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DISCONTINUED OPERATIONS (Tables) | 9 Months Ended
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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 |

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