RITE AID CORP

CIK:0000084129|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 02, 2023	Aug. 27, 2022	Sep. 02, 2023	Aug. 27, 2022
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Revenues	$ 5,646,081	$ 5,901,069	$ 11,299,243	$ 11,915,652
Costs and expenses:
Cost of revenues	4,550,485	4,746,574	9,025,121	9,564,428
Selling, general and administrative expenses	1,458,466	1,193,553	2,713,689	2,411,482
Facility exit and impairment charges	300,525	47,271	320,217	89,092
Goodwill and intangible asset impairment charges	295,490	252,200	446,990	252,200
Interest expense	72,658	52,533	137,878	100,652
Gain on debt modifications and retirements, net		(41,312)		(41,312)
Gain on sale of assets, net	(24,087)	(29,001)	(32,280)	(58,197)
Total costs and expenses	6,653,537	6,221,818	12,611,615	12,318,345
Loss before income taxes	(1,007,456)	(320,749)	(1,312,372)	(402,693)
Income tax expense	2,338	11,967	3,831	15,464
Net loss	(1,009,794)	(332,716)	(1,316,203)	(418,157)
Computation of loss attributable to common stockholders:
Net loss attributable to common stockholders - basic	(1,009,794)	(332,716)	(1,316,203)	(418,157)
Net loss attributable to common stockholders - diluted	$ (1,009,794)	$ (332,716)	$ (1,316,203)	$ (418,157)
Basic loss per share:
Basic loss per share	$ (18.26)	$ (6.10)	$ (23.83)	$ (7.68)
Diluted loss per share:
Diluted loss per share	$ (18.26)	$ (6.10)	$ (23.83)	$ (7.68)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Sep. 02, 2023	Aug. 27, 2022
Operating activities:
Net loss	$ (1,316,203)	$ (418,157)
Adjustments to reconcile to net cash used in operating activities:
Depreciation and amortization	134,924	138,637
Facility exit and impairment charges	320,217	89,092
Goodwill and intangible asset impairment charges	446,990	252,200
LIFO charge	15,000	10,121
Gain on sale of assets, net	(32,280)	(58,197)
Change in allowances for uncollectible accounts receivable	(19,959)	(1,671)
Stock-based compensation expense	2,149	8,069
Gain on debt modifications and retirements, net		(41,312)
Changes in deferred taxes		6,133
Changes in operating assets and liabilities:
Accounts receivable	(303,973)	(211,673)
Inventories	(108,129)	(77,405)
Accounts payable	(34,299)	(43,343)
Operating lease right-of-use assets and operating lease liabilities	(33,978)	(31,713)
Other assets	(88,771)	(10,870)
Other liabilities	205,151	(61,372)
Net cash used in operating activities	(813,161)	(451,461)
Investing activities:
Payments for property, plant and equipment	(76,869)	(122,243)
Intangible assets acquired	(15,217)	(15,356)
Proceeds from dispositions of assets and investments	29,125	41,003
Proceeds from sale-leaseback transactions	5,454	45,986
Net cash used in investing activities	(57,507)	(50,610)
Financing activities:
Net proceeds from revolver	837,000	677,000
Principal payments on long-term debt	(1,978)	(152,011)
Change in zero balance cash accounts	(27,939)	(12,931)
Financing fees paid for early debt redemption	(51)	(881)
Payments for taxes related to net share settlement of equity awards	(227)	(2,019)
Deferred financing costs paid	(362)
Net cash provided by financing activities	806,443	509,158
(Decrease) increase in cash and cash equivalents	(64,225)	7,087
Cash and cash equivalents, beginning of period	157,151	39,721
Cash and cash equivalents, end of period	$ 92,926	$ 46,808

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 02, 2023	Mar. 04, 2023
Current assets:
Cash and cash equivalents	$ 92,926	$ 157,151
Accounts receivable, net	1,472,755	1,149,958
Inventories, net of LIFO reserve of $554,932 and $539,932	1,993,873	1,900,744
Prepaid expenses and other current assets	179,099	93,194
Total current assets	3,738,653	3,301,047
Property, plant and equipment, net	790,001	907,771
Operating lease right-of-use assets	2,239,043	2,497,206
Goodwill	90,436	507,936
Other intangibles, net	201,572	250,112
Deferred tax assets	12,368	12,368
Other assets	53,879	50,922
Total assets	7,125,952	7,527,362
Current liabilities:
Current maturities of long-term debt and lease financing obligations	3,773,356	6,332
Accounts payable	1,428,286	1,494,611
Accrued salaries, wages and other current liabilities	876,719	709,891
Current portion of operating lease liabilities	422,233	502,403
Total current liabilities	6,500,594	2,713,237
Long-term debt, less current maturities		2,925,258
Long-term operating lease liabilities	2,373,953	2,372,943
Lease financing obligations, less current maturities	11,718	12,580
Other noncurrent liabilities	147,869	97,577
Total liabilities	9,034,134	8,121,595
Commitments and contingencies
Stockholders' deficit:
Common stock, par value $1 per share; 75,000 shares authorized; shares issued and outstanding 56,486 and 56,629	56,486	56,629
Additional paid-in capital	5,920,361	5,917,964
Accumulated deficit	(7,870,177)	(6,553,974)
Accumulated other comprehensive loss	(14,852)	(14,852)
Total stockholders' (deficit) equity	(1,908,182)	(594,233)
Total liabilities and stockholders' deficit	$ 7,125,952	$ 7,527,362