i. We believe our internally developed indices more accurately reflect inflation or deflation in our own prices than the U. We also reduce our inventory valuation for discontinued, slow-moving and damaged inventory. This write-down of inventory is equal to the difference between the cost of inventory and its estimated market value based upon assumptions of targeted inventory turn rates, future demand, management strategy, and market conditions.
If actual market conditions are less favorable than those projected by management or management strategy changes, additional inventory write-downs may be required and, in the case of a major change in strategy or downturn in market conditions, such write-downs could be significant.
Shrinkage is estimated for the period from the last inventory date to the end of the fiscal year on a store by store basis. Such estimates are based on experience and the shrinkage results from the last physical inventory. Physical inventories are taken at least once annually for all store locations and for the. The shrinkage rate from the most recent physical inventory, in combination with historical experience and significant changes in physical inventory results could impact our shrinkage reserve.
Long-lived Assets and Goodwill. Long-lived assets are periodically reviewed for impairment by comparing the carrying value of the assets with their estimated undiscounted future cashflows. If the evaluation indicates that the carrying amount of the asset may not be recoverable, the potential impairment is measured based on a projected discounted cash flow method, using a discount rate that is considered to be commensurate with the risk inherent in our current business model.
Assumptions are made with respect to cash flows expected to be generated by the related assets based upon updated projections. Any changes in key assumptions, particularly store performance or market conditions, could result in an unanticipated impairment charge. For instance, in the event of a major market downturn or adverse developments within a particular market or portion of our business, individual stores may become unprofitable, which could result in a write-down of the carrying value of the assets located in those stores.
Any impairment would be recognized in operating results. An impairment is deemed to exist if the estimated fair value is less than the net book value of a reporting unit. We calculate estimated fair value using the present value of future cash flows expected to be generated using a weighted average cost of capital and updated financial projections. Based upon the amounts currently recorded as goodwill, recent performance and estimated projections, we believe the likelihood of additional impairment would not be material.
In the second quarter of fiscal year , we performed our annual review for impairment of goodwill related to our Piercing Pagoda Inc. Revenue Recognition. The provision for sales returns is based on historical evidence of our return rate.
Repair revenues are recognized when the service is complete and the merchandise is delivered to the customers. The revenues from these agreements are recognized over the service period at the rates the related costs are expected to be incurred in performing covered services under the agreements. Any significant change in the proportion of costs expected to be incurred in performing services under the agreements could result in a change in the amount of revenue recognized.
For instance, a five percent change on an annual basis in the timing of services under these agreements could result in a five percent change in the revenue recognized. Revenues also include premiums from our insurance businesses, principally related to credit insurance policies sold to customers who purchase our merchandise under the proprietary credit program.
Insurance premiums are recognized over the coverage period. Other Reserves. We are involved in a number of legal and governmental proceedings as part of the normal course of business. These estimates have been developed in consultation with in-house and outside counsel and are based on a combination of litigation and settlement strategies.
Income taxes are estimated for each jurisdiction in which we operate. This involves assessing the current tax exposure together with temporary differences resulting from differing treatment of items for tax and financial statement accounting purposes. Any resulting deferred tax assets are evaluated for recoverability based on estimated future taxable income.
To the extent that recovery is deemed not likely, a valuation allowance is recorded. Other Matters. Executive Changes. Special Charge. Texas Margin Tax. The Texas margin tax is a significant change because it generally makes all legal entities subject to tax, including general and limited partnerships, while the current franchise tax system applies only to corporations and limited liability companies.
We conduct a portion of our operations through Texas limited partnerships and will become subject to the new Texas margin tax. In accordance with the provisions of SFAS , which require that deferred tax assets and liabilities be adjusted for the effects of new income tax legislation in the period of enactment, we estimated the net charge to deferred tax expense is immaterial. The estimate is based on the Texas margin tax law in its current form.
ITEM 7A. We are exposed to market risk from changes in interest rates, which may adversely affect our financial position, results of operations and cash flows. In seeking to minimize the risks from interest rate fluctuations, we manage exposures through our regular operating and financing activities. We do not use derivative financial instruments for trading or other speculative purposes and are not party to any leveraged financial instruments.
Commodity Risk. We principally address commodity risk through retail price point adjustments and commodity price hedging. While commodity risk exposure to diamond price fluctuation is not currently hedged by financial instruments, we do enter into forward contracts for the purchase of gold and silver in order to reduce the effects of fluctuating costs of these commodities.
The purpose of the hedging activities is to minimize the effect of unknown future commodity price movements on planned cash flows and to enable us to maintain a consistent and predictable pricing strategy. We currently account for these forward contracts as undesignated derivative instruments. Accounting for our forward contracts as derivatives instead of hedges does not affect the underlying economics of our risk management strategies and has no impact on the timing or amount of cash flows under any derivative contract.
The fair value of our derivative instruments is included in the consolidated balance sheets. These fair values are obtained from outside counterparties and verified with internal discounted cash flow models. The fair market value of these instruments is subject to the changes in the value of the underlying commodity.
While we realize a gain or loss on the derivative contract, we typically see a compensating gain or loss in the purchase cost of our products. We have classified cash activity associated with derivatives as an operating activity in the consolidated statements of cash flows. Foreign Currency Contracts. We are not subject to substantial currency fluctuations because most of our purchases are U.
However, as a result of our Canadian operations, we are exposed to market risk from currency exchange rate exposure which may adversely affect our financial position, results of operations and cash flows. In seeking to minimize this risk, we manage exposures through foreign currency exchange contracts.
In past fiscal years, we entered into foreign currency forward exchange contracts to reduce the effects of fluctuating currency exchange rates. We enter into forward currency exchange contracts with terms that are no longer than twelve months. These contracts are used to hedge certain forecasted inventory, advertising, and purchases relating to real estate activities anticipated to be incurred each fiscal year, denominated in foreign currencies for periods and amounts consistent with our identified exposures.
The purpose of the hedging activities is to minimize the effect of foreign exchange rate movements on cash flows. When utilized, all foreign currency forward exchange contracts are denominated in Canadian dollars and are with financial institutions rated as investment grade by a major rating agency.
No fees or up front payments are required when using these foreign currency forward exchange contracts. In fiscal year , we did not enter into any foreign currency forward exchange contracts. ITEM 8. ITEM 9. Disclosure Controls and Procedures. Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures, as of the end of the period covered by this report.
Solely as a result of this material weakness, management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure and procedures were not effective as of July 31, However, the consolidated financial statements, contained in this Form K, are fairly presented in conformity with the U. Internal Control Over Financial Reporting. There has been no change in our internal control over financial reporting that occurred during our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
However, subsequent to the end of our most recent fiscal quarter, we implemented changes intended to remediate the material weakness discussed above. Summary of Mary E. Burton Employment Agreement. The agreement has a one-year term that automatically renews unless the Company or Ms. In addition, Ms. In the event Ms. For purposes of calculating the bonus portion of Ms.
Burton would have earned in Fiscal Year absent such provision. If, despite such compliance, Ms. Burton will receive a gross-up payment designed to reimburse her for those amounts. Upon such termination of Ms. If the Company terminates Ms. Burton with group health insurance and certain other benefits.
All equity compensation will immediately vest and all stock options will remain exercisable for a day period after termination, unless any of those options expire earlier under their own terms. Summary of Frank C. Mroczka Employment Agreement. Under the employment agreement, Mr. In the event Mr. Mroczka with group health insurance and certain other benefits. If, despite such compliance, Mr. Mroczka will receive a gross-up payment designed to reimburse him for those amounts.
If the Company terminates Mr. Mroczka an amount equal to three times the sum of his annual base salary for the fiscal year in which the termination occurs and an amount equal to three times the average annual cash bonus paid to Mr. Mroczka is required to pay additional tax, interest, or penalties under Section A of the Internal Revenue Code, Mr. ITEM Equity Compensation Plan Information. Equity compensation plans not approved by stockholders. The following documents are filed as part of this report.
Index to Financial Statement Schedules. All other financial statements and financial statement schedules for which provision is made in the applicable accounting regulation of the SEC are not required under the related instructions, are not material or are not applicable and, therefore, have been omitted or are included in the consolidated financial statements or notes thereto.
Our internal control over financial reporting is designed to provide reasonable assurance to management and the Board of Directors regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of the effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies and procedures included in such controls may deteriorate. The Company did not maintain effective policies and procedures to ensure the accounting for certain derivative financial instrument in accordance with Statement of Financial Accounting Standards No.
Specifically, the Company had inadequate policies and procedures in place to ensure compliance with the documentation requirements of SFAS at inception of the hedge relationship and failed to properly assess effectiveness and measure ineffectiveness at inception and on a quarterly basis.
In addition, the Company did not have resources with sufficient technical experience related to the application of the provisions of SFAS These deficiencies also resulted in more than a remote likelihood that a material misstatement of the annual or interim financial statements would not be prevented or detected. That report appears on page F Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
We believe that our audit provides a reasonable basis for our opinion. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
A material weakness is a control deficiency, or combination of control deficiencies, that results in more than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected. The Company did not maintain effective internal controls to ensure the accounting for certain derivative financial instrument in accordance with Statement of Financial Accounting Standards No.
The Board of Directors Zale Corporation:. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. See Notes to the Consolidated Financial Statements. Adjustments to reconcile net earnings to net cash provided by operating activities:.
Proceeds from sales of available for sale investments. See Notes to Consolidated Financial Statements. Exercise of Stock Options, including related tax benefit. We consolidate substantially all of our U. ZDel is the parent company for several subsidiaries, including three that are engaged primarily in providing credit insurance to our credit customers. We consolidate our Canadian retail operations into Zale International, Inc. All significant intercompany transactions have been eliminated.
Summary of Significant Accounting Policies. Use of Estimates. Cash and Cash Equivalents. Cash and Cash Equivalents includes cash on hand, deposits in banks and short-term marketable securities at varying interest rates with maturities of three months or less. The carrying amount approximates fair value because of the short-term maturity of those instruments. We also write-down our inventory for discontinued, slow-moving and damaged inventory.
This write-down is equal to the difference between the cost of inventory and its estimated market value based upon assumptions of targeted inventory turn rates, future demand, management strategy, and market conditions. Physical inventories are taken at least once annually for all store locations and for the distribution centers. Any impairment would be recognized in operating results if a permanent reduction were to occur. An impairment is deemed to exist if the estimated fair value of a reporting unit is less than its net book value.
We calculate estimated fair value using the present value of future cash flows expected to be generated using a weighted average cost of capital and updated financial. Operating Leases. Rent expense is recognized on a straight-line basis, including consideration of rent holidays, tenant improvement allowances received from the landlords, and applicable rent escalations over the term of the lease. The commencement date of the rent expense is the earlier of the date when we become legally obligated for the rent payments or the date when we take possession of the building for purposes of constructing the build-out.
Depreciation and Amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets or remaining lease life, whichever is shorter. Estimated useful lives of the assets range from three to twelve years.
Original cost and related accumulated depreciation or amortization is removed from the accounts in the year assets are retired. Gains or losses on dispositions of property and equipment are included in operations in the year of disposal. Computer software costs related to the development of major systems are capitalized and amortized over their useful lives. Stock Based Compensation.
Prior to fiscal year , we accounted for our stock incentive plans under the recognition and measurement principles of Accounting Principles Board Opinion No. SFAS No. Under this method, in addition to reflecting compensation expense for new share-based awards, expense is also recognized for those awards vesting in the current period based on the value that had been included in pro forma disclosures in prior periods. Results from prior periods have not been restated.
Stock Based Compensation continued. Had share-based compensation expense been determined based upon the fair values at the grant dates for awards under our stock incentive plans in accordance SFAS No. Add: Restricted stock which is included in net earnings, net of related tax effects. Deduct: Total stock-based employee compensation expense determined under fair value based method for all awards, net of related tax effects.
Revenues also include premiums from our insurance business, principally related to credit insurance policies sold to customers who purchase our merchandise under the proprietary credit program. Credit Insurance Operations. These revenues are included in total revenues on the accompanying consolidated statement of operations. Advertising Expenses. All related production costs are expensed upon the first occurrence of the advertisement. Vendor Allowances. We have agreements in place with each vendor setting forth the specific conditions for each allowance or payment.
The majority of these agreements are entered into or renewed annually at the beginning of each fiscal year. Foreign Currency. Balance sheet accounts are translated at exchange rates in effect at the balance sheet date. Income statement accounts are translated at average exchange rates during the year. Derivative Financial Instruments. We do not utilize derivative financial instruments for trading or speculative purposes. We enter into forward contracts for the purchase of gold and silver in order to reduce the effects of fluctuating costs of these commodities.
The purpose of the hedging activities is to minimize the effect of unknown commodity price movements on planned cash flows and to enable us to maintain a consistent and predictable pricing strategy. We have classified cash activity associated with derivatives as an operating activity in the consolidated statement of cash flows. We enter into foreign currency forward exchange contracts to reduce the effects of fluctuating currency exchange rates. When utilized, all foreign exchange contracts are denominated in Canadian dollars and are with financial institutions rated as investment grade by a major rating agency.
No fees or up front payments are required when using these foreign exchange contracts. Our U. Consigned inventory and related contingent obligations are not reflected in our consolidated financial statements. Consignment inventory has historically consisted of test programs, merchandise at higher price points, or merchandise that otherwise does not warrant the risk of outright ownership.
Consignment merchandise can be returned to the vendor at any time. At the time consigned inventory is sold, we record the purchase liability in accounts payable and the related cost of merchandise in cost of sales. Investments in debt and equity securities are reported as Other Assets in the accompanying consolidated balance sheets. Investments are recorded at fair value based on quoted market prices. All investments are classified as available for sale.
Our property and equipment consists of the following:. Property and equipment are depreciated over the estimated useful lives of the assets. Useful lives for leasehold improvements and furniture and fixtures are the remaining term of the lease and three to twelve years, respectively. Accounts Payable and Accrued Liabilities.
Our accounts payable and accrued liabilities consist of the following:. Our non-current liabilities consist principally of the loss reserves for insurance subsidiaries, reserves for tax contingencies and the long-term portion of the incentive payment received from Citi described below, recognized as deferred income.
Deferred Credit. In connection with the sale of our customer receivables in fiscal year , we entered into a ten year merchant services agreement whereby Citibank U. Citi provides financing for our customers to purchase merchandise in exchange for payment by us of a merchant fee based upon a percentage of each credit card sale. The merchant fee is a flat percentage per credit sale for standard revolving accounts and varies for certain special interest free or deferred payment credit sales, depending on the credit program.
This incentive payment is recognized ratably over the term of the agreement. Post-retirement Benefits. Postretirement Benefits continued. Beginning of fiscal year assumptions for Annual Expense Discount Rate. Plus: Net periodic benefit income expense last year. Less: Benefit from settlement of retirement benefits obligation.
Non-Qualified Retirement Plan. The Plan provides eligible executives with the opportunity to receive payments each year after retirement equal to a portion of their final average pay as defined by the Plan. The benefits provided by this plan are funded by corporate-owned life insurance policies. There is no material impact to the financial statements from this Plan. Our headquarters lease extends until We recognize the minimum rent payments evenly across the period, including the construction period, through the end of the lease term.
All existing real estate leases are treated as operating leases. Sublease rental income under noncancelable leases is not material. Contingent rentals paid to lessors of certain store facilities are determined principally on the basis of a percentage of sales in excess of contractual limits. Minimum Rent Commitments amounts in thousands Currently, we file a consolidated income tax return. Tax on Repatriation of Foreign Items 1.
Canadian Rate Changes 2. Foreign Tax Credits 3. The NOL carryforward can be utilized through fiscal year Deferred tax assets and liabilities are determined based on estimated future tax effects of the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates. Merchandise inventories, principally due to LIFO reserve. A valuation allowance must be provided when it is more likely than not that the deferred income tax asset will not be realized.
Common Stock. Stock Split. The stock split was affected by issuing an additional share of common stock for each outstanding share of that common stock. In accounting for the stock split, Preferred Stock. None was issued or outstanding. Treasury Stock. We use the par value method of accounting for treasury stock. During fiscal year , we repurchased approximately 3. Incentive Stock Plan.
Under these plans, exercised share options are issued as new shares of common stock. Restricted stock granted under the Incentive Plan generally vests on the third anniversary of the grant date and is subject to restrictions on sale or transfer. In the sole discretion of the Compensation Committee, in lieu of a payout of shares of common stock, the holder of a restricted stock unit may receive a cash payment equal to the fair market value of the number of shares of common stock the holder otherwise would receive under the restricted stock unit.
Time-vesting restricted stock units granted under the Incentive Plan generally vest on the third anniversary of the grant date and are subject to restrictions on sale or transfer. Performance-based restricted stock units granted entitle the holder to receive a specified number of shares of our common stock based on our achievement of performance targets established by the Compensation Committee. If we fail to meet the specified performance targets, the holder will not receive any shares of common stock under the performance-based restricted stock units, or, if we substantially exceed the targets, the holder may receive up to two hundred percent of the units granted.
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. The expected life of the options represents the period of time the options are expected to be outstanding and is based on historical trends.
The following table presents the weighted-average assumptions used in the option pricing model for stock option grants in fiscal years , , and Stock option transactions are summarized as follows:. Intrinsic value for stock options is defined as the difference between the current market value and the grant price. In addition to stock options, we had outstanding restricted stock and restricted stock units granted under the Incentive Plan.
Basic earnings per share is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding for the reporting period. Diluted earnings per share of common stock reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. Outstanding stock options issued by us represent the only dilutive effect reflected in diluted weighted average shares.
Weighted average number of common shares outstanding. Basic weighted average number of common shares outstanding. Diluted weighted average number of common shares outstanding as adjusted. Comprehensive income represents the change in equity during a period from transactions and other events, except those resulting from investments by and distributions to stockholders.
Income taxes are generally not provided for foreign currency translation adjustments, as such adjustments relate to permanent investments in international subsidiaries. All corresponding items of segment information in prior periods have been presented consistently. The Fine Jewelry segment consists of six principal brands, which sell diamonds, gemstone, gold jewelry and watches. These six brands have been aggregated into one reportable segment.
The All Other segment includes credit insurance operations, which provide offerings of insurance coverage primarily to our private label credit card customers. The reportable segments are groups of brands that offer merchandise with similar commodity characteristics and merchandise mix.
Segment revenues are not provided by product type or geographically as we believe such disclosure would not add meaningful value and is not consistent with the manner in which we make decisions. We use earnings before unallocated corporate overhead, interest and taxes but including an internal charge for inventory carrying cost to evaluate segment profitability. Unallocated costs before income taxes include corporate employee related costs, administrative costs, information technology costs, corporate facilities and depreciation expense.
Income tax information by segment has not been included as taxes are calculated at a company-wide level and not allocated to each segment. These estimates have been developed in consultation with internal and external counsel and are based on a combination of litigation and settlement strategies.
Management believes that such litigation and claims will be resolved without material effect to our financial position or results of operations. Credit Programs. We bear the responsibility. Product Warranty Programs. We sell ESAs to customers to cover sizing and breakage for a two-year period on certain products purchased from us.
The revenue from these agreements is recognized over the service period at the rates the related costs are expected to be incurred in performing the covered services. We also provide warranty services that cover diamond replacement costs on certain diamond merchandise sold as long as the customer follows certain inspection practices over the time of ownership of the merchandise.
We have established a reserve for potential non-ESA warranty issues based on actual historical expenses. The changes in our product warranty liability for the reporting periods are as follows:. Defined Contribution Retirement Plan.
As amended and restated in fiscal year , it allows all employees who are at least age 21 to participate in the Investment Plan, although new employees are required to complete one year of continuous service with us to be eligible to participate. Employees who have not otherwise elected will be automatically enrolled in the Investment Plan at a contribution rate of two percent upon satisfying all eligibility requirements. Effective March 1, , matching contributions are made on an annual basis, and employees must be employed with us on the last day of the plan year to receive our matching contributions.
Employees vest in our matched contributions immediately. As cash and short-term cash investments, trade payables and certain other short-term financial instruments are all short-term in nature, their carrying amount approximates fair value. Investments are classified as available for sale and are carried at fair value. Concentrations of Business and Credit Risk.
If supply between us and these top vendors were disrupted, particularly at certain critical times during the year, our sales could be adversely affected in the short term until alternative supply arrangements could be established. During fiscal year , our direct sourcing organization accounted for approximately seven percent of our merchandise requirements. Subsequent Event. We and certain current and former directors and officers are defendants in six purported class action lawsuits arising, in general, from the matters that the SEC was investigating.
We are also named as a defendant in a number of other lawsuits arising in the ordinary course of our business. A merican Jobs Creation Act. We conduct certain operations through Texas limited partnerships and will become subject to the new Texas margin tax. Quarterly Results of Operations Unaudited. Burton and George R. Pursuant to the requirements of the Securities Exchange Act of , this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
The above list reflects all exhibits filed herewith. Year Ended July 31, Locations By Brand. Peoples including Mappins and Peoples II reflects all revenue from Canadian operations, which constitutes all our foreign operations. Based on merchandise sales for locations open a full twelve months during the applicable year. In fiscal year , the total locations at the end of the period reflect 13 stores that were moved from the Zales Outlet brand to the Zales brand.
Other includes warehouse, distribution, storage facilities, and four locations that are either not yet opened, or are locations that have been closed but are still under lease obligations. Year Ended July 31,. Selling, General and Administrative expenses c. Effect of change in accounting principle e. Before effect of change in accounting principle.
Income taxes in fiscal year decreased primarily due to lower earnings, tax benefits related to the AJCA repatriation and reduced tax rates in Canada. Fiscal year reflects a change in accounting principle for the write-off of the excess of revalued net assets over stockholders equity negative goodwill.
There were no foreign operations in the segment prior to fiscal year Assets allocated to segments include fixed assets, inventories and goodwill. Unallocated assets include cash, prepaid assets such as rent, corporate office improvements, and technology infrastructure.
The segments are not organized based on product differences or geographic areas and, accordingly, it is not practicable to report revenues based on such organization. Retain and attract key employees through competitive compensation, training, resources, and support. Zales Jewelers including zales. Zales Outlet caters to the slightly higher-income female self purchaser in malls and neighborhood power centers.
Peoples Jewellers and Mappins Jewellers are two of the most recognized brand names in Canada, providing moderately priced jewelry to a wide variety of Canadian customers. Selling, General and Administrative Expenses b. Income taxes decreased in fiscal year primarily due to tax benefits related to the repatriation of Canadian revenues pursuant to the American Jobs Creation Act of , and Canadian earnings.
Payments Due by Period. Long-term debt relates to principal payments due under our Revolving Credit Agreement. This amount does not reflect any interest, which would be based on the current effective rate, which was 6. Operating lease obligations relate to minimum payments due under store lease agreements. Most of the store operating leases provide for the payment of base rentals plus real estate taxes, insurance, common area maintenance fees and merchant association dues.
We have an operations services agreement with a third party for the management of our mainframe processing operations, client server systems, Local Area Network operations, Wide Area Network management and e-commerce hosting. Other long-term liabilities reflect loss reserves related to credit insurance. The incentive is amortized over the life of the contract and is included in long-term liabilities on the accompanying Consolidated Balance Sheet but does not impact cash payments in future periods.
Not included in the table above as purchase obligations are our obligations under employment agreements and ordinary course purchase orders for merchandise and obligations, including certain merchandise on memo for which we may have a contingent liability to purchase certain items if they do not sell through. Consolidated Statements of Operations.
Consolidated Statements of Cash Flows. Notes to Consolidated Financial Statements. Plan Category. Equity compensation plans approved by stockholders. Form of Indemnification Agreement between Zale Corporation and its directors. Employment Agreement with John A. Employment Agreement with Gilbert P.
Employment Agreement with Frank C. Employment Agreement with Mary L. Employment Agreement with Sue E. Employment Agreement with Mark R. Zale Corporation has requested confidential treatment for certain portions of this document pursuant to an application sent to the SEC. The Company has omitted such portions from this filing and filed them separately with the SEC.
President, Chief Executive Officer. Benefit from Settlement of Retirement Plan. Net Cash Flows from Operating Activities:. Amortization of long-term debt issue costs. Deferred taxes excluding repatriation impact. Net Cash Provided by Operating Activities. Net Cash Flows from Investing Activities:. Purchase of available for sale investments.
Net Cash Flows from Financing Activities:. Borrowings under revolving credit agreement. Excess tax benefit on stock options exercised. Cash and Cash Equivalents at Beginning of Period. Cash and Cash Equivalents at End of Period. Supplemental cash flow information:.
Year Ended July Less: Accumulated Amortization and Depreciation. Extended Service Agreement Deferred Revenue. Total Accounts Payable and Accrued Liabilities. Plus: Net employer contributions last year. Minimum Rent Commitments amounts in thousands. Additionally, management is not certain all future foreign earnings will be permanently reinvested outside the U.
During fiscal year , Canada enacted new tax rates. Weighted Average Price. Options Outstanding. Options Exercisable. Exercise Price. Intrinsic Value. Non-vested Outstanding at Beginning of Year. Granted, Incentive Plan Performance-based Units. Granted, Incentive Plan Time-vested Units. Canceled, Incentive Plan Time-vested Units. Canceled, Incentive Plan Performance-based Units. Vested, Incentive Plan Performance-based Units.
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