[x] | QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
For the quarterly period ended: October 29, 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: | ||
December 7, 2016 | ||
Class A Common Stock, No Par Value | 9,851,625 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 6. Exhibits | |
Signatures |
VILLAGE SUPER MARKET, INC. CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) | |||||||
October 29, 2016 | July 30, 2016 | ||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 65,858 | $ | 88,379 | |||
Merchandise inventories | 43,235 | 42,011 | |||||
Patronage dividend receivable | 17,821 | 13,185 | |||||
Notes receivable from Wakefern | 21,463 | — | |||||
Income taxes receivable | 6,207 | — | |||||
Other current assets | 17,550 | 16,259 | |||||
Total current assets | 172,134 | 159,834 | |||||
Property, equipment and fixtures, net | 202,332 | 201,470 | |||||
Notes receivable from Wakefern | 21,731 | 42,735 | |||||
Investment in Wakefern | 27,093 | 26,467 | |||||
Goodwill | 12,057 | 12,057 | |||||
Other assets | 7,900 | 7,691 | |||||
Total assets | $ | 443,247 | $ | 450,254 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Current liabilities | |||||||
Capital and financing lease obligations | $ | 527 | $ | 514 | |||
Notes payable to Wakefern | 935 | 341 | |||||
Accounts payable to Wakefern | 56,133 | 59,186 | |||||
Accounts payable and accrued expenses | 17,458 | 17,240 | |||||
Accrued wages and benefits | 15,042 | 16,313 | |||||
Income taxes payable | 122 | 5,702 | |||||
Total current liabilities | 90,217 | 99,296 | |||||
Long-term Debt | |||||||
Capital and financing lease obligations | 43,048 | 43,184 | |||||
Notes payable to Wakefern | 316 | 377 | |||||
Total long-term debt | 43,364 | 43,561 | |||||
Pension liabilities | 26,493 | 26,740 | |||||
Other liabilities | 8,999 | 8,922 | |||||
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 October 29, 2016 and July 30, 2016 | 56,209 | 55,196 | |||||
Class B common stock, no par value: Authorized 20,000 shares; issued and outstanding 4,319 shares at October 29, 2016 and July 30, 2016 | 701 | 701 | |||||
Retained earnings | 235,122 | 234,175 | |||||
Accumulated other comprehensive loss | (13,072 | ) | (13,339 | ) | |||
Less treasury stock, Class A, at cost: 338 shares at October 29, 2016 and 353 shares at July 30, 2016 | (4,786 | ) | (4,998 | ) | |||
Total shareholders’ equity | 274,174 | 271,735 | |||||
Total liabilities and shareholders’ equity | $ | 443,247 | $ | 450,254 |
VILLAGE SUPER MARKET, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) | |||||||
13 Weeks Ended | |||||||
October 29, 2016 | October 24, 2015 | ||||||
Sales | $ | 389,692 | $ | 389,529 | |||
Cost of sales | 285,044 | 284,042 | |||||
Gross profit | 104,648 | 105,487 | |||||
Operating and administrative expense | 91,131 | 91,338 | |||||
Depreciation and amortization | 6,063 | 5,958 | |||||
Operating income | 7,454 | 8,191 | |||||
Interest expense | (1,117 | ) | (1,128 | ) | |||
Interest income | 688 | 563 | |||||
Income before income taxes | 7,025 | 7,626 | |||||
Income taxes | 2,916 | 3,196 | |||||
Net income | $ | 4,109 | $ | 4,430 | |||
Net income per share: | |||||||
Class A common stock: | |||||||
Basic | $ | 0.32 | $ | 0.35 | |||
Diluted | $ | 0.29 | $ | 0.31 | |||
Class B common stock: | |||||||
Basic | $ | 0.21 | $ | 0.23 | |||
Diluted | $ | 0.21 | $ | 0.23 |
VILLAGE SUPER MARKET, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands) (Unaudited) | |||||||
13 Weeks Ended | |||||||
October 29, 2016 | October 24, 2015 | ||||||
Net income | $ | 4,109 | $ | 4,430 | |||
Other comprehensive income: | |||||||
Amortization of pension actuarial loss, net of tax (1) | 267 | 284 | |||||
Comprehensive income | $ | 4,376 | $ | 4,714 |
(1) | Amounts are net of tax of $111 and $198 for the 13 weeks ended October 29, 2016 and October 24, 2015, respectively. All amounts are reclassified from accumulated other comprehensive loss to operating and administrative expense. |
VILLAGE SUPER MARKET, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) | |||||||
13 Weeks Ended | |||||||
October 29, 2016 | October 24, 2015 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net income | $ | 4,109 | $ | 4,430 | |||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||
Depreciation and amortization | 6,063 | 5,958 | |||||
Non-cash share-based compensation | 797 | 740 | |||||
Deferred taxes | (26 | ) | (1,017 | ) | |||
Provision to value inventories at LIFO | — | 100 | |||||
Changes in assets and liabilities: | |||||||
Merchandise inventories | (1,224 | ) | (1,159 | ) | |||
Patronage dividend receivable | (4,636 | ) | (4,553 | ) | |||
Accounts payable to Wakefern | (3,053 | ) | (68 | ) | |||
Accounts payable and accrued expenses | (118 | ) | 7 | ||||
Accrued wages and benefits | (1,271 | ) | (1,930 | ) | |||
Income taxes payable/receivable | (11,787 | ) | 4,112 | ||||
Other assets and liabilities | (1,171 | ) | (1,205 | ) | |||
Net cash (used in) provided by operating activities | (12,317 | ) | 5,415 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Capital expenditures | (6,795 | ) | (5,328 | ) | |||
Proceeds from the sale of assets | — | 900 | |||||
Investment in notes receivable from Wakefern | (459 | ) | — | ||||
Net cash used in investing activities | (7,254 | ) | (4,428 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Proceeds from exercise of stock options | 396 | — | |||||
Excess tax benefit related to share-based compensation | 32 | — | |||||
Principal payments of long-term debt | (216 | ) | (223 | ) | |||
Dividends | (3,162 | ) | (3,164 | ) | |||
Treasury stock purchases | — | (490 | ) | ||||
Net cash used in financing activities | (2,950 | ) | (3,877 | ) | |||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (22,521 | ) | (2,890 | ) | |||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 88,379 | 59,040 | |||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 65,858 | $ | 56,150 | |||
SUPPLEMENTAL DISCLOSURES OF CASH PAYMENTS MADE FOR: | |||||||
Interest | $ | 1,117 | $ | 1,128 | |||
Income taxes | $ | 14,700 | $ | 100 | |||
NONCASH SUPPLEMENTAL DISCLOSURES: | |||||||
Investment in Wakefern and increase in notes payable to Wakefern | $ | 626 | $ | 717 |
13 Weeks Ended | |||||||
October 29, 2016 | |||||||
Class A | Class B | ||||||
Numerator: | |||||||
Net income allocated, basic | $ | 3,116 | $ | 912 | |||
Conversion of Class B to Class A shares | 912 | — | |||||
Effect of share-based compensation on allocated net income | 2 | (1 | ) | ||||
Net income allocated, diluted | $ | 4,030 | $ | 911 | |||
Denominator: | |||||||
Weighted average shares outstanding, basic | 9,592 | 4,319 | |||||
Conversion of Class B to Class A shares | 4,319 | — | |||||
Dilutive effect of share-based compensation | 49 | — | |||||
Weighted average shares outstanding, diluted | 13,960 | 4,319 | |||||
13 Weeks Ended | |||||||
October 24, 2015 | |||||||
Class A | Class B | ||||||
Numerator: | |||||||
Net income allocated, basic | $ | 3,353 | $ | 983 | |||
Conversion of Class B to Class A shares | 983 | — | |||||
Effect of share-based compensation on allocated net income | 3 | — | |||||
Net income allocated, diluted | $ | 4,339 | $ | 983 | |||
Denominator: | |||||||
Weighted average shares outstanding, basic | 9,577 | 4,319 | |||||
Conversion of Class B to Class A shares | 4,319 | — | |||||
Dilutive effect of share-based compensation | 5 | — | |||||
Weighted average shares outstanding, diluted | 13,901 | 4,319 |
13 Weeks Ended | |||||||
October 29, 2016 | October 24, 2015 | ||||||
Service cost | $ | 139 | $ | 1,104 | |||
Interest cost on projected benefit obligations | 604 | 827 | |||||
Expected return on plan assets | (973 | ) | (940 | ) | |||
Amortization of net losses | 378 | 482 | |||||
Net periodic pension cost | $ | 148 | $ | 1,473 |
13 Weeks Ended | |||||
October 29, 2016 | October 24, 2015 | ||||
Sales | 100.00 | % | 100.00 | % | |
Cost of sales | 73.15 | 72.92 | |||
Gross profit | 26.85 | 27.08 | |||
Operating and administrative expense | 23.39 | 23.45 | |||
Depreciation and amortization | 1.55 | 1.52 | |||
Operating income | 1.91 | 2.11 | |||
Interest expense | (0.29 | ) | (0.29 | ) | |
Interest income | 0.18 | 0.14 | |||
Income before taxes | 1.80 | 1.96 | |||
Income taxes | 0.75 | 0.82 | |||
Net income | 1.05 | % | 1.14 | % |
• | We have budgeted $25,000 for capital expenditures in fiscal 2017. Planned expenditures include the beginning of construction of a new store in the Bronx, New York, one major remodel, several smaller remodels and certain energy efficient lighting projects. |
• | The Board’s current intention is to continue to pay quarterly dividends in 2017 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 2017 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. |
• | We expect approximately $600 of net periodic pension costs in fiscal 2017 related to the four Company sponsored defined benefit pension plans. The Company expects to contribute $3,000 in cash to all defined benefit pension plans in fiscal 2017. |
• | 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. |
• | 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 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 store property, equipment and fixtures, 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. |
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 December 7, 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: December 7, 2016 | /s/ James Sumas |
James Sumas | |
(Chief Executive Officer) | |
Dated: December 7, 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: December 7, 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: December 7, 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 | |
December 7, 2016 |
Exhibit 32.2 |
/s/ John Van Orden | |
John Van Orden | |
Chief Financial Officer & | |
Principal Financial Officer | |
December 7, 2016 |
Contact: | John Van Orden, CFO |
(973) 467-2200 | |
john.vanorden@wakefern.com |
13 Weeks Ended | |||||||
October 29, 2016 | October 24, 2015 | ||||||
Sales | $ | 389,692 | $ | 389,529 | |||
Cost of sales | 285,044 | 284,042 | |||||
Gross profit | 104,648 | 105,487 | |||||
Operating and administrative expense | 91,131 | 91,338 | |||||
Depreciation and amortization | 6,063 | 5,958 | |||||
Operating income | 7,454 | 8,191 | |||||
Interest expense | (1,117 | ) | (1,128 | ) | |||
Interest income | 688 | 563 | |||||
Income before income taxes | 7,025 | 7,626 | |||||
Income taxes | 2,916 | 3,196 | |||||
Net income | $ | 4,109 | $ | 4,430 | |||
Net income per share: | |||||||
Class A common stock: | |||||||
Basic | $ | 0.32 | $ | 0.35 | |||
Diluted | $ | 0.29 | $ | 0.31 | |||
Class B common stock: | |||||||
Basic | $ | 0.21 | $ | 0.23 | |||
Diluted | $ | 0.21 | $ | 0.23 | |||
Gross profit as a % of sales | 26.85 | % | 27.08 | % | |||
Operating and administrative expense as a % of sales | 23.39 | % | 23.45 | % |
DOCUMENT AND ENTITY INFORMATION - shares |
3 Months Ended | |
---|---|---|
Oct. 29, 2016 |
Dec. 07, 2016 |
|
Entity Registrant Name | VILLAGE SUPER MARKET INC | |
Entity Central Index Key | 0000103595 | |
Current Fiscal Year End Date | --07-29 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus (Q1,Q2,Q3,FY) | Q1 | |
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 | 9,851,625 | |
Common Class B [Member] | ||
Entity Common Stock, Shares Outstanding | 4,319,256 |
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - shares |
Oct. 29, 2016 |
Jul. 30, 2016 |
---|---|---|
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) | 10,190,000 | 10,190,000 |
Treasury shares | 338,000 | 353,000 |
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 | |
---|---|---|
Oct. 29, 2016 |
Oct. 24, 2015 |
|
Sales | $ 389,692 | $ 389,529 |
Cost of sales | 285,044 | 284,042 |
Gross profit | 104,648 | 105,487 |
Operating and administrative expense | 91,131 | 91,338 |
Depreciation and amortization | 6,063 | 5,958 |
Operating income | 7,454 | 8,191 |
Interest expense | (1,117) | (1,128) |
Interest income | 688 | 563 |
Income before income taxes | 7,025 | 7,626 |
Income taxes | 2,916 | 3,196 |
Net income | $ 4,109 | $ 4,430 |
Common Class A [Member] | ||
Net income per share: | ||
Basic (in dollars per share) | $ 0.32 | $ 0.35 |
Diluted (in dollars per share) | 0.29 | 0.31 |
Common Class B [Member] | ||
Net income per share: | ||
Basic (in dollars per share) | 0.21 | 0.23 |
Diluted (in dollars per share) | $ 0.21 | $ 0.23 |
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Oct. 29, 2016 |
Oct. 24, 2015 |
|
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||
Net income | $ 4,109 | $ 4,430 |
Other comprehensive income: | ||
Amortization of pension actuarial loss, net of tax | 267 | 284 |
Comprehensive income | $ 4,376 | $ 4,714 |
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parentheticals) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Oct. 29, 2016 |
Oct. 24, 2015 |
|
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||
Tax of amortization of pension actuarial loss | $ (111) | $ (198) |
BASIS OF PRESENTATION and ACCOUNTING POLICIES |
3 Months Ended |
---|---|
Oct. 29, 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 October 29, 2016 and the consolidated statements of operations, comprehensive income and cash flows for the 13 week periods ended October 29, 2016 and October 24, 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 30, 2016 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 October 29, 2016 are not necessarily indicative of the results to be expected for the full year. |
MERCHANDISE INVENTORIES |
3 Months Ended |
---|---|
Oct. 29, 2016 | |
Inventory Disclosure [Abstract] | |
MERCHANDISE INVENTORIES | MERCHANDISE INVENTORIES At both October 29, 2016 and July 30, 2016, approximately 64% 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 $14,522 higher than reported at both October 29, 2016 and July 30, 2016. |
NET INCOME (LOSS) PER SHARE |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 29, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 5 and 394 were excluded from the calculation of diluted net income per share at October 29, 2016 and October 24, 2015, respectively, as a result of their anti-dilutive effect. In addition, 250 and 269 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 October 29, 2016 and October 24, 2015, respectively, due to their anti-dilutive effect. |
PENSION PLANS - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 29, 2016 |
Jul. 30, 2016 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 nonunion 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 $17,904 in accumulated other comprehensive loss during fiscal 2016. As of October 29, 2016, the Company has not made contributions to its pension plans in fiscal 2017. The Company expects to contribute approximately $3,000 during fiscal 2017 to fund its pension plans. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan, Curtailments | $ 17,904 |
RELATED PARTY INFORMATION - WAKEFERN |
3 Months Ended |
---|---|
Oct. 29, 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 30, 2016. There have been no significant changes in the Company’s relationships or nature of transactions with related parties during the first 13 weeks of fiscal 2017 except for an additional required investment in Wakefern common stock of $626. Included in cash and cash equivalents at October 29, 2016 and July 30, 2016 are $42,000 and $63,609, respectively, of demand deposits invested at Wakefern at overnight money market rates. |
COMMITMENTS and CONTINGENCIES |
3 Months Ended |
---|---|
Oct. 29, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS and CONTINGENCIES | COMMITMENTS and CONTINGENCIES 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) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 29, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
|
PENSION PLANS - Schedule of Net Benefit Costs (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 29, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
MERCHANDISE INVENTORIES (Details) - USD ($) $ in Thousands |
Oct. 29, 2016 |
Jul. 30, 2016 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Percentage of LIFO Inventory | 64.00% | 64.00% |
Inventory, LIFO Reserve | $ 14,522 |
NET INCOME (LOSS) PER SHARE - Additional Information (Details) shares in Thousands |
3 Months Ended | |
---|---|---|
Oct. 29, 2016
class_common_stock
shares
|
Oct. 24, 2015
shares
|
|
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 | 269 |
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 | 5 | 394 |
PENSION PLANS - Schedule of Net Benefit Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Oct. 29, 2016 |
Oct. 24, 2015 |
|
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||
Service cost | $ 139 | $ 1,104 |
Interest cost on projected benefit obligations | 604 | 827 |
Expected return on plan assets | (973) | (940) |
Amortization of net losses | 378 | 482 |
Net periodic pension cost | $ 148 | $ 1,473 |
PENSION PLANS - Additional Information (Details) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Oct. 29, 2016
pension_plan
|
Jul. 29, 2017
USD ($)
|
|
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||
Estimated future employer contributions in current fiscal year | $ | $ 3,000 | |
Number of defined benefit pension plans | pension_plan | 4 |
RELATED PARTY INFORMATION - WAKEFERN (Details) - Investee [Member] - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Oct. 29, 2016 |
Jul. 30, 2016 |
|
Related Party Transaction [Line Items] | ||
Additional investment | $ 626 | |
Demand deposits at Wakefern | $ 42,000 | $ 63,609 |
XSD+0!_MC5X2@^8I@[XJXJB4TKK<0
M_,'^V--"\(M.]Z Y[4/UWMGTUA7U>
M3_MB=^>YV!%^**[F49;@6(.DOV?!ONBTJHTN9Q4N)%.3&TXR%]A3N/2'_%?F
MWSD!IAL3+V7LSHGF1.(N=Y@2Q;[)W;&3QE'HW$KA^7>^!TT2L70E=KT)#+49
M1BFXN1H7LSA:B(_.9SF3<6CE4MY<-@C=:"'%E?,%JR?%ZMKYHW0.LW4;^7 5
MI3";YCGC&*@
$E)MD,,#0($
MT2OGN$M+?85 ."^D$K\JK #2LCA6BN[&&<<1H21XH((H9,'Y. QL!B$@JZ/K
MU=QC&26^BL49""KS1&-YZ?)8HYT&)EB5H=JJ;#@+HGL%%K1ENR/NI?Q,$2RT
M(Q&2F@C5-R@^ZKR&COW@(P"^E6*:40A\Z<2?)20!'=L7N]^^_K<>_O;U?X0^
M#Q][2D+X^'P?48T4B7\;^C.$8E2B6ZG/,E>?&:+LZ%XY1]I#;R M@+^EFA)
MYV0-5, 2;>)]:=HOR1;B]Y5FK:7?3<1UPQ 2UQ5M
1E_7TDF^AM_+2[\-OD;A[-+PU^@Z2H>OLIMDE,9Y
M]*J7W!8OP(C(\A[SL/Z28%1K,/EQX=)\Y:5\ S[$YMV99Y_!<1P!TGOUW>__Y9_.
MWB'X'VAA+OF/KY=O+M[Q>ODETW>,0!*3_OQ;@09I[H-1>#=A0@%,6-X^^VWN
MAFC8GUV.T061L[?URXO+KZKWE5],*;.:5)<%IV X<<(\SDNW*O]@F4?-FY$W4UR#:JW
M*2<@ !58$I/519?5)%"3B'7"*!-R#FJ ]7G0?>:QR5<;Z%K$? ,7_M,JLFT]
MX'4+YVXKTC@/1MA,B0J,DAQ#( Y!);),2RV,\6F<(_8'4+[&YM.((%9;"#\W
M^,:SO$TR;7BZD9JJH)0B/L5$&!.>+#''Q[=NW'[Y_S2<_9/G5
M!0( 7U2]MK8H?GI3-GM3?/4&HC<8_O!]-G[]*E XG2V?7>,A9?/BM^-YU>%Q
M8WJQ^F75],70W_"R+9127BQ_6S6=I9L:AD'AQ;]_?O=Y"TSJKG?]['DCSD7I3WXCP\IKQ(BGSYV+=#E-$"^?NN-:I _Q.6'!GY'5NT&<+]/ME79?_*.??+.!-WX
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MN"8&#)QH"L7@4UI"5H&0YQ*=FI&-%)54./>5&E_]WXR!:,3[V$K:OGN$CC
MK;%MI"UKUY-5_$7-(+,,CB>.5