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DISCONTINUED OPERATIONS | 12 Months Ended
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Jul. 30, 2022
Discontinued Operations and Disposal Groups [Abstract] |
DISCONTINUED OPERATIONS | NOTE 18—DISCONTINUED OPERATIONS In early fiscal 2022, the Company disposed of the last two remaining Shoppers locations that were classified in discontinued operations. In fiscal 2020, the Company entered into agreements to sell 13 Shoppers stores and decided to close six locations. During fiscal 2020, the Company incurred approximately $31 million in pre-tax aggregate costs and charges related to Shoppers stores that remained within discontinued operations, consisting of $25 million of operating losses, severance costs and transaction costs during the period of wind-down and $6 million of property and equipment impairment charges related to impairment reviews. Operating results of discontinued operations are summarized below:
(in millions) |  | 2021 |  | 2020
Net sales |  | $ | 42 |  |  | $ | 184 |
Cost of sales |  | 28 |  |  | 131 |
Gross profit |  | 14 |  |  | 53 |
Operating expenses |  | 9 |  |  | 43 |
Restructuring expenses and charges |  | — |  |  | 33 |
Income (loss) from discontinued operations before income taxes |  | 5 |  |  | (23) |
Benefit for income taxes |  | (1) |  |  | (5) |
Income (loss) from discontinued operations, net of tax |  | $ | 6 |  |  | $ | (18) |
No net sales were recorded within continuing operations for retail stores within discontinued operations that the Company disposed of and expects to dispose of without a supply agreement. These net sales have been eliminated upon consolidation within the Wholesale segment of continuing operations and amounted to $22 million and $97 million in fiscal, 2021 and 2020, respectively. The following table summarizes the carrying amounts of major classes of assets and liabilities that were classified as held-for-sale on the Consolidated Balance Sheets:
(in millions) |  |  | July 31, 2021
Current assets |  |  |
Inventories, net |  |  | $ | 2 |
Total current assets of discontinued operations |  |  | 2 |
Long-term assets |  |  |
Property and equipment |  |  | 1 |
Other long-term assets |  |  | 1 |
Total long-term assets of discontinued operations |  |  | 2 |
Total assets of discontinued operations |  |  | $ | 4 |
Current liabilities |  |  |
Accounts payable |  |  | $ | 2 |
Accrued compensation and benefits |  |  | 2 |
Total current liabilities of discontinued operations |  |  | 4 |
Total liabilities of discontinued operations |  |  | $ | 4 |
Net liabilities of discontinued operations |  |  | $ | — |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2122178 + Details
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