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Interim Financial Results (Unaudited)
 12 Months Ended
Mar. 01, 2014
Interim Financial Results (Unaudited)  
Interim Financial Results (Unaudited)

21. Interim Financial Results (Unaudited)

 
   Fiscal Year 2014  
 
   First
Quarter		   Second
Quarter		   Third
Quarter		   Fourth
Quarter		   Year  

Revenues

   $ 6,293,057   $ 6,278,165   $ 6,357,732   $ 6,597,459   $ 25,526,413  

Cost of goods sold

     4,472,066     4,461,804     4,557,066     4,711,743     18,202,679  

Selling, general and administrative expenses

     1,609,261     1,602,931     1,632,299     1,716,671     6,561,162  

Lease termination and impairment charges

     10,972     11,390     1,672     17,270     41,304  

Interest expense

     113,064     106,716     102,819     101,992     424,591  

Loss on debt retirements, net

     —     62,172     271     —     62,443  

(Gain) loss on sale of assets, net

     (5,180 )   (1,885 )   (9,331 )   412     (15,984 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     6,200,183     6,243,128     6,284,796     6,548,088     25,276,195  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income before income taxes

     92,874     35,037     72,936     49,371     250,218  

Income tax expense (benefit)

     3,212     2,210     1,388     (6,006 )   804  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income

   $ 89,662   $ 32,827   $ 71,548   $ 55,377   $ 249,414  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Basic income per share(1)

   $ 0.10   $ 0.03   $ 0.05   $ 0.06   $ 0.23  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Diluted income per share(1)

   $ 0.09   $ 0.03   $ 0.04   $ 0.06   $ 0.23  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       


 

 
   Fiscal Year 2013  
 
   First
Quarter		   Second
Quarter		   Third
Quarter		   Fourth
Quarter		   Year  

Revenues

   $ 6,468,287   $ 6,230,884   $ 6,237,847   $ 6,455,245   $ 25,392,263  

Cost of goods sold

     4,719,516     4,520,463     4,426,526     4,407,482     18,073,987  

Selling, general and administrative expenses

     1,688,066     1,618,169     1,612,198     1,682,332     6,600,765  

Lease termination and impairment charges

     12,143     7,783     14,366     36,567     70,859  

Interest expense

     130,588     129,054     128,371     127,408     515,421  

Loss on debt retirements, net

     17,842     —     —     122,660     140,502  

(Gain) loss on sale of assets, net

     (10,051 )   (2,954 )   (6,262 )   2,491     (16,776 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     6,558,104     6,272,515     6,175,199     6,378,940     25,384,758  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

(Loss) income before income taxes

     (89,817 )   (41,631 )   62,648     76,305     7,505  

Income tax (benefit) expense

     (61,729 )   (2,866 )   777     (46,782 )   (110,600 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net (loss) income

   $ (28,088 ) $ (38,765 ) $ 61,871   $ 123,087   $ 118,105  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Basic (loss) income per share(1)

   $ (0.03 ) $ (0.05 ) $ 0.07   $ 0.14   $ 0.12  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Diluted (loss) income per share(1)

   $ (0.03 ) $ (0.05 ) $ 0.07   $ 0.13   $ 0.12  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       
(1)
Income (loss) per share amounts for each quarter may not necessarily total to the yearly income (loss) per share due to the weighting of shares outstanding on a quarterly and year-to-date basis.

        During the second quarter of 2014, the Company recorded a loss on debt retirement related to the July 2013 refinancing as discussed in Note 11. During the fourth quarter of fiscal 2014, the Company recorded facilities impairment charges of $7,877 and LIFO expense of $44,142 due to higher pharmacy inflation rates at year end as compared to significant deflation associated with generic products recognized at prior year end.

        During the fourth quarter of 2013, the Company recorded a loss on debt retirement related to the February 2013 refinancing as discussed in Note 11. During the fourth quarter of fiscal 2013, the Company recorded facilities impairment charges of $24,012 and a LIFO credit of $175,384 due to significant deflation associated with generic products, partially offset by normal brand inflation.