[x] | QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
For the quarterly period ended: April 23, 2016 | |
OR | |
[ ] | TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
Commission File No. 0-2633 |
NEW JERSEY | 22-1576170 |
(State or other jurisdiction of incorporation or organization) | (I. R. S. Employer Identification No.) |
733 MOUNTAIN AVENUE, SPRINGFIELD, NEW JERSEY | 07081 |
(Address of principal executive offices) | (Zip Code) |
(973) 467-2200 | |
(Registrant's telephone number, including area code) |
Large accelerated filer q | Accelerated filer x | |
Non-accelerated filer q (Do not check if a smaller reporting company) | Smaller reporting company q | |
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes _____ No __X__ |
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: | ||
June 2, 2016 | ||
Class A Common Stock, No Par Value | 9,808,625 Shares | |
Class B Common Stock, No Par Value | 4,319,256 Shares |
PART I | PAGE NO. |
FINANCIAL INFORMATION | |
Item 1. Financial Statements (Unaudited) | |
Consolidated Balance Sheets | |
Consolidated Statements of Operations | |
Consolidated Statements of Comprehensive Income | |
Consolidated Statements of Cash Flows | |
Notes to Consolidated Financial Statements | |
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | |
Item 3. Quantitative & Qualitative Disclosures about Market Risk | |
Item 4. Controls and Procedures | |
PART II | |
OTHER INFORMATION | |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | |
Item 6. Exhibits | |
Signatures |
VILLAGE SUPER MARKET, INC. CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) | |||||||
April 23, 2016 | July 25, 2015 | ||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 80,178 | $ | 59,040 | |||
Merchandise inventories | 43,168 | 45,772 | |||||
Patronage dividend receivable | 8,727 | 12,831 | |||||
Income taxes receivable | — | 3,917 | |||||
Other current assets | 14,145 | 14,351 | |||||
Total current assets | 146,218 | 135,911 | |||||
Property, equipment and fixtures, net | 200,836 | 206,594 | |||||
Notes receivable from Wakefern | 42,287 | 41,421 | |||||
Investment in Wakefern | 26,467 | 25,750 | |||||
Goodwill | 12,057 | 12,057 | |||||
Other assets | 7,936 | 12,169 | |||||
Total assets | $ | 435,801 | $ | 433,902 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Current liabilities | |||||||
Capital and financing lease obligations | $ | 503 | $ | 469 | |||
Notes payable to Wakefern | 375 | 430 | |||||
Accounts payable to Wakefern | 55,594 | 58,337 | |||||
Accounts payable and accrued expenses | 18,709 | 21,046 | |||||
Accrued wages and benefits | 15,656 | 15,117 | |||||
Income taxes payable | 1,203 | 765 | |||||
Total current liabilities | 92,040 | 96,164 | |||||
Long-term Debt | |||||||
Capital and financing lease obligations | 43,317 | 43,699 | |||||
Notes payable to Wakefern | 456 | 726 | |||||
Total long-term debt | 43,773 | 44,425 | |||||
Pension liabilities | 23,463 | 32,232 | |||||
Other liabilities | 7,702 | 8,314 | |||||
Commitments and contingencies | |||||||
Shareholders' Equity | |||||||
Preferred stock, no par value: Authorized 10,000 shares, none issued | — | — | |||||
Class A common stock, no par value: Authorized 20,000 shares; issued 10,190 shares at April 23, 2016 and 10,192 shares at July 25, 2015 | 53,978 | 51,618 | |||||
Class B common stock, no par value: Authorized 20,000 shares; issued and outstanding 4,319 shares at April 23, 2016 and July 25, 2015 | 701 | 701 | |||||
Retained earnings | 228,885 | 221,765 | |||||
Accumulated other comprehensive loss | (9,346 | ) | (16,874 | ) | |||
Less treasury stock, Class A, at cost: 381 shares at April 23, 2016 and 343 shares at July 25, 2015 | (5,395 | ) | (4,443 | ) | |||
Total shareholders’ equity | 268,823 | 252,767 | |||||
Total liabilities and shareholders’ equity | $ | 435,801 | $ | 433,902 |
VILLAGE SUPER MARKET, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) | |||||||||||||||
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||
April 23, 2016 | April 25, 2015 | April 23, 2016 | April 25, 2015 | ||||||||||||
Sales | $ | 387,905 | $ | 387,100 | $ | 1,197,603 | $ | 1,178,035 | |||||||
Cost of sales | 281,167 | 280,002 | 872,653 | 857,008 | |||||||||||
Gross profit | 106,738 | 107,098 | 324,950 | 321,027 | |||||||||||
Operating and administrative expense | 90,851 | 90,848 | 277,432 | 272,307 | |||||||||||
Depreciation and amortization | 5,822 | 5,676 | 17,840 | 17,573 | |||||||||||
Operating income | 10,065 | 10,574 | 29,678 | 31,147 | |||||||||||
Interest expense | (1,122 | ) | (1,133 | ) | (3,375 | ) | (3,404 | ) | |||||||
Interest income | 659 | 603 | 1,788 | 1,829 | |||||||||||
Income before income taxes | 9,602 | 10,044 | 28,091 | 29,572 | |||||||||||
Income taxes | 3,720 | (3,162 | ) | 11,495 | 5,884 | ||||||||||
Net income | $ | 5,882 | $ | 13,206 | $ | 16,596 | $ | 23,688 | |||||||
Net income per share: | |||||||||||||||
Class A common stock: | |||||||||||||||
Basic | $ | 0.47 | $ | 1.05 | $ | 1.31 | $ | 1.89 | |||||||
Diluted | $ | 0.42 | $ | 0.93 | $ | 1.17 | $ | 1.68 | |||||||
Class B common stock: | |||||||||||||||
Basic | $ | 0.30 | $ | 0.68 | $ | 0.85 | $ | 1.23 | |||||||
Diluted | $ | 0.30 | $ | 0.68 | $ | 0.85 | $ | 1.22 |
VILLAGE SUPER MARKET, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands) (Unaudited) | |||||||||||||||
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||
April 23, 2016 | April 25, 2015 | April 23, 2016 | April 25, 2015 | ||||||||||||
Net income | $ | 5,882 | $ | 13,206 | $ | 16,596 | $ | 23,688 | |||||||
Other comprehensive income: | |||||||||||||||
Amortization of pension actuarial loss, net of tax (1) | 236 | 192 | 804 | 574 | |||||||||||
Pension remeasurement, net of tax (2) | (4,394 | ) | — | (4,394 | ) | — | |||||||||
Pension curtailment gain, net of tax (3) | 11,118 | — | 11,118 | — | |||||||||||
Comprehensive income | $ | 12,842 | $ | 13,398 | $ | 24,124 | $ | 24,262 |
(1) | Amounts are net of tax of $163 and $132 for the 13 weeks ended April 23, 2016 and April 25, 2015, respectively, and |
(2) | Amount is net of tax of $3,034. |
(3) | Amount is net of tax of $7,678. |
VILLAGE SUPER MARKET, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) | |||||||
39 Weeks Ended | |||||||
April 23, 2016 | April 25, 2015 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net income | $ | 16,596 | $ | 23,688 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 17,840 | 17,573 | |||||
Non-cash share-based compensation | 2,335 | 2,377 | |||||
Deferred taxes | (907 | ) | 15,741 | ||||
Provision to value inventories at LIFO | 300 | 300 | |||||
Changes in assets and liabilities: | |||||||
Merchandise inventories | 2,304 | (1,158 | ) | ||||
Patronage dividend receivable | 4,104 | 3,894 | |||||
Accounts payable to Wakefern | (2,743 | ) | (6,278 | ) | |||
Accounts payable and accrued expenses | (1,537 | ) | (1,665 | ) | |||
Accrued wages and benefits | 539 | (1,235 | ) | ||||
Income taxes payable/receivable | 4,355 | (52,045 | ) | ||||
Other assets and liabilities | 3,495 | 6,332 | |||||
Net cash provided by operating activities | 46,681 | 7,524 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Capital expenditures | (13,784 | ) | (17,264 | ) | |||
Proceeds from the sale of assets | 900 | — | |||||
Investment in notes receivable from Wakefern | (866 | ) | (823 | ) | |||
Net cash used in investing activities | (13,750 | ) | (18,087 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Proceeds from exercise of stock options | 51 | 2,392 | |||||
Excess tax benefit related to share-based compensation | — | 274 | |||||
Principal payments of long-term debt | (1,390 | ) | (1,464 | ) | |||
Dividends | (9,476 | ) | (9,412 | ) | |||
Treasury stock purchases | (978 | ) | — | ||||
Net cash used in financing activities | (11,793 | ) | (8,210 | ) | |||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 21,138 | (18,773 | ) | ||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 59,040 | 77,352 | |||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 80,178 | $ | 58,579 | |||
SUPPLEMENTAL DISCLOSURES OF CASH PAYMENTS MADE FOR: | |||||||
Interest | $ | 3,375 | $ | 3,322 | |||
Income taxes | $ | 8,047 | $ | 41,913 |
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||
April 23, 2016 | April 23, 2016 | ||||||||||||||
Class A | Class B | Class A | Class B | ||||||||||||
Numerator: | |||||||||||||||
Net income allocated, basic | $ | 4,455 | $ | 1,308 | $ | 12,563 | $ | 3,686 | |||||||
Conversion of Class B to Class A shares | 1,308 | — | 3,686 | — | |||||||||||
Effect of share-based compensation on allocated net income | — | — | — | — | |||||||||||
Net income allocated, diluted | $ | 5,763 | $ | 1,308 | $ | 16,249 | $ | 3,686 | |||||||
Denominator: | |||||||||||||||
Weighted average shares outstanding, basic | 9,559 | 4,319 | 9,566 | 4,319 | |||||||||||
Conversion of Class B to Class A shares | 4,319 | — | 4,319 | — | |||||||||||
Dilutive effect of share-based compensation | — | — | — | — | |||||||||||
Weighted average shares outstanding, diluted | 13,878 | 4,319 | 13,885 | 4,319 | |||||||||||
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||
April 25, 2015 | April 25, 2015 | ||||||||||||||
Class A | Class B | Class A | Class B | ||||||||||||
Numerator: | |||||||||||||||
Net income allocated, basic | $ | 9,936 | $ | 2,976 | $ | 17,806 | $ | 5,346 | |||||||
Conversion of Class B to Class A shares | 2,976 | — | 5,346 | — | |||||||||||
Effect of share-based compensation on allocated net income | 26 | (19 | ) | 37 | (21 | ) | |||||||||
Net income allocated, diluted | $ | 12,938 | $ | 2,957 | $ | 23,189 | $ | 5,325 | |||||||
Denominator: | |||||||||||||||
Weighted average shares outstanding, basic | 9,449 | 4,361 | 9,423 | 4,361 | |||||||||||
Conversion of Class B to Class A shares | 4,361 | — | 4,361 | — | |||||||||||
Dilutive effect of share-based compensation | 107 | — | 50 | — | |||||||||||
Weighted average shares outstanding, diluted | 13,917 | 4,361 | 13,834 | 4,361 |
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||
April 23, 2016 | April 25, 2015 | April 23, 2016 | April 25, 2015 | ||||||||||||
Service cost | $ | 774 | $ | 910 | $ | 2,982 | $ | 2,730 | |||||||
Interest cost on projected benefit obligations | 770 | 764 | 2,424 | 2,292 | |||||||||||
Expected return on plan assets | (927 | ) | (928 | ) | (2,807 | ) | (2,784 | ) | |||||||
Amortization of net losses | 399 | 324 | 1,363 | 972 | |||||||||||
Net periodic pension cost | $ | 1,016 | $ | 1,070 | $ | 3,962 | $ | 3,210 |
39 Weeks Ended | |||||||
April 23, 2016 | April 25, 2015 | ||||||
Balance at beginning of year | $ | 514 | $ | 27,846 | |||
Additions based on tax positions related to the current year | 86 | 46 | |||||
Reductions based on tax positions related to prior periods | — | (546 | ) | ||||
Cash paid on settlements | — | (26,862 | ) | ||||
Balance at end of period | $ | 600 | $ | 484 |
13 Weeks Ended | 39 Weeks Ended | ||||||||||
April 23, 2016 | April 25, 2015 | April 23, 2016 | April 25, 2015 | ||||||||
Sales | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | |||
Cost of sales | 72.48 | 72.33 | 72.87 | 72.75 | |||||||
Gross profit | 27.52 | 27.67 | 27.13 | 27.25 | |||||||
Operating and administrative expense | 23.42 | 23.47 | 23.17 | 23.12 | |||||||
Depreciation and amortization | 1.50 | 1.48 | 1.48 | 1.49 | |||||||
Operating income | 2.60 | 2.72 | 2.48 | 2.64 | |||||||
Interest expense | (0.29 | ) | (0.29 | ) | (0.28 | ) | (0.29 | ) | |||
Interest income | 0.17 | 0.16 | 0.15 | 0.16 | |||||||
Income before taxes | 2.48 | 2.59 | 2.35 | 2.51 | |||||||
Income taxes | 0.96 | (0.82 | ) | 0.96 | 0.50 | ||||||
Net income | 1.52 | % | 3.41 | % | 1.39 | % | 2.01 | % |
• | We have budgeted $20,000 for capital expenditures in fiscal 2016. Planned expenditures include the completion of the expansion and remodel of the Stirling, New Jersey store, one major remodel and several smaller remodels. |
• | The Board’s current intention is to continue to pay quarterly dividends in 2016 at the most recent rate of $.25 per Class A and $.1625 per Class B share. |
• | We believe cash flow from operations and other sources of liquidity will be adequate to meet anticipated requirements for working capital, capital expenditures and debt payments for the foreseeable future. |
• | We expect our effective income tax rate in fiscal 2016 to be in the range of 41.0% - 42.0%. |
• | We expect operating expenses will be affected by increased costs in certain areas, such as medical and other fringe benefit costs. |
• | The supermarket business is highly competitive and characterized by narrow profit margins. Results of operations may be materially adversely impacted by competitive pricing and promotional programs, industry consolidation and competitor store openings. Village competes with national and regional supermarkets, local supermarkets, warehouse club stores, supercenters, drug stores, convenience stores, dollar stores, discount merchandisers, restaurants and other local retailers. Some of these competitors have greater financial resources, lower merchandise acquisition costs and lower operating expenses than we do. |
• | The Company’s stores are concentrated in New Jersey, with one store in northeastern Pennsylvania and two in Maryland. We are vulnerable to economic downturns in New Jersey in addition to those that may affect the country as a whole. External factors such as inflation, deflation, interest rate fluctuations, movements in energy costs, social programs, minimum wage legislation, unemployment rates and changing demographics may adversely affect our sales and profits. |
• | In July 2011 Village acquired two stores in Maryland, a new market for Village where the ShopRite name is less known than in New Jersey. While we continue to invest in marketing and promotional programs to build market share, sales trends for our Maryland stores have deteriorated in fiscal 2016 and remain worse than initially projected. If these trends continue, it could result in impairment charges on long-lived assets specific to the Maryland stores that could materially impact the Company's results of operations. |
• | Village purchases substantially all of its merchandise from Wakefern. In addition, Wakefern provides the Company with support services in numerous areas including supplies, advertising, liability and property insurance, technology support and other store services. Further, Village receives patronage dividends and other product incentives from Wakefern. Any material change in Wakefern’s method of operation or a termination or material modification of Village’s relationship with Wakefern could have an adverse impact on the conduct of the Company’s business and could involve additional expense for Village. The failure of any Wakefern member to fulfill its obligations to Wakefern or a member’s insolvency or withdrawal from Wakefern could result in increased costs to the Company. Additionally, an adverse change in Wakefern’s results of operations could have an adverse effect on Village’s results of operations. |
• | Approximately 92% of our employees are covered by collective bargaining agreements. Any work stoppages could have an adverse impact on our financial results. If we are unable to control wage increases, health care and pension costs provided for in the collective bargaining agreements, we may experience increased operating costs. |
• | Village could be adversely affected if consumers lose confidence in the safety and quality of the food supply chain. The real or perceived sale of contaminated food products by us could result in a loss of consumer confidence and product liability claims, which could have a material adverse effect on our sales and operations. |
• | Certain of the multi-employer plans to which we contribute are underfunded. As a result, we expect that contributions to these plans may increase. Additionally, the benefit levels and related items will be issues in the negotiation of our collective bargaining agreements. Under current law, an employer that withdraws or partially withdraws from a multi-employer pension plan may incur a withdrawal liability to the plan, which represents the portion of the plan’s underfunding that is allocable to the withdrawing employer under very complex actuarial and allocation rules. The failure of a withdrawing employer to fund these obligations can impact remaining employers. The amount of any increase or decrease in our required contributions to these multi-employer pension plans will depend upon the outcome of collective bargaining, actions taken by trustees who manage the plans, government regulations, withdrawals by other participating employers and the actual return on assets held in the plans, among other factors. |
• | Our long-lived assets, primarily stores, are subject to periodic testing for impairment. Failure of our asset groups to achieve sufficient levels of cash flow could result in impairment charges on long-lived assets. |
• | Our effective tax rate may be impacted by the results of tax examinations and changes in tax laws. |
• | Wakefern provides all members of the cooperative with information system support that enables us to effectively manage our business data, customer transactions, ordering, communications and other business processes. These information systems are subject to damage or interruption from power outages, computer or telecommunications failures, computer viruses and related malicious software, catastrophic weather events, or human error. Any material interruption of our or Wakefern’s information systems could have a material adverse impact on our results of operations. |
Period(1) | Total Number of Shares Purchased(2) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | ||||
January 24, 2016 to February 20, 2016 | 10,000 | $24.90 | 10,000 | $4,261,200 | ||||
February 21, 2016 to March 19, 2016 | — | — | — | $4,261,200 | ||||
March 20, 2016 to April 23, 2016 | 10,000 | $23.87 | 10,000 | $4,022,500 | ||||
Total | 20,000 | $24.38 | 20,000 | $4,022,500 |
(1) | The reported periods conform to our fiscal calendar. |
Item 6. | Exhibits |
Exhibit 31.1 | Certification |
Exhibit 31.2 | Certification |
Exhibit 32.1 | Certification (furnished, not filed) |
Exhibit 32.2 | Certification (furnished, not filed) |
Exhibit 99.1 | Press Release dated June 2, 2016 |
101 INS | XBRL Instance |
101 SCH | XBRL Schema |
101 CAL | XBRL Calculation |
101 DEF | XBRL Definition |
101 LAB | XBRL Label |
101 PRE | XBRL Presentation |
Village Super Market, Inc. | |
Registrant | |
Dated: June 2, 2016 | /s/ James Sumas |
James Sumas | |
(Chief Executive Officer) | |
Dated: June 2, 2016 | /s/ John Van Orden |
John Van Orden | |
(Chief Financial Officer) |
Exhibit 31.1 |
1. | I have reviewed this quarterly report on Form 10-Q of Village Super Market, Inc.; | |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report. | |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. | |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function): | |
a) | All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and | |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: June 2, 2016 | /s/ James Sumas |
James Sumas | |
Chief Executive Officer |
Exhibit 31.2 |
1. | I have reviewed this quarterly report on Form 10-Q of Village Super Market, Inc.; | |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report. | |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. | |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function): | |
a) | All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and | |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: June 2, 2016 | |
/s/ John Van Orden | |
John Van Orden | |
Chief Financial Officer & | |
Principal Financial Officer |
Exhibit 32.1 |
/s/ James Sumas | |
James Sumas | |
Chief Executive Officer | |
June 2, 2016 |
Exhibit 32.2 |
/s/ John Van Orden | |
John Van Orden | |
Chief Financial Officer & | |
Principal Financial Officer | |
June 2, 2016 |
Contact: | John Van Orden, CFO |
(973) 467-2200 | |
john.vanorden@wakefern.com |
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||
April 23, 2016 | April 25, 2015 | April 23, 2016 | April 25, 2015 | ||||||||||||
Sales | $ | 387,905 | $ | 387,100 | $ | 1,197,603 | $ | 1,178,035 | |||||||
Cost of sales | 281,167 | 280,002 | 872,653 | 857,008 | |||||||||||
Gross profit | 106,738 | 107,098 | 324,950 | 321,027 | |||||||||||
Operating and administrative expense | 90,851 | 90,848 | 277,432 | 272,307 | |||||||||||
Depreciation and amortization | 5,822 | 5,676 | 17,840 | 17,573 | |||||||||||
Operating income | 10,065 | 10,574 | 29,678 | 31,147 | |||||||||||
Interest expense | (1,122 | ) | (1,133 | ) | (3,375 | ) | (3,404 | ) | |||||||
Interest income | 659 | 603 | 1,788 | 1,829 | |||||||||||
Income before income taxes | 9,602 | 10,044 | 28,091 | 29,572 | |||||||||||
Income taxes | 3,720 | (3,162 | ) | 11,495 | 5,884 | ||||||||||
Net income | $ | 5,882 | $ | 13,206 | $ | 16,596 | $ | 23,688 | |||||||
Net income per share: | |||||||||||||||
Class A common stock: | |||||||||||||||
Basic | $ | 0.47 | $ | 1.05 | $ | 1.31 | $ | 1.89 | |||||||
Diluted | $ | 0.42 | $ | 0.93 | $ | 1.17 | $ | 1.68 | |||||||
Class B common stock: | |||||||||||||||
Basic | $ | 0.30 | $ | 0.68 | $ | 0.85 | $ | 1.23 | |||||||
Diluted | $ | 0.30 | $ | 0.68 | $ | 0.85 | $ | 1.22 | |||||||
Gross profit as a % of sales | 27.52 | % | 27.67 | % | 27.13 | % | 27.25 | % | |||||||
Operating and administrative expense as a % of sales | 23.42 | % | 23.47 | % | 23.17 | % | 23.12 | % |
DOCUMENT AND ENTITY INFORMATION - shares |
9 Months Ended | |
---|---|---|
Apr. 23, 2016 |
Jun. 02, 2016 |
|
Entity Registrant Name | VILLAGE SUPER MARKET INC | |
Entity Central Index Key | 0000103595 | |
Current Fiscal Year End Date | --07-30 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus (Q1,Q2,Q3,FY) | Q3 | |
Amendment Flag | false | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Common Class A [Member] | ||
Entity Common Stock, Shares Outstanding | 9,808,625 | |
Common Class B [Member] | ||
Entity Common Stock, Shares Outstanding | 4,319,256 |
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - shares |
Apr. 23, 2016 |
Jul. 25, 2015 |
---|---|---|
Preferred stock shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock shares issued (in shares) | 0 | 0 |
Common Class A [Member] | ||
Common stock shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock shares issued (in shares) | 10,187,000 | 10,192,000 |
Treasury shares | 378,000 | 343,000 |
Common Class B [Member] | ||
Common stock shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock shares issued (in shares) | 4,319,000 | 4,319,256 |
CONSOLIDATED CONDENSED STATMENTS OF OPERATIONS - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Apr. 23, 2016 |
Apr. 25, 2015 |
Apr. 23, 2016 |
Apr. 25, 2015 |
|
Sales | $ 387,905 | $ 387,100 | $ 1,197,603 | $ 1,178,035 |
Cost of sales | 281,167 | 280,002 | 872,653 | 857,008 |
Gross profit | 106,738 | 107,098 | 324,950 | 321,027 |
Operating and administrative expense | 90,851 | 90,848 | 277,432 | 272,307 |
Depreciation and amortization | 5,822 | 5,676 | 17,840 | 17,573 |
Operating income | 10,065 | 10,574 | 29,678 | 31,147 |
Interest expense | (1,122) | (1,133) | (3,375) | (3,404) |
Interest income | 659 | 603 | 1,788 | 1,829 |
Income before income taxes | 9,602 | 10,044 | 28,091 | 29,572 |
Income taxes | 3,720 | (3,162) | 11,495 | 5,884 |
Net income | $ 5,882 | $ 13,206 | $ 16,596 | $ 23,688 |
Common Class A [Member] | ||||
Net income per share: | ||||
Basic (in dollars per share) | $ 0.47 | $ 1.05 | $ 1.31 | $ 1.89 |
Diluted (in dollars per share) | 0.42 | 0.93 | 1.17 | 1.68 |
Common Class B [Member] | ||||
Net income per share: | ||||
Basic (in dollars per share) | 0.30 | 0.68 | 0.85 | 1.23 |
Diluted (in dollars per share) | $ 0.30 | $ 0.68 | $ 0.85 | $ 1.22 |
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Apr. 23, 2016 |
Apr. 25, 2015 |
Apr. 23, 2016 |
Apr. 25, 2015 |
|
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||
Net income | $ 5,882 | $ 13,206 | $ 16,596 | $ 23,688 |
Other comprehensive income: | ||||
Amortization of pension actuarial loss, net of tax | 236 | 192 | 804 | 574 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | (4,394) | 0 | (4,394) | 0 |
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, Net of Tax | 11,118 | 0 | 11,118 | 0 |
Comprehensive income | $ 12,842 | $ 13,398 | $ 24,124 | $ 24,262 |
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parentheticals) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Apr. 23, 2016 |
Apr. 25, 2015 |
Apr. 23, 2016 |
Apr. 25, 2015 |
|
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||
Tax of amortization of pension actuarial loss | $ (163) | $ (132) | $ (559) | $ (398) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, before Reclassification Adjustments, Tax | (3,034) | |||
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, Tax | $ (7,678) |
BASIS OF PRESENTATION and ACCOUNTING POLICIES |
9 Months Ended |
---|---|
Apr. 23, 2016 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION and ACCOUNTING POLICIES | BASIS OF PRESENTATION and ACCOUNTING POLICIES In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal and recurring accruals) necessary to present fairly the consolidated financial position as of April 23, 2016 and the consolidated statements of operations, comprehensive income and cash flows for the 13 and 39 week periods ended April 23, 2016 and April 25, 2015 of Village Super Market, Inc. (“Village” or the “Company”). The significant accounting policies followed by the Company are set forth in Note 1 to the Company's consolidated financial statements in the July 25, 2015 Village Super Market, Inc. Annual Report on Form 10-K, which should be read in conjunction with these financial statements. The results of operations for the periods ended April 23, 2016 are not necessarily indicative of the results to be expected for the full year. Certain amounts have been reclassified in the consolidated statement of cash flows for the 39 week period ended April 25, 2015 to conform to the presentation for the 39 week period ended April 23, 2016. |
MERCHANDISE INVENTORIES |
9 Months Ended |
---|---|
Apr. 23, 2016 | |
Inventory Disclosure [Abstract] | |
MERCHANDISE INVENTORIES | MERCHANDISE INVENTORIES At both April 23, 2016 and July 25, 2015, approximately 65% of merchandise inventories are valued by the LIFO method while the balance is valued by FIFO. If the FIFO method had been used for the entire inventory, inventories would have been $14,993 and $14,693 higher than reported at April 23, 2016 and July 25, 2015, respectively. |
NET INCOME (LOSS) PER SHARE |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET INCOME (LOSS) PER SHARE | NET INCOME PER SHARE The Company has two classes of common stock. Class A common stock is entitled to cash dividends as declared 54% greater than those paid on Class B common stock. Shares of Class B common stock are convertible on a share-for-share basis for Class A common stock at any time. The Company utilizes the two-class method of computing and presenting net income per share. The two-class method is an earnings allocation formula that calculates basic and diluted net income per share for each class of common stock separately based on dividends declared and participation rights in undistributed earnings. Under the two-class method, Class A common stock is assumed to receive a 54% greater participation in undistributed earnings than Class B common stock, in accordance with the classes' respective dividend rights. Unvested share-based payment awards that contain nonforfeitable rights to dividends are treated as participating securities and therefore included in computing net income per share using the two-class method. Diluted net income per share for Class A common stock is calculated utilizing the if-converted method, which assumes the conversion of all shares of Class B common stock to Class A common stock on a share-for-share basis, as this method is more dilutive than the two-class method. Diluted net income per share for Class B common stock does not assume conversion of Class B common stock to shares of Class A common stock. The tables below reconcile the numerators and denominators of basic and diluted net income per share for all periods presented.
Outstanding stock options to purchase Class A shares of 466 and 233 were excluded from the calculation of diluted net income per share at April 23, 2016 and April 25, 2015, respectively, as a result of their anti-dilutive effect. In addition, 250 and 271 non-vested restricted Class A shares, which are considered participating securities, and their allocated net income were excluded from the diluted net income per share calculation at April 23, 2016 and April 25, 2015, respectively, due to their anti-dilutive effect. |
PENSION PLANS |
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Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PENSION PLANS | PENSION PLANS The Company sponsors four defined benefit pension plans. Net periodic pension cost for the four plans includes the following components:
On February 15, 2016, the Company amended the Village Super Market Employees Retirement Plan, which covers non-union employees and pharmacists, to freeze all benefits effective March 31, 2016. As a result of this amendment, the Company recognized a pre-tax curtailment gain totaling $18,796 which was partially offset by a pre-tax remeasurement adjustment totaling $7,428 in accumulated other comprehensive loss during the third quarter ended April 23, 2016. The remeasurement had no impact on the consolidated statements of operations. Assumptions used in the remeasurement include a discount rate of 3.78%% and long-term expected rate of return on plan assets of 7.50%%. As of April 23, 2016, the Company has not made contributions to its pension plans in fiscal 2016. The Company expects to contribute approximately $3,000 during fiscal 2016 to fund its pension plans. |
INCOME TAXES |
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Apr. 23, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES | INCOME TAXES In prior years, the state of New Jersey issued two separate tax assessments related to nexus beginning in fiscal 2000 and the deductibility of certain payments between subsidiaries beginning in fiscal 2002. Village contested both of these assessments through the state’s conference and appeals process and was subsequently denied. The Company then filed two complaints in Tax Court against the New Jersey Division of Taxation (the "Division") contesting these assessments and a trial limited to the nexus dispute was conducted in June 2013. On October 23, 2013, the Tax Court issued their opinion on the matter in favor of the Division. As a result, the Company recorded a $10,052 charge, net of federal benefit, to income tax expense in the fiscal quarter ended October 26, 2013, to increase unrecognized tax benefits and related interest and penalties for tax positions taken in prior years. On February 27, 2015, the Company reached an agreement with the Division whereby the Company paid $33,000 in March 2015 to settle the disputes with the Division for fiscal years 2000 through 2014. Net of federal benefit, the total cash outflow as a result of the settlement was approximately $21,000. Under the terms of the agreement, the Company withdrew its appeal of the Tax Court opinion on the nexus dispute. In addition, the case pending on the deductibility of certain payments between subsidiaries has been dismissed and the Division has withdrawn the related assessments. The Company recorded an income tax benefit of $7,293, net of federal taxes, in the fiscal quarter ending April 25, 2015 to reverse remaining unrecognized tax benefits and related interest and penalties in excess of the settlement. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:
The Company recognizes interest and penalties on income taxes in income tax expense. The Company recognized a benefit of $9,811 ($6,396net of federal and state taxes) related to interest and penalties on income taxes in the 39 weeks ended April 25, 2015. |
RELATED PARTY INFORMATION - WAKEFERN |
9 Months Ended |
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Apr. 23, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTY INFORMATION - WAKEFERN | RELATED PARTY INFORMATION - WAKEFERN A description of the Company’s transactions with Wakefern, its principal supplier, and with other related parties is included in the Company’s Annual Report on Form 10-K for the year ended July 25, 2015. There have been no significant changes in the Company’s relationships or nature of transactions with related parties during the first 39 weeks of fiscal 2016 except for an additional required investment in Wakefern common stock of $717. Included in cash and cash equivalents at April 23, 2016 and July 25, 2015 are $55,278 and $35,428, respectively, of demand deposits invested at Wakefern at overnight money market rates. |
COMMITMENTS and CONTINGENCIES |
9 Months Ended |
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Apr. 23, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS and CONTINGENCIES | COMMITMENTS and CONTINGENCIES Superstorm Sandy devastated our area on October 29, 2012 and resulted in the closure of almost all of our stores for periods of time ranging from a few hours to eight days. Village disposed of substantial amounts of perishable product and also incurred repair, labor and other costs as a result of the storm. The Company has property, casualty and business interruption insurance, subject to deductibles and coverage limits. During fiscal 2013, Wakefern began the process of working with our insurers to recover the damages and Village recorded estimated insurance recoveries of $4,913, of which $2,643 was collected in fiscal 2013 and 2014. In October 2013, Wakefern, as the policy holder, filed suit against the carrier seeking payment of the remaining claims due for all Wakefern members. The suit was the result of different interpretations of policy terms, including whether the policy's named storm deductible applied. On October 29, 2014, the Court issued their opinion on the matter in favor of the carrier. Based on this decision and its related impact, the Company concluded that recovery of further proceeds was not probable and recorded a $2,270 charge to operating and administrative expense in the first quarter of fiscal 2015 to write-off the remaining insurance receivable. Wakefern continues to pursue further recovery of uncollected amounts from the carrier and other sources. As a result, the Company received an additional $940 in insurance proceeds in February 2016 which was recognized as a reduction in Operating and administrative expense in the 13 weeks ended April 23, 2016. Any further proceeds recovered will be recognized as they are received. The Company is involved in other litigation incidental to the normal course of business. Company management is of the opinion that the ultimate resolution of these legal proceedings should not have a material adverse effect on the consolidated financial position, results of operations or liquidity of the Company. |
NET INCOME (LOSS) PER SHARE - Schedule of Earnings Per Share, Basic and Diluted (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The tables below reconcile the numerators and denominators of basic and diluted net income per share for all periods presented.
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PENSION PLANS - Schedule of Net Benefit Costs (Tables) |
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Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | Net periodic pension cost for the four plans includes the following components:
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INCOME TAXES - Schedule of Unrecognized Tax Benefits Roll Forward (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward |
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MERCHANDISE INVENTORIES (Details) - USD ($) $ in Thousands |
Apr. 23, 2016 |
Jul. 25, 2015 |
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Inventory Disclosure [Abstract] | ||
Percentage of LIFO Inventory | 65.00% | 65.00% |
Inventory, LIFO Reserve | $ 14,993 | $ 14,693 |
NET INCOME (LOSS) PER SHARE - Additional Information (Details) shares in Thousands |
9 Months Ended | |
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Apr. 23, 2016
class_common_stock
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Apr. 25, 2015
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Earnings Per Share [Abstract] | ||
Number of common stock classes | class_common_stock | 2 | |
Common stock cash dividends, percent Class A is entitled greater than Class B | 54.00% | |
Conversion of stock, conversion ratio | 1 | |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Class A shares excluded from computation of earnings per share | 250 | 271 |
Common Class A [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Class A shares excluded from computation of earnings per share | 466 | 233 |
PENSION PLANS - Schedule of Net Benefit Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Apr. 23, 2016 |
Apr. 25, 2015 |
Apr. 23, 2016 |
Apr. 25, 2015 |
|
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost | $ 774 | $ 910 | $ 2,982 | $ 2,730 |
Interest cost on projected benefit obligations | 770 | 764 | 2,424 | 2,292 |
Expected return on plan assets | (927) | (928) | (2,807) | (2,784) |
Amortization of net losses | 399 | 324 | 1,363 | 972 |
Net periodic pension cost | $ 1,016 | $ 1,070 | $ 3,962 | $ 3,210 |
PENSION PLANS - Additional Information (Details) |
3 Months Ended | 9 Months Ended | 12 Months Ended | |
---|---|---|---|---|
Apr. 23, 2016
USD ($)
|
Apr. 23, 2016
pension_plan
|
Jul. 30, 2016
USD ($)
|
Mar. 31, 2016 |
|
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||
Defined Benefit Plan, Curtailments | $ 18,796 | |||
Number of defined benefit pension plans | pension_plan | 4 | |||
Estimated future employer contributions in current fiscal year | $ 3,000,000 | |||
Defined Benefit Plan, Actuarial Gain (Loss) | $ (7,428,000) | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.78% | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.50% |
INCOME TAXES - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Apr. 23, 2016 |
Apr. 25, 2015 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of year | $ 514 | $ 27,846 |
Additions based on tax positions related to the current period | 86 | 46 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | 0 | 546 |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 0 | 26,862 |
Balance at end of period | $ 600 | $ 484 |
RELATED PARTY INFORMATION - WAKEFERN (Details) - Investee [Member] - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Apr. 23, 2016 |
Jul. 25, 2015 |
|
Related Party Transaction [Line Items] | ||
Additional investment | $ 717 | |
Demand deposits at Wakefern | $ 55,278 | $ 35,428 |
COMMITMENTS and CONTINGENCIES (Details) - USD ($) $ in Thousands |
3 Months Ended | 21 Months Ended | ||
---|---|---|---|---|
Apr. 23, 2016 |
Oct. 25, 2014 |
Jul. 26, 2014 |
Jul. 27, 2013 |
|
Commitments and Contingencies Disclosure [Abstract] | ||||
Insurance Settlements Receivable | $ 4,913 | |||
Write-off of remaining insurance receivable | $ 2,270 | |||
Insurance Recoveries | $ 940 | $ 2,643 |
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