[x] | QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
For the quarterly period ended: April 28, 2018 | |
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 7, 2018 | ||
Class A Common Stock, No Par Value | 10,071,644 Shares | |
Class B Common Stock, No Par Value | 4,303,748 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) | |||||||
April 28, 2018 | July 29, 2017 | ||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 79,916 | $ | 87,435 | |||
Merchandise inventories | 41,246 | 41,852 | |||||
Patronage dividend receivable | 8,362 | 12,655 | |||||
Notes receivable from Wakefern | 23,597 | 22,118 | |||||
Income taxes receivable | 2,531 | 1,742 | |||||
Other current assets | 16,953 | 15,670 | |||||
Total current assets | 172,605 | 181,472 | |||||
Property, equipment and fixtures, net | 210,502 | 204,440 | |||||
Notes receivable from Wakefern | 22,786 | 22,562 | |||||
Investment in Wakefern | 27,093 | 27,093 | |||||
Goodwill | 12,057 | 12,057 | |||||
Other assets | 19,280 | 7,601 | |||||
Total assets | $ | 464,323 | $ | 455,225 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Current liabilities | |||||||
Capital and financing lease obligations | $ | 731 | $ | 652 | |||
Notes payable to Wakefern | 187 | 292 | |||||
Accounts payable to Wakefern | 56,856 | 59,556 | |||||
Accounts payable and accrued expenses | 18,531 | 17,279 | |||||
Accrued wages and benefits | 17,829 | 17,810 | |||||
Income taxes payable | 991 | 604 | |||||
Total current liabilities | 95,125 | 96,193 | |||||
Long-term debt | |||||||
Capital and financing lease obligations | 41,977 | 42,532 | |||||
Notes payable to Wakefern | — | 114 | |||||
Notes payable related to New Markets Tax Credit | 6,480 | — | |||||
Total long-term debt | 48,457 | 42,646 | |||||
Pension liabilities | 8,306 | 15,194 | |||||
Other liabilities | 14,033 | 14,372 | |||||
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 10,576 shares at April 28, 2018 and 10,562 shares at July 29, 2017 | 60,367 | 57,852 | |||||
Class B common stock, no par value: Authorized 20,000 shares; issued and outstanding 4,304 shares at April 28, 2018 and July 29, 2017 | 699 | 699 | |||||
Retained earnings | 253,722 | 244,308 | |||||
Accumulated other comprehensive loss | (7,121 | ) | (7,406 | ) | |||
Less treasury stock, Class A, at cost: 504 shares at April 28, 2018 and 477 shares at July 29, 2017 | (9,265 | ) | (8,633 | ) | |||
Total shareholders’ equity | 298,402 | 286,820 | |||||
Total liabilities and shareholders’ equity | $ | 464,323 | $ | 455,225 |
VILLAGE SUPER MARKET, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) | |||||||||||||||
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||
April 28, 2018 | April 29, 2017 | April 28, 2018 | April 29, 2017 | ||||||||||||
Sales | $ | 394,608 | $ | 391,984 | $ | 1,198,464 | $ | 1,193,891 | |||||||
Cost of sales | 285,731 | 283,648 | 873,422 | 869,668 | |||||||||||
Gross profit | 108,877 | 108,336 | 325,042 | 324,223 | |||||||||||
Operating and administrative expense | 93,780 | 91,536 | 282,138 | 277,060 | |||||||||||
Depreciation and amortization | 6,083 | 6,062 | 18,704 | 18,358 | |||||||||||
Operating income | 9,014 | 10,738 | 24,200 | 28,805 | |||||||||||
Interest expense | (1,133 | ) | (1,111 | ) | (3,340 | ) | (3,343 | ) | |||||||
Interest income | 1,012 | 726 | 2,776 | 2,063 | |||||||||||
Income before income taxes | 8,893 | 10,353 | 23,636 | 27,525 | |||||||||||
Income taxes | 2,351 | 4,338 | 4,566 | 11,408 | |||||||||||
Net income | $ | 6,542 | $ | 6,015 | $ | 19,070 | $ | 16,117 | |||||||
Net income per share: | |||||||||||||||
Class A common stock: | |||||||||||||||
Basic | $ | 0.51 | $ | 0.47 | $ | 1.48 | $ | 1.27 | |||||||
Diluted | $ | 0.45 | $ | 0.42 | $ | 1.32 | $ | 1.13 | |||||||
Class B common stock: | |||||||||||||||
Basic | $ | 0.33 | $ | 0.30 | $ | 0.96 | $ | 0.82 | |||||||
Diluted | $ | 0.33 | $ | 0.30 | $ | 0.96 | $ | 0.82 |
VILLAGE SUPER MARKET, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands) (Unaudited) | |||||||||||||||
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||
April 28, 2018 | April 29, 2017 | April 28, 2018 | April 29, 2017 | ||||||||||||
Net income | $ | 6,542 | $ | 6,015 | $ | 19,070 | $ | 16,117 | |||||||
Other comprehensive income: | |||||||||||||||
Amortization of pension actuarial loss, net of tax (1) | 99 | 200 | 285 | 691 | |||||||||||
Pension remeasurement, net of tax (2) | — | — | — | 372 | |||||||||||
Comprehensive income | $ | 6,641 | $ | 6,215 | $ | 19,355 | $ | 17,180 |
(1) | Amounts are net of tax of $43 and $147 for the 13 weeks ended April 28, 2018 and April 29, 2017, respectively, and $141 and $411 for the 39 weeks ended April 28, 2018 and April 29, 2017, respectively. All amounts are reclassified from accumulated other comprehensive loss to operating and administrative expense. |
(2) | Amount is net of tax of $257. |
VILLAGE SUPER MARKET, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) | |||||||
39 Weeks Ended | |||||||
April 28, 2018 | April 29, 2017 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net income | $ | 19,070 | $ | 16,117 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 18,704 | 18,358 | |||||
Non-cash share-based compensation | 2,515 | 2,280 | |||||
Deferred taxes | (418 | ) | 1,207 | ||||
Provision to value inventories at LIFO | 100 | 100 | |||||
Gain on sale of property, equipment and fixtures | (130 | ) | — | ||||
Changes in assets and liabilities: | |||||||
Merchandise inventories | 506 | (894 | ) | ||||
Patronage dividend receivable | 4,293 | 4,210 | |||||
Accounts payable to Wakefern | (2,700 | ) | (5,929 | ) | |||
Accounts payable and accrued expenses | (1,575 | ) | (1,038 | ) | |||
Accrued wages and benefits | 19 | (210 | ) | ||||
Income taxes receivable / payable | (402 | ) | (9,165 | ) | |||
Other assets and liabilities | (8,259 | ) | 1,226 | ||||
Net cash provided by operating activities | 31,723 | 26,262 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Capital expenditures | (21,883 | ) | (19,755 | ) | |||
Proceeds from the sale of assets | 130 | — | |||||
Investment in notes receivable from Wakefern | (23,875 | ) | (1,416 | ) | |||
Maturity of notes receivable from Wakefern | 22,172 | — | |||||
Investment in notes receivable related to New Markets Tax Credit financing | (4,835 | ) | — | ||||
Net cash used in investing activities | (28,291 | ) | (21,171 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Proceeds from exercise of stock options | — | 812 | |||||
Excess tax benefit related to share-based compensation | — | 83 | |||||
Proceeds from New Markets Tax Credit financing | 6,860 | — | |||||
Debt issuance costs | (297 | ) | — | ||||
Principal payments of long-term debt | (695 | ) | (1,246 | ) | |||
Dividends | (9,656 | ) | (9,562 | ) | |||
Treasury stock purchases | (632 | ) | (3,005 | ) | |||
Net cash used in financing activities | (4,420 | ) | (12,918 | ) | |||
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (988 | ) | (7,827 | ) | |||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 87,435 | 88,379 | |||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | $ | 86,447 | $ | 80,552 | |||
SUPPLEMENTAL DISCLOSURES OF CASH PAYMENTS MADE FOR: | |||||||
Interest | $ | 3,340 | $ | 3,343 | |||
Income taxes | $ | 5,375 | $ | 19,285 |
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||
April 28, 2018 | April 28, 2018 | ||||||||||||||
Class A | Class B | Class A | Class B | ||||||||||||
Numerator: | |||||||||||||||
Net income allocated, basic | $ | 4,935 | $ | 1,421 | $ | 14,387 | $ | 4,142 | |||||||
Conversion of Class B to Class A shares | 1,421 | — | 4,142 | — | |||||||||||
Effect of share-based compensation on allocated net income | — | — | — | — | |||||||||||
Net income allocated, diluted | $ | 6,356 | $ | 1,421 | $ | 18,529 | $ | 4,142 | |||||||
Denominator: | |||||||||||||||
Weighted average shares outstanding, basic | 9,709 | 4,304 | 9,715 | 4,304 | |||||||||||
Conversion of Class B to Class A shares | 4,304 | — | 4,304 | — | |||||||||||
Dilutive effect of share-based compensation | — | — | — | — | |||||||||||
Weighted average shares outstanding, diluted | 14,013 | 4,304 | 14,019 | 4,304 | |||||||||||
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||
April 29, 2017 | April 29, 2017 | ||||||||||||||
Class A | Class B | Class A | Class B | ||||||||||||
Numerator: | |||||||||||||||
Net income allocated, basic | $ | 4,550 | $ | 1,312 | $ | 12,214 | $ | 3,551 | |||||||
Conversion of Class B to Class A shares | 1,312 | — | 3,551 | — | |||||||||||
Effect of share-based compensation on allocated net income | — | — | 15 | (4 | ) | ||||||||||
Net income allocated, diluted | $ | 5,862 | $ | 1,312 | $ | 15,780 | $ | 3,547 | |||||||
Denominator: | |||||||||||||||
Weighted average shares outstanding, basic | 9,696 | 4,316 | 9,634 | 4,318 | |||||||||||
Conversion of Class B to Class A shares | 4,316 | — | 4,318 | — | |||||||||||
Dilutive effect of share-based compensation | — | — | 36 | — | |||||||||||
Weighted average shares outstanding, diluted | 14,012 | 4,316 | 13,988 | 4,318 |
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||
April 28, 2018 | April 29, 2017 | April 28, 2018 | April 29, 2017 | ||||||||||||
Service cost | $ | 65 | $ | 61 | $ | 195 | $ | 316 | |||||||
Interest cost on projected benefit obligations | 629 | 607 | 1,887 | 1,817 | |||||||||||
Expected return on plan assets | (820 | ) | (973 | ) | (2,460 | ) | (2,920 | ) | |||||||
Amortization of net losses | 142 | 347 | 426 | 1,102 | |||||||||||
Net periodic pension cost | $ | 16 | $ | 42 | $ | 48 | $ | 315 |
13 Weeks Ended | 39 Weeks Ended | ||||||||||
April 28, 2018 | April 29, 2017 | April 28, 2018 | April 29, 2017 | ||||||||
Sales | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | |||
Cost of sales | 72.41 | 72.36 | 72.88 | 72.84 | |||||||
Gross profit | 27.59 | 27.64 | 27.12 | 27.16 | |||||||
Operating and administrative expense | 23.77 | 23.35 | 23.54 | 23.21 | |||||||
Depreciation and amortization | 1.54 | 1.56 | 1.56 | 1.54 | |||||||
Operating income | 2.28 | 2.73 | 2.02 | 2.41 | |||||||
Interest expense | (0.29 | ) | (0.28 | ) | (0.28 | ) | (0.28 | ) | |||
Interest income | 0.26 | 0.19 | 0.23 | 0.17 | |||||||
Income before taxes | 2.25 | 2.64 | 1.97 | 2.30 | |||||||
Income taxes | 0.60 | 1.11 | 0.38 | 0.96 | |||||||
Net income | 1.65 | % | 1.53 | % | 1.59 | % | 1.34 | % |
• | We expect same store sales to range from a decrease of .25% to an increase of .75% in fiscal 2018. We expect sales trends to be negatively impacted by several local competitor store openings. |
• | Village has revised its budgeted capital expenditures upward from prior estimates to approximately $40,000 for fiscal 2018 due to the acceleration of several remodels. Planned expenditures include construction of a new store in the Bronx, New York, two major remodels, several smaller remodels and various technology upgrade projects. |
• | The Board’s current intention is to continue to pay quarterly dividends in 2018 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. |
• | Excluding the $3,300 reduction in income tax expense related to revaluation of net deferred tax liabilities as a result of the Tax Cuts and Jobs Act, we expect our effective income tax rate in fiscal 2018 to be in the range of 33.0% - 34.0%. |
• | We expect operating expenses will be affected by increased costs in certain areas, such as medical and other fringe benefit costs. |
• | We expect approximately $100 of net periodic pension costs in fiscal 2018 related to the four Company sponsored defined benefit pension plans. As of April 28, 2018, the Company has contributed $6,510 to its pension plans in fiscal 2018. The Company does not expect to make additional contributions to fund its pension plans during fiscal 2018. |
• | 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 directly with multiple retail formats both in-store and online, including national, regional and local supermarket chains as well as warehouse clubs, supercenters, drug stores, discount general merchandise stores, fast food chains, restaurants, dollar stores and convenience stores. 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 two stores in Maryland and one in northeastern Pennsylvania. We are vulnerable to economic downturns in New Jersey in addition to those that may affect the country as a whole. Economic conditions 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 advertising, liability and property insurance, supplies, certain equipment purchasing, coupon processing, certain financial accounting applications, retail technology support, and other store services. Further, Village receives patronage dividends and other product incentives from Wakefern and also has demand deposits and notes receivable due from Wakefern. |
• | Approximately 91% 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. |
• | The Company 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. |
• | The Company uses a combination of insurance and self-insurance to provide for potential liability for workers’ compensation, automobile and general liability, property, director and officers’ liability, and certain employee health care benefits. Any projection of losses is subject to a high degree of variability. Changes in legal claims, trends and interpretations, variability in inflation rates, changes in the nature and method of claims settlement, benefit level changes due to changes in applicable laws, and insolvency of insurance carriers could all affect our financial condition, results of operations, or cash flows. |
• | 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 | |
Exhibit 31.2 | |
Exhibit 32.1 | |
Exhibit 32.2 | |
Exhibit 99.1 | |
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 7, 2018 | /s/ Robert P. Sumas |
Robert P. Sumas | |
(Chief Executive Officer) | |
Dated: June 7, 2018 | /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 7, 2018 | /s/ Robert P. Sumas |
Robert P. 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 7, 2018 | |
/s/ John Van Orden | |
John Van Orden | |
Chief Financial Officer & | |
Principal Financial Officer |
Exhibit 32.1 |
/s/ Robert P. Sumas | |
Robert P. Sumas | |
Chief Executive Officer | |
June 7, 2018 |
Exhibit 32.2 |
/s/ John Van Orden | |
John Van Orden | |
Chief Financial Officer & | |
Principal Financial Officer | |
June 7, 2018 |
Contact: | John Van Orden, CFO |
(973) 467-2200 | |
john.vanorden@wakefern.com |
13 Weeks Ended | 39 Weeks Ended | ||||||||||||||
April 28, 2018 | April 29, 2017 | April 28, 2018 | April 29, 2017 | ||||||||||||
Sales | $ | 394,608 | $ | 391,984 | $ | 1,198,464 | $ | 1,193,891 | |||||||
Cost of sales | 285,731 | 283,648 | 873,422 | 869,668 | |||||||||||
Gross profit | 108,877 | 108,336 | 325,042 | 324,223 | |||||||||||
Operating and administrative expense | 93,780 | 91,536 | 282,138 | 277,060 | |||||||||||
Depreciation and amortization | 6,083 | 6,062 | 18,704 | 18,358 | |||||||||||
Operating income | 9,014 | 10,738 | 24,200 | 28,805 | |||||||||||
Interest expense | (1,133 | ) | (1,111 | ) | (3,340 | ) | (3,343 | ) | |||||||
Interest income | 1,012 | 726 | 2,776 | 2,063 | |||||||||||
Income before income taxes | 8,893 | 10,353 | 23,636 | 27,525 | |||||||||||
Income taxes | 2,351 | 4,338 | 4,566 | 11,408 | |||||||||||
Net income | $ | 6,542 | $ | 6,015 | $ | 19,070 | $ | 16,117 | |||||||
Net income per share: | |||||||||||||||
Class A common stock: | |||||||||||||||
Basic | $ | 0.51 | $ | 0.47 | $ | 1.48 | $ | 1.27 | |||||||
Diluted | $ | 0.45 | $ | 0.42 | $ | 1.32 | $ | 1.13 | |||||||
Class B common stock: | |||||||||||||||
Basic | $ | 0.33 | $ | 0.30 | $ | 0.96 | $ | 0.82 | |||||||
Diluted | $ | 0.33 | $ | 0.30 | $ | 0.96 | $ | 0.82 | |||||||
Gross profit as a % of sales | 27.59 | % | 27.64 | % | 27.12 | % | 27.16 | % | |||||||
Operating and administrative expense as a % of sales | 23.77 | % | 23.35 | % | 23.54 | % | 23.21 | % |
DOCUMENT AND ENTITY INFORMATION - shares |
9 Months Ended | |
---|---|---|
Apr. 28, 2018 |
Jun. 07, 2018 |
|
Entity Registrant Name | VILLAGE SUPER MARKET INC | |
Entity Central Index Key | 0000103595 | |
Current Fiscal Year End Date | --07-28 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus (Q1,Q2,Q3,FY) | Q3 | |
Amendment Flag | false | |
Common Class A [Member] | ||
Entity Common Stock, Shares Outstanding | 10,071,644 | |
Common Class B [Member] | ||
Entity Common Stock, Shares Outstanding | 4,303,748 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares |
Apr. 28, 2018 |
Jul. 29, 2017 |
---|---|---|
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) | 10,576,000 | 10,569,000 |
Treasury shares | 501,000 | 504,000 |
Common Class B [Member] | ||
Common stock shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock shares issued (in shares) | 4,304,000 | 4,304,000 |
CONSOLIDATED STATMENTS OF OPERATIONS - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Apr. 28, 2018 |
Apr. 29, 2017 |
Apr. 28, 2018 |
Apr. 29, 2017 |
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Sales | $ 394,608 | $ 391,984 | $ 1,198,464 | $ 1,193,891 |
Cost of sales | 285,731 | 283,648 | 873,422 | 869,668 |
Gross profit | 108,877 | 108,336 | 325,042 | 324,223 |
Operating and administrative expense | 93,780 | 91,536 | 282,138 | 277,060 |
Depreciation and amortization | 6,083 | 6,062 | 18,704 | 18,358 |
Operating income | 9,014 | 10,738 | 24,200 | 28,805 |
Interest expense | (1,133) | (1,111) | (3,340) | (3,343) |
Interest income | 1,012 | 726 | 2,776 | 2,063 |
Income before income taxes | 8,893 | 10,353 | 23,636 | 27,525 |
Income taxes | 2,351 | 4,338 | 4,566 | 11,408 |
Net income | $ 6,542 | $ 6,015 | $ 19,070 | $ 16,117 |
Common Class A [Member] | ||||
Net income per share: | ||||
Basic (in dollars per share) | $ 0.51 | $ 0.47 | $ 1.48 | $ 1.27 |
Diluted (in dollars per share) | 0.45 | 0.42 | 1.32 | 1.13 |
Common Class B [Member] | ||||
Net income per share: | ||||
Basic (in dollars per share) | 0.33 | 0.30 | 0.96 | 0.82 |
Diluted (in dollars per share) | $ 0.33 | $ 0.30 | $ 0.96 | $ 0.82 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Apr. 28, 2018 |
Apr. 29, 2017 |
Apr. 28, 2018 |
Apr. 29, 2017 |
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Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||
Net income | $ 6,542 | $ 6,015 | $ 19,070 | $ 16,117 |
Other comprehensive income: | ||||
Amortization of pension actuarial loss, net of tax | 99 | 200 | 285 | 691 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | 0 | 0 | 0 | (372) |
Comprehensive income | $ 6,641 | $ 6,215 | $ 19,355 | $ 17,180 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parentheticals) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Apr. 28, 2018 |
Apr. 29, 2017 |
Apr. 28, 2018 |
Apr. 29, 2017 |
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Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||
Tax of amortization of pension actuarial loss | $ (43) | $ (147) | $ (141) | $ (411) |
BASIS OF PRESENTATION and ACCOUNTING POLICIES |
9 Months Ended |
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Apr. 28, 2018 | |
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 28, 2018 and the consolidated statements of operations, comprehensive income and cash flows for the 13 and 39 week periods ended April 28, 2018 and April 29, 2017 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 29, 2017 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 28, 2018 are not necessarily indicative of the results to be expected for the full year. |
MERCHANDISE INVENTORIES |
9 Months Ended |
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Apr. 28, 2018 | |
Inventory Disclosure [Abstract] | |
MERCHANDISE INVENTORIES | MERCHANDISE INVENTORIES At both April 28, 2018 and July 29, 2017, 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 $14,510 and $14,410 higher than reported at both April 28, 2018 and July 29, 2017. |
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 306 and 207 were excluded from the calculation of diluted net income per share at April 28, 2018 and April 29, 2017, respectively, as a result of their anti-dilutive effect. In addition, 356 and 362 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 28, 2018 and April 29, 2017, 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 November 29, 2016, the Company amended the Village Super Market Local 72 Retail Clerks Employees’ Retirement Plan, which covers union employees in the Stroudsburg store, to freeze all benefits effective January 31, 2017. As a result of this amendment, the Company recognized a pre-tax remeasurement gain totaling $629 in accumulated other comprehensive loss during fiscal 2017. The remeasurement had no impact on the consolidated statements of operations. As of April 28, 2018, the Company has contributed $6,510 to its pension plans in fiscal 2018. The Company does not expect to make additional contributions to fund its pension plans during fiscal 2018. |
INCOME TAXES |
9 Months Ended |
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Apr. 28, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 7. INCOME TAXES On December 22, 2017 the Tax Cuts and Jobs Act (the “Tax Act”) was enacted by the U.S. Government. The Tax Act made significant changes to the U.S. tax code that will affect the Company's fiscal year ending July 28, 2018, including, but not limited to, reducing the U.S. federal corporate tax rate from 35.0%% to 21.0%% effective January 1, 2018, and introducing bonus depreciation that will allow for full expensing of qualified property. As the Company’s fiscal year ends on July 28, 2018, the Company’s U.S. federal corporate statutory income tax rate will be subject to a full year blended tax rate of 26.9% for fiscal 2018, and 21.0% for subsequent fiscal years. As a result of the decrease in the U.S. federal corporate statutory rate, deferred tax balances were remeasured based on the rates at which they are expected to reverse in the future. In the 39 weeks ended April 28, 2018, a benefit of $3,300 was recognized related to the remeasurement of the Company’s deferred tax balances, which is included in Income taxes on the consolidated statements of operations. On December 22, 2017, the Securities Exchange Commission ("SEC") issued guidance under Staff Accounting Bulletin No. 118, "Income Tax Accounting Implications of the Tax Cuts and Jobs Act," allowing taxpayers to record provisional amounts for reasonable estimates when they do not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete their accounting for certain income tax effects of the Tax Act. The SEC has issued rules that would allow for a measurement period of up to one year after the enactment date of the Tax Act to finalize the related tax impacts. |
RELATED PARTY INFORMATION - WAKEFERN |
9 Months Ended |
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Apr. 28, 2018 | |
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 29, 2017. 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 2018 except for the maturity of $22,172 in notes receivable from Wakefern that earned interest at the prime rate plus .25% on August 15, 2017. The Company invested $22,000 of the proceeds received in variable rate notes receivable from Wakefern that earn interest at the prime rate plus 1.25% and mature on August 15, 2022. Wakefern has the right to prepay these notes at any time. Under certain conditions, the Company can require Wakefern to prepay the notes, although interest earned since inception would be reduced as if it was earned based on overnight money market rates as paid by Wakefern on demand deposits. Included in cash and cash equivalents at April 28, 2018 and July 29, 2017 are $58,042 and $60,037, respectively, of demand deposits invested at Wakefern at overnight money market rates. |
COMMITMENTS and CONTINGENCIES |
9 Months Ended |
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Apr. 28, 2018 | |
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. |
DEBT (Notes) |
9 Months Ended |
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Apr. 28, 2018 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 6. DEBT Effective November 9, 2017, the Company entered into a credit agreement that amends, restates and supersedes in its entirety the loan agreement dated September 16, 1999 and all amendments to that agreement. The agreement maintains Village's unsecured revolving line of credit providing a maximum amount available for borrowing of $25,000, and extends the credit agreement to December 31, 2020. The revolving credit line can be used for general corporate purposes. Indebtedness under this agreement bears interest at the applicable LIBOR rate plus 1.25%. The credit agreement continues to provide for up to $3,000 of letters of credit, which secure obligations for construction performance guarantees to municipalities. The credit agreement continues to contain covenants that, among other conditions, require a maximum liabilities to tangible net worth ratio, a minimum fixed charge coverage ratio and a positive net income. There were no amounts outstanding at April 28, 2018 or July 29, 2017 under the new or superseded facility. On December 29, 2017, the Company entered into a financing transaction under the New Markets Tax Credit program, see note 8 to the unaudited consolidated financial statements for further discussion. |
NEW MARKETS TAX CREDIT (Notes) |
9 Months Ended |
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Apr. 28, 2018 | |
NEW MARKETS TAX CREDIT [Abstract] | |
NEW MARKETS TAX CREDIT [Text Block] | 8. NEW MARKETS TAX CREDIT 2017 New Markets Tax Credit On December 29, 2017, the Company entered into a financing transaction with Wells Fargo Community Investment Holdings, LLC (“Wells Fargo”) under a qualified New Markets Tax Credit (“NMTC”) program related to the construction of a new store in the Bronx, New York. The NMTC program was provided for in the Community Renewal Tax Relief Act of 2000 (the “Act”) and is intended to induce capital investment in qualified lower income communities. The Act permits taxpayers to claim credits against their Federal income taxes for up to 39% of qualified investments in the equity of community development entities (“CDEs”). CDEs are privately managed investment institutions that are certified to make qualified low-income community investments. In connection with the financing, the Company loaned $4,835 to VSM Investment Fund, LLC (the "Investment Fund") at an interest rate of 1.403% per year and with a maturity date of December 31, 2044. Repayments on the loan commence in March 2025. Wells Fargo contributed $2,375 to the Investment Fund and, by virtue of such contribution, is entitled to substantially all of the tax benefits derived from the NMTC. The Investment Fund is a wholly owned subsidiary of Wells Fargo. The loan to the Investment Fund is recorded in Other assets in the consolidated balance sheets. The Investment Fund then contributed the proceeds to a CDE, which, in turn, loaned combined funds of $6,563, net of debt issuance costs, to Village Super Market of NY, LLC, a wholly-owned subsidiary of the Company, at an interest rate of 1.000% per year with a maturity date of December 31, 2051. These loans are secured by the leasehold improvements and equipment related to the construction of the Bronx store. Repayment of the loans commences in March 2025. The proceeds of the loans from the CDE will be used to partially fund the construction of the Bronx store. The Notes payable related to New Markets Tax Credit, net of debt issuance costs, are recorded in Long-term debt in the consolidated balance sheets. The NMTC is subject to 100% recapture for a period of seven years. The Company is required to be in compliance with various regulations and contractual provisions that apply to the New Markets Tax Credit arrangement. Noncompliance could result in Wells Fargo's projected tax benefits not being realized and, therefore, require the Company to indemnify Wells Fargo for any loss or recapture of NMTCs. The Company does not anticipate any credit recapture will be required in connection with this financing arrangement. The transaction includes a put/call provision whereby the Company may be obligated or entitled to repurchase Wells Fargo's interest in the Investment Fund. The value attributed to the put/call is de minimis. We believe that Wells Fargo will exercise the put option in December 2024, at the end of the recapture period, that will result in a net benefit to the Company of $1,728. The Company is recognizing the net benefit over the seven-year compliance period. Restricted Cash In November 2016, the FASB issued ASU No. 2016-18, "Restricted Cash," which requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and restricted cash. Accordingly, restricted cash will be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts presented on the statement of cash flows. The Company early-adopted ASU No. 2016-18 during the second quarter of fiscal 2018 and applied its provisions retrospectively. Other than the change in presentation within the consolidated statement of cash flows, the adoption of ASU No. 2016-18 did not have an impact on the Company's consolidated financial statements. Included in Other assets at April 28, 2018 is $6,532 of cash and cash equivalents related to the NMTC financing transaction that are restricted as to withdrawal and designated for expenditure in the construction of noncurrent assets in the Bronx store. There were no restricted cash or cash equivalents at July 29, 2017. |
NET INCOME (LOSS) PER SHARE - Schedule of Earnings Per Share, Basic and Diluted (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The tables below reconcile the numerators and denominators of basic and diluted net income per share for all periods presented.
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PENSION PLANS - Schedule of Net Benefit Costs (Tables) |
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Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | Net periodic pension cost for the four plans includes the following components:
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MERCHANDISE INVENTORIES (Details) - USD ($) $ in Thousands |
Apr. 28, 2018 |
Jul. 29, 2017 |
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Inventory Disclosure [Abstract] | ||
Percentage of LIFO Inventory | 65.00% | 65.00% |
Inventory, LIFO Reserve | $ 14,510 |
NET INCOME (LOSS) PER SHARE - Additional Information (Details) shares in Thousands |
9 Months Ended | |
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Apr. 28, 2018
class_common_stock
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Apr. 29, 2017
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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 | 356 | 362 |
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 | 306 | 207 |
PENSION PLANS - Schedule of Net Benefit Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Apr. 28, 2018 |
Apr. 29, 2017 |
Apr. 28, 2018 |
Apr. 29, 2017 |
|
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost | $ 65 | $ 61 | $ 195 | $ 316 |
Interest cost on projected benefit obligations | 629 | 607 | 1,887 | 1,817 |
Expected return on plan assets | (820) | (973) | (2,460) | (2,920) |
Amortization of net losses | 142 | 347 | 426 | 1,102 |
Net periodic pension cost | $ 16 | $ 42 | $ 48 | $ 315 |
PENSION PLANS - Additional Information (Details) $ in Thousands |
9 Months Ended | |
---|---|---|
Apr. 28, 2018
USD ($)
pension_plan
|
Apr. 29, 2017
USD ($)
|
|
Defined Benefit Plan, Contributions by Employer | $ 6,510 | |
Defined Benefit Plan, Actuarial Gain (Loss) | $ 629 | |
Number of defined benefit pension plans | pension_plan | 4 |
INCOME TAXES - Additional Information (Details) - USD ($) |
5 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended |
---|---|---|---|---|
Dec. 31, 2017 |
Jul. 28, 2018 |
Apr. 28, 2018 |
Jul. 28, 2018 |
|
Income Tax Contingency [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 21.00% | 26.90% | |
ProvisionalOneTimeU.S.TaxReformChargeRevaluationofDeferredTaxAssetsandLiabilities | $ 3,300 | |||
Scenario, Forecast [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
RELATED PARTY INFORMATION - WAKEFERN (Details) - USD ($) $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Aug. 15, 2017 |
Apr. 28, 2018 |
Apr. 29, 2017 |
Jul. 29, 2017 |
|
Related Party Transaction [Line Items] | ||||
Proceeds from Sale, Maturity and Collection of Long-term Investments | $ 22,172 | $ 0 | ||
Due from Related Parties | $ 22,000 | |||
Investee [Member] | ||||
Related Party Transaction [Line Items] | ||||
Demand deposits at Wakefern | $ 58,042 | $ 60,037 | ||
Related Party Note Receivable Maturing August 2017 [Member] | Investee [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Basis Spread on Variable Rate | 0.25% | |||
Related Party Notes Receivable Maturing August 2022 [Member] | Investee [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Basis Spread on Variable Rate | 1.25% |
DEBT (Details) $ in Thousands |
Apr. 28, 2018
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 |
NEW MARKETS TAX CREDIT (Details) - USD ($) $ in Thousands |
84 Months Ended | |||
---|---|---|---|---|
Dec. 29, 2024 |
Apr. 28, 2018 |
Dec. 29, 2017 |
Jul. 29, 2017 |
|
NEW MARKETS TAX CREDIT [Abstract] | ||||
Notes, Loans and Financing Receivable, Gross, Noncurrent | $ 4,835 | |||
InterestOnUnrelatedPartyNoteReceivablePercentage | 1.403% | |||
Third Party Contribution to Investment Fund | $ 2,375 | |||
Notes Payable, Noncurrent | $ 6,480 | $ 6,563 | $ 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | |||
Benefit Over Recapture Period | $ 1,728 | |||
Restricted Cash and Investments, Noncurrent | $ 6,532 | $ 0 |
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