In this next phase of innovation, computing is more powerful and ubiquitous from the cloud to the edge. Most of our sales are of products that include diamonds, precious metals and other commodities. . The Zales brand complements its merchandise assortments with promotional strategies to increase sales during traditional gift-giving periods and throughout the year. The Company believes that consumers rely on known brand names to ensure quality.
We compete with a large number of independent regional and local jewelry retailers, as well as with other national jewelry chains. Piercing Pagoda offers an extensive collection of popularly priced 14 karat and 10 karat gold chains, bracelets, earrings, charms and rings, as well as a selection of silver and diamond jewelry, all basic styles at everyday low prices. Their imaging technology is at the point where it's almost the same as inspecting a diamond with a jeweler's loupe. If your annual report is visually-engaging, it will grab the attention of readers and hold it. The decrease in our effective tax rate for fiscal year 2017 compared to fiscal year 2016 was primarily due to the realization of tax benefits attributable to previous Phone business losses, offset in part by changes in the mix of our income before income taxes between the U. In July 2000, the Company sold all of its domestic proprietary credit accounts receivable to Associates now a part of Citi Commerce Solutions. Gordon's operates 192 stores in 29 states and Puerto Rico with an average store size of 1,521 square feet.
Forward-looking statements include statements regarding our objectives and expectations with respect to our financial plan, sales and earnings, merchandising and marketing strategies, acquisitions and dispositions, share repurchases, store opening, renovation, remodeling and expansion, inventory management and performance, liquidity and cash flows, capital structure, capital expenditures, development of our information technology and telecommunications plans and related management information systems, e-commerce initiatives, human resource initiatives and other statements regarding our plans and objectives. Changes in estimates, assumptions and judgments made by management related to our evaluation of goodwill and other long-lived assets for impairment could significantly affect our financial results. The Company pays careful attention to store layout, particularly in areas such as lighting, choice of materials and arrangement of display cases to maximize merchandise presentation. Prior to joining the Company, Ms. We depend on the leasing market and our landlords to determine supply, demand, lease cost and operating costs and conditions. There are four primary reasons why this is so.
Selected Financial Data Item 7. In fiscal year 2001, the Company converted its Canadian private label credit agreement to Citi Commerce Solutions Canada. This year, solitaires helped to continue to build the bridal area. Forté 51 President, Chief Executive Officer and Director Sue E. The Microsoft Cloud Solution Provider program offers customers an easy way to license the cloud services they need in combination with the value-added services offered by their systems integrator, hosting partner, or cloud reseller partner. Marketing Solutions competes with online and offline outlets that generate revenue from advertisers and marketers.
The difference in inventory—1,000 to 40 pairs—is remarkable and certainly differs in cost. Our principal executive offices are located at 901 W. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. Wuellner was promoted to Senior Vice President and President, Gordons Jewelers® in April 2001. Each example tells you what you need to know and make it easy to compare between data sets. An overview of each business segment follows below. Signature Collection The Signature Collection solitaire ring from Zales can be found below.
In addition, a number of other factors affecting consumers such as employment, wages and salaries, business conditions, energy costs, credit availability and taxation policies, for the economy as a whole and in regional and local markets where we operate, can impact sales and earnings. The original store sold small appliances, cookware, cameras and, of course, jewelry. Adoption of the standard will be applied using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the effective date to align our credit loss methodology with the new standard. The combination of Zales national presence and centralized merchandise selection allows it to use television advertising across the nation as its primary advertising medium, supplemented by newspaper inserts and direct mail. As of June 30, 2018, the primary unresolved issue relates to transfer pricing, which could have a significant impact in our consolidated financial statements if not resolved favorably. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of a significant portion of a reporting unit. DiNicola announced his retirement as Chief Executive Officer and Chairman of the Board of Directors, effective at the end of fiscal year 2002.
All periods have been reclassified to reflect the change. Business Segments We report our operations under three business segments: Fine Jewelry, Kiosk Jewelry and All Other. In this annual report example from , they use their cover to add an extra little surprise for the readers…the cover can be transformed into a tactile experience with small triangular tabs. Windows Commercial revenue grew 14%, driven by multi-year agreement revenue. He served as President of the Company from August 5, 2008 to September 23, 2010, and as Interim Chief Executive Officer from January 13, 2010 to September 23, 2010. In September 2010, we entered into a five year agreement to amend and restate various terms of the Merchant Services Agreement with Citibank South Dakota , N.
We also consider specific adverse conditions related to the financial health of and business outlook for the investee, including industry and sector performance, changes in technology, and operational and financing cash flow factors. In 2001, Zales introduced the Companys first proprietary diamond, the Zales Diamond. The kiosk locations average 188 square feet in size and are easily accessible and visible within malls. Our sales are dependent upon mall traffic. Zales bought the Skillern Drug pharmacy chain in the 1960s, but sold it in 1980. The supply and price of diamonds in the principal world market are significantly influenced by a single entity, which has traditionally controlled the marketing of a substantial majority of the world's supply of diamonds and sells rough diamonds to worldwide diamond cutters at prices determined in its sole 9 discretion. In May 2010, we expanded our presence in the Kiosk Jewelry segment through our e-commerce site, www.
Seasonality As a specialty retailer of fine jewelry, our business is seasonal in nature, with our second quarter, which includes the holiday months of November through January, accounting for a proportionally greater percentage of annual sales, earnings from operations and cash flow than the other three quarters. We lend certain fixed-income and equity securities to increase investment returns. Our business has changed significantly over the past few years. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models. Many of these revenue and expenses are denominated in currencies other than the U.
Broker pricing is used mainly when a quoted price is not available, the investment is not priced by our pricing vendors, or when a broker price is more reflective of fair values in the market in which the investment trades. The Companys success is also dependent on its ability to react to and create customer demand for specific merchandise categories. Approximately 44 percent and 40 percent of the Companys net sales from operations excluding Piercing Pagoda, which does not offer proprietary credit, were generated by credit sales on these credit cards in fiscal year 2002 and 2001, respectively. Debt and publicly-traded equity securities are classified as available-for-sale and realized gains and losses are recorded using the specific identification method. A number of companies, such as Red Hat, supply versions of Linux. Business Initiatives and Strategy Fiscal year 2002 continued to be a rebuilding year for the Company, made even more challenging with the volatility of the external economic environment. When a reader moves from one section to the next they physically have to change the size of paper they are reading.