Thu, Jul 25, 7:35 PM (44 days ago)
Rite Aid Corporation filed a Form 10-K/A for the fiscal year ending March 4, 2023, to amend its original 10-K report. This amendment addresses a misstatement related to the historical accounting for closed store liabilities under ASC 420. Although the misstatement was deemed immaterial to previous financial statements, it revealed a material weakness in internal control over financial reporting (ICFR), necessitating a revision of financial statements for the past three fiscal years. The amendment updates disclosures on ICFR, risk factors, and management's discussion and analysis, noting that ICFR was not effective as of March 4, 2023. Deloitte & Touche LLP amended its opinion on ICFR due to this material weakness. The amendment does not change other items from the original 10-K. Key financial highlights include a net loss of $719.2 million, a decrease in Adjusted EBITDA to $429.2 million, and increased impairment and restructuring charges. Future outlook includes addressing identified weaknesses and improving financial performance amidst a challenging market environment.