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Assets Held for Sale and Discontinued Operations

6 Months Ended

Apr. 30, 2025

Assets Held for Sale and Discontinued Operations

Assets Held for Sale and Discontinued Operations

10.Assets Held for Sale and Discontinued Operations

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In August 2024, we completed the sale of our Fresh Cut business and related real estate for $83 million. The Fresh Cut business represented substantially all the Prepared segment, excluding the retained guacamole business.

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As previously disclosed, the Fresh Cut business was classified as held for sale and discontinued operations in the first quarter of fiscal 2024. In connection with the sale, we recorded a $9.3 million goodwill impairment charge in the quarter ended July 31, 2024, based on the transaction’s sale price.

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The following table summarizes the results of operations of the Fresh Cut business that are being reported as discontinued operations (in thousands):

​	​	​	​	​	​
​	Three months ended		​	Six months ended
​	April 30,		​	April 30,
​	2024		​	2024
​	​		​	​	​
Net sales	$	83,959		$	170,372
Cost of sales		80,149	​	​	165,731
Gross profit		3,810	​	​	4,641
Selling, general and administrative		4,207	​	​	8,703
Operating loss	​	(397)	​	​	(4,062)
Interest expense	​	(26)	​	​	(54)
Other income, net		15	​	​	25
Loss from discontinued operations before income taxes and gain on sale	​	(408)	​	​	(4,091)
Income tax benefit		—	​	​	—
Net loss from discontinued operations	$	(408)	​	$	(4,091)

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Select cash flow information related to the Fresh Cut business follows (in thousands):

​	​	​	​	​	​	​
​	​	​	​	Six months ended		​
​	​	​	​	April 30,		​
​	​	​	​	2024		​
​	​	​	​	​		​
Net cash used in operating activities	​	​	​	$	(1,970)	​
Net cash used in investing activities	​	​	​	$	(353)	​

​

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- References

No definition available.

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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
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/205-20/tableOfContent

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/360/tableOfContent

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