DISCONTINUED OPERATIONS (Tables)

9 Months Ended

May 02, 2020

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations [Table Text Block]

Operating results of discontinued operations are summarized below:

	13-Week Period Ended					39-Week Period Ended
(In thousands)	May 2, 2020		April 27, 2019			May 2, 2020		April 27, 2019(1)
Net sales	$	667,003	$	640,121		$	1,891,529	$	1,413,756
Cost of sales	479,175		463,157			1,371,253		1,031,330
Gross profit	187,828		176,964			520,276		382,426
Operating expenses	128,232		144,547			394,080		310,751
Restructuring expenses and charges	8,091		644			40,304		11,026
Operating income	51,505		31,773			85,892		60,649
Other expense (income), net	2,242		(369		)	1,192		(957		)
Income from discontinued operations before income taxes	49,263		32,142			84,700		61,606
Income tax provision	12,071		7,772			20,447		13,759
Income from discontinued operations, net of tax	$	37,192	$	24,370		$	64,253	$	47,847

(1) These results reflect retail operations from the Supervalu acquisition date of October 22, 2018 to April 27, 2019.

The Company recorded $273.2 million and $227.1 million within Net sales from continuing operations attributable to discontinued operations inter-company product purchases in the third quarters of fiscal 2020 and 2019, respectively, and $756.9 million and $505.5 million in fiscal 2020 and 2019 year-to-date, respectively, which the Company expects will continue subsequent to the sale of certain retail banners. These amounts were recorded at gross margin rates consistent with sales to other similar wholesale customers of the acquired Supervalu business. No sales were recorded within continuing operations for retail banners that the Company expects to dispose of without a supply agreement, which were eliminated upon consolidation within continuing operations and amounted to $99.3 million and $134.9 million in the third quarters of fiscal 2020 and 2019, respectively, and $320.0 million and $308.0 million in fiscal 2020 and 2019 year-to-date, respectively.

The carrying amounts (in thousands) of major classes of assets and liabilities that were classified as held-for-sale on the Condensed Consolidated Balance Sheets follows in the table below.

(In thousands)	May 2, 2020		August 3, 2019
Current assets
Cash and cash equivalents	$	2,312	$	2,917
Receivables, net	11,822		1,471
Inventories	110,449		129,142
Other current assets	4,272		10,199
Total current assets of discontinued operations	128,855		143,729
Long-term assets
Property and equipment	269,272		301,395
Intangible assets	49,687		48,788
Other assets	2,297		1,882
Total long-term assets of discontinued operations	321,256		352,065
Total assets of discontinued operations	$	450,111	$	495,794
Current liabilities
Accounts payable	$	73,546	$	61,634
Accrued compensation and benefits	42,679		45,887
Other current liabilities	19,278		14,744
Total current liabilities of discontinued operations	135,503		122,265
Long-term liabilities
Other long-term liabilities	8,899		1,923
Total liabilities of discontinued operations	144,402		124,188
Net assets of discontinued operations	$	305,709	$	371,606