QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. | |||||
For the quarterly period ended | |||||
OR | |||||
TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. | |||||
Commission File No. |
(State or other jurisdiction of incorporation or organization) | (I. R. S. Employer Identification No.) | |||||||
(Address of principal executive offices) (Zip Code) | ||||||||
Registrant's telephone number, including area code: | ( | |||||||
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
(Title of Class) | (Trading Symbol) | (Name of exchange on which registered) | ||||||
Securities registered pursuant to Section 12(g) of the Act: None |
Large accelerated filer ☐ | ||||||||
Non-accelerated filer ☐ (Do not check if a smaller reporting company) | Smaller reporting company | |||||||
Emerging growth company | ||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ | ||||||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes |
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: | ||||||||
March 4, 2021 | ||||||||
Class A Common Stock, No Par Value | ||||||||
Class B Common Stock, No Par Value | |
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 Shareholders' Equity | |||||
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. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) | |||||||||||
January 23, 2021 | July 25, 2020 | ||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Merchandise inventories | |||||||||||
Patronage dividend receivable | |||||||||||
Income taxes receivable | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property, equipment and fixtures, net | |||||||||||
Operating lease assets | |||||||||||
Notes receivable from Wakefern | |||||||||||
Investment in Wakefern | |||||||||||
Goodwill | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES and SHAREHOLDERS' EQUITY | |||||||||||
Current liabilities | |||||||||||
Operating lease obligations | $ | $ | |||||||||
Finance lease obligations | |||||||||||
Notes payable to Wakefern | |||||||||||
Current portion of debt | |||||||||||
Accounts payable to Wakefern | |||||||||||
Accounts payable and accrued expenses | |||||||||||
Accrued wages and benefits | |||||||||||
Income taxes payable | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Operating lease obligations | |||||||||||
Finance lease obligations | |||||||||||
Notes payable to Wakefern | |||||||||||
Long-term debt | |||||||||||
Total long-term debt | |||||||||||
Pension liabilities | |||||||||||
Other liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Shareholders' equity | |||||||||||
Preferred stock, no par value: Authorized | |||||||||||
Class A common stock, no par value: Authorized | |||||||||||
Class B common stock, no par value: Authorized | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Less treasury stock, Class A, at cost: | ( | ( | |||||||||
Total shareholders’ equity | |||||||||||
Total liabilities and shareholders’ equity | $ | $ | |||||||||
VILLAGE SUPER MARKET, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) | |||||||||||||||||||||||
13 Weeks Ended | 26 Weeks Ended | ||||||||||||||||||||||
January 23, 2021 | January 25, 2020 | January 23, 2021 | January 25, 2020 | ||||||||||||||||||||
Sales | $ | $ | $ | $ | |||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Operating and administrative expense | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Interest income | |||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income taxes | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Net income per share: | |||||||||||||||||||||||
Class A common stock: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Class B common stock: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ |
VILLAGE SUPER MARKET, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands) (Unaudited) | |||||||||||||||||||||||
13 Weeks Ended | 26 Weeks Ended | ||||||||||||||||||||||
January 23, 2021 | January 25, 2020 | January 23, 2021 | January 25, 2020 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Unrealized gains on interest rate swaps, net of tax (1) | |||||||||||||||||||||||
Amortization of pension actuarial loss, net of tax (2) | |||||||||||||||||||||||
Pension settlement loss, net of tax (3) | |||||||||||||||||||||||
Pension remeasurement, net of tax (4) | ( | ( | |||||||||||||||||||||
Comprehensive income | $ | $ | $ | $ |
VILLAGE SUPER MARKET, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (In thousands) (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
13 Weeks Ended January 23, 2021 and January 25, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common Stock | Class B Common Stock | Accumulated Other Comprehensive Income (Loss) | Treasury Stock Class A | Total Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued | Amount | Shares Issued | Amount | Retained Earnings | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, October 24, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax of $ | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Restricted shares forfeited | ( | ( | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 23, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||
Balance, October 26, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax of $ | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Treasury stock purchases | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Restricted shares forfeited | ( | ( | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 25, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||
26 Weeks Ended January 23, 2021 and January 25, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Common Stock | Class B Common Stock | Accumulated Other Comprehensive Income (Loss) | Treasury Stock Class A | Total Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued | Amount | Shares Issued | Amount | Retained Earnings | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, July 25, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax of $ | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Restricted shares forfeited | ( | ( | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 23, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||
Balance, July 27, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax of $ | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Treasury stock purchases | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Restricted shares forfeited | ( | ( | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Adjustment due to the adoption of ASU 2016-02, net of tax of $1,385 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 25, 2020 | $ | $ | $ | $ | ( | $ | ( | $ |
VILLAGE SUPER MARKET, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) | |||||||||||
26 Weeks Ended | |||||||||||
January 23, 2021 | January 25, 2020 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Non-cash share-based compensation | |||||||||||
Loss on pension settlements | |||||||||||
Deferred taxes | ( | ( | |||||||||
Gain on sale of property, equipment and fixtures | ( | ||||||||||
Changes in assets and liabilities: | |||||||||||
Merchandise inventories | ( | ( | |||||||||
Patronage dividend receivable | |||||||||||
Accounts payable to Wakefern | ( | ||||||||||
Accounts payable and accrued expenses | ( | ( | |||||||||
Accrued wages and benefits | ( | ( | |||||||||
Income taxes receivable / payable | ( | ||||||||||
Other assets and liabilities | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Capital expenditures | ( | ( | |||||||||
Proceeds from the sale of assets | |||||||||||
Investment in notes receivable from Wakefern | ( | ( | |||||||||
Acquisition deposit in escrow | ( | ||||||||||
Acquisition of Gourmet Garage, net of cash acquired | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Proceeds from issuance of long-term debt | |||||||||||
Principal payments of long-term debt | ( | ( | |||||||||
Payments on revolving line of credit | ( | ||||||||||
Debt issuance costs | ( | ||||||||||
Dividends | ( | ( | |||||||||
Treasury stock purchases | ( | ||||||||||
Net cash used in financing activities | ( | ( | |||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | ( | ||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | |||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | $ | |||||||||
SUPPLEMENTAL DISCLOSURES OF CASH PAYMENTS MADE FOR: | |||||||||||
Interest | $ | $ | |||||||||
Income taxes | $ | $ | |||||||||
NONCASH SUPPLEMENTAL DISCLOSURES: | |||||||||||
Investment in Wakefern and increase in notes payable to Wakefern | $ | $ | |||||||||
Capital expenditures included in accounts payable and accrued expenses | $ | $ |
13 Weeks Ended | 26 Weeks Ended | ||||||||||||||||||||||||||||||||||||||||||||||
January 23, 2021 | January 25, 2020 | January 23, 2021 | January 25, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | ||||||||||||||||||||||||||||||||||||||||
Center Store (1) | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||
Fresh (2) | |||||||||||||||||||||||||||||||||||||||||||||||
Pharmacy | |||||||||||||||||||||||||||||||||||||||||||||||
Other (3) | |||||||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | % | $ | % | $ | % | $ | % |
13 Weeks Ended | 26 Weeks Ended | ||||||||||||||||||||||
January 23, 2021 | January 23, 2021 | ||||||||||||||||||||||
Class A | Class B | Class A | Class B | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income allocated, basic | $ | $ | $ | $ | |||||||||||||||||||
Conversion of Class B to Class A shares | |||||||||||||||||||||||
Net income allocated, diluted | $ | $ | $ | $ | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average shares outstanding, basic | |||||||||||||||||||||||
Conversion of Class B to Class A shares | |||||||||||||||||||||||
Weighted average shares outstanding, diluted | |||||||||||||||||||||||
13 Weeks Ended | 26 Weeks Ended | ||||||||||||||||||||||
January 25, 2020 | January 25, 2020 | ||||||||||||||||||||||
Class A | Class B | Class A | Class B | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income allocated, basic | $ | $ | $ | $ | |||||||||||||||||||
Conversion of Class B to Class A shares | |||||||||||||||||||||||
Effect of share-based compensation on allocated net income | ( | ( | ( | ( | |||||||||||||||||||
Net income allocated, diluted | $ | $ | $ | $ | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average shares outstanding, basic | |||||||||||||||||||||||
Conversion of Class B to Class A shares | |||||||||||||||||||||||
Weighted average shares outstanding, diluted |
13 Weeks Ended | 26 Weeks Ended | ||||||||||||||||||||||
January 23, 2021 | January 25, 2020 | January 23, 2021 | January 25, 2020 | ||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost on projected benefit obligations | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||
Loss on settlement | |||||||||||||||||||||||
Amortization of net losses | |||||||||||||||||||||||
Net periodic pension cost | $ | $ | $ | $ |
January 23, 2021 | July 25, 2020 | |||||||||||||
Unsecured revolving line of credit | $ | $ | ||||||||||||
Secured term loan | ||||||||||||||
Unsecured term loan | ||||||||||||||
New Market Tax Credit Financing | ||||||||||||||
Total debt, excluding obligations under leases | ||||||||||||||
Less current portion | ||||||||||||||
Total long-term debt, excluding obligations under leases | $ | $ |
13 Weeks Ended | 26 Weeks Ended | ||||||||||||||||||||||
January 23, 2021 | January 25, 2020 | January 23, 2021 | January 25, 2020 | ||||||||||||||||||||
Sales | 100.00 | % | 100.00 | % | 100.00 | % | 100.00 | % | |||||||||||||||
Cost of sales | 72.87 | 73.04 | 72.38 | 72.60 | |||||||||||||||||||
Gross profit | 27.13 | 26.96 | 27.62 | 27.40 | |||||||||||||||||||
Operating and administrative expense | 24.19 | 24.63 | 24.76 | 24.96 | |||||||||||||||||||
Depreciation and amortization | 1.68 | 1.78 | 1.73 | 1.80 | |||||||||||||||||||
Operating income | 1.26 | 0.55 | 1.13 | 0.64 | |||||||||||||||||||
Interest expense | (0.19) | (0.13) | (0.19) | (0.13) | |||||||||||||||||||
Interest income | 0.17 | 0.24 | 0.17 | 0.27 | |||||||||||||||||||
Income before taxes | 1.24 | 0.66 | 1.11 | 0.78 | |||||||||||||||||||
Income taxes | 0.37 | 0.20 | 0.33 | 0.23 | |||||||||||||||||||
Net income | 0.87 | % | 0.46 | % | 0.78 | % | 0.55 | % |
Item 6. | Exhibits | ||||
Exhibit 31.1 | |||||
Exhibit 31.2 | |||||
Exhibit 32.1 | Certification (furnished, not filed) | ||||
Exhibit 32.2 | Certification (furnished, not filed) | ||||
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: March 4, 2021 | /s/ Robert P. Sumas | ||||
Robert P. Sumas | |||||
(Chief Executive Officer) | |||||
Dated: March 4, 2021 | /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: March 4, 2021 | /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: March 4, 2021 | |||||
/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 | |||||
March 4, 2021 |
Exhibit 32.2 |
/s/ John Van Orden | |||||
John Van Orden | |||||
Chief Financial Officer & | |||||
Principal Financial Officer | |||||
March 4, 2021 |
Contact: | John Van Orden, CFO | ||||
(973) 467-2200 | |||||
villageinvestorrelations@wakefern.com |
13 Weeks Ended | 26 Weeks Ended | ||||||||||||||||||||||
January 23, 2021 | January 25, 2020 | January 23, 2021 | January 25, 2020 | ||||||||||||||||||||
Sales | $ | 522,818 | $ | 437,422 | $ | 1,012,954 | $ | 844,824 | |||||||||||||||
Cost of sales | 380,973 | 319,475 | 733,146 | 613,331 | |||||||||||||||||||
Gross profit | 141,845 | 117,947 | 279,808 | 231,493 | |||||||||||||||||||
Operating and administrative expense | 126,449 | 107,734 | 250,812 | 210,874 | |||||||||||||||||||
Depreciation and amortization | 8,793 | 7,798 | 17,507 | 15,237 | |||||||||||||||||||
Operating income | 6,603 | 2,415 | 11,489 | 5,382 | |||||||||||||||||||
Interest expense | (982) | (568) | (1,969) | (1,135) | |||||||||||||||||||
Interest income | 874 | 1,030 | 1,766 | 2,289 | |||||||||||||||||||
Income before income taxes | 6,495 | 2,877 | 11,286 | 6,536 | |||||||||||||||||||
Income taxes | 1,940 | 872 | 3,370 | 1,964 | |||||||||||||||||||
Net income | $ | 4,555 | $ | 2,005 | $ | 7,916 | $ | 4,572 | |||||||||||||||
Net income per share: | |||||||||||||||||||||||
Class A common stock: | |||||||||||||||||||||||
Basic | $ | 0.35 | $ | 0.16 | $ | 0.61 | $ | 0.35 | |||||||||||||||
Diluted | $ | 0.31 | $ | 0.14 | $ | 0.54 | $ | 0.32 | |||||||||||||||
Class B common stock: | |||||||||||||||||||||||
Basic | $ | 0.23 | $ | 0.10 | $ | 0.39 | $ | 0.23 | |||||||||||||||
Diluted | $ | 0.23 | $ | 0.10 | $ | 0.39 | $ | 0.23 | |||||||||||||||
Gross profit as a % of sales | 27.13 | % | 26.96 | % | 27.62 | % | 27.40 | % | |||||||||||||||
Operating and administrative expense as a % of sales | 24.19 | % | 24.63 | % | 24.76 | % | 24.96 | % |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares |
Jan. 23, 2021 |
Jul. 25, 2020 |
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Preferred stock shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock shares issued (in shares) | 0 | 0 |
Common Class A | ||
Common stock shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock shares issued (in shares) | 10,985,000 | 10,985,000 |
Treasury shares | 726,000 | 726,000 |
Common Class B | ||
Common stock shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock shares issued (in shares) | 4,294,000 | 4,294,000 |
Common stock shares outstanding (in shares) | 4,294,000 | 4,294,000 |
CONSOLIDATED STATMENTS OF OPERATIONS - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jan. 23, 2021 |
Jan. 25, 2020 |
Jan. 23, 2021 |
Jan. 25, 2020 |
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Sales | $ 522,818 | $ 437,422 | $ 1,012,954 | $ 844,824 |
Cost of sales | 380,973 | 319,475 | 733,146 | 613,331 |
Gross profit | 141,845 | 117,947 | 279,808 | 231,493 |
Operating and administrative expense | 126,449 | 107,734 | 250,812 | 210,874 |
Depreciation and amortization | 8,793 | 7,798 | 17,507 | 15,237 |
Operating income | 6,603 | 2,415 | 11,489 | 5,382 |
Interest expense | (982) | (568) | (1,969) | (1,135) |
Interest income | 874 | 1,030 | 1,766 | 2,289 |
Income before income taxes | 6,495 | 2,877 | 11,286 | 6,536 |
Income taxes | 1,940 | 872 | 3,370 | 1,964 |
Net income | $ 4,555 | $ 2,005 | $ 7,916 | $ 4,572 |
Common Class A | ||||
Net income per share: | ||||
Basic (in dollars per share) | $ 0.35 | $ 0.16 | $ 0.61 | $ 0.35 |
Diluted (in dollars per share) | 0.31 | 0.14 | 0.54 | 0.32 |
Common Class B | ||||
Net income per share: | ||||
Basic (in dollars per share) | 0.23 | 0.10 | 0.39 | 0.23 |
Diluted (in dollars per share) | $ 0.23 | $ 0.10 | $ 0.39 | $ 0.23 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jan. 23, 2021 |
Jan. 25, 2020 |
Jan. 23, 2021 |
Jan. 25, 2020 |
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Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||
Net income | $ 4,555 | $ 2,005 | $ 7,916 | $ 4,572 |
Other comprehensive income: | ||||
Unrealized gains on interest rate swaps, net of tax | 501 | 0 | 1,094 | 0 |
Amortization of pension actuarial loss, net of tax | 101 | 102 | 203 | 203 |
Pension settlement loss, net of tax | 0 | 871 | 0 | 871 |
Pension remeasurement, net of tax | 0 | (704) | 0 | (704) |
Comprehensive income | $ 5,157 | $ 2,274 | $ 9,213 | $ 4,942 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jan. 23, 2021 |
Jan. 25, 2020 |
Jan. 23, 2021 |
Jan. 25, 2020 |
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Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||
Tax expense (benefit) on unrealized losses on interest rate swaps | $ 218 | $ 479 | ||
Tax of amortization of pension actuarial loss | $ 45 | $ 44 | $ 91 | $ 88 |
Tax on pension settlement loss | 375 | 375 | ||
Tax (expense) benefit on pension remeasurement | $ 303 | $ 303 |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jan. 23, 2021 |
Jan. 25, 2020 |
Jan. 23, 2021 |
Jan. 25, 2020 |
Jul. 27, 2019 |
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Statement of Stockholders' Equity [Abstract] | |||||
Tax of amortization of pension actuarial loss | $ (45) | $ (44) | $ (91) | $ (88) | |
Tax expense (benefit) associated with other comprehensive loss and income | $ 263 | $ 116 | $ 570 | $ 160 | |
Tax related to adoption of ASU 2016-02 | $ 1,385 |
BASIS OF PRESENTATION and ACCOUNTING POLICIES |
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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 January 23, 2021 and the consolidated statements of operations, comprehensive income and cash flows for the 13 and 26 weeks ended January 23, 2021 and January 25, 2020 of Village Super Market, Inc. (“Village” or the “Company”). The significant accounting policies followed by the Company are set forth in Note 1 to the Company's consolidated financial statements in the July 25, 2020 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 January 23, 2021 are not necessarily indicative of the results to be expected for the full year. Disaggregated Revenues The following table presents the Company's sales by product categories during each of the periods indicated:
(1) Consists primarily of grocery, dairy, frozen, health and beauty care, general merchandise and liquor. (2) Consists primarily of produce, meat, deli, seafood, bakery, prepared foods and floral. (3) Consists primarily of sales related to other income streams, including ShopRite from Home service fees, gift card and lottery commissions and wholesale sales.
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MERCHANDISE INVENTORIES |
6 Months Ended |
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Jan. 23, 2021 | |
Inventory Disclosure [Abstract] | |
MERCHANDISE INVENTORIES | MERCHANDISE INVENTORIES At both January 23, 2021 and July 25, 2020, approximately 63% 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 $15,101 higher than reported at both January 23, 2021 and July 25, 2020.
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NET INCOME PER SHARE |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET INCOME 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 156 and 157 were excluded from the calculation of diluted net income per share at January 23, 2021 and January 25, 2020, respectively, as a result of their anti-dilutive effect. In addition, 413 and 316 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 January 23, 2021 and January 25, 2020, respectively, due to their anti-dilutive effect.
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PENSION PLANS |
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Compensation Related Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PENSION PLANS | PENSION PLANS Net periodic pension cost for the three defined benefit pension plans sponsored in fiscal 2021 and the four defined benefit pension plans sponsored in fiscal 2020 includes the following components:
On December 23, 2019, the Company terminated the Village Super Market, Inc. Retail Clerks Employees’ Retirement Plan. All participants of the plan were former employees of a store previously closed in 1994. An annuity contract totaling $1,302 was purchased with an insurance company for all participants who did not elect a lump sum distribution. Additionally, lump sum distributions related to the termination totaled $451. The plan had sufficient assets to satisfy all termination transaction obligations, and no benefit obligation or plan assets related to the Village Super Market, Inc. Retail Clerks Employees’ Retirement Plan remained as of the termination date. As a result of this termination, the Company recognized a non-cash pre-tax settlement charge totaling $669 during the 13 weeks ended January 25, 2020. This settlement charge represents the plan’s remaining unrecognized losses within accumulated other comprehensive loss as of the termination date. Additionally, the Company recognized a settlement loss of $577 in the 13 weeks ended January 25, 2020 for a plan where benefits paid exceeded the sum of the service cost and interest cost components of net periodic pension cost. Assumptions used in the related remeasurement include a discount rate of 3.00% and long term expected rate of return on plan assets of 5.00%. As of January 23, 2021, the Company has not made any contributions to its pension plans in fiscal 2021. The Company expects contributions to its defined benefit pension plans to be immaterial in fiscal 2021.
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RELATED PARTY INFORMATION |
6 Months Ended |
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Jan. 23, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY INFORMATION | RELATED PARTY INFORMATION A description of the Company’s transactions with Wakefern, its principal supplier, and with other related parties is included in the Company’s Annual Report on Form 10-K for the year ended July 25, 2020. Included in cash and cash equivalents at January 23, 2021 and July 25, 2020 are $82,042 and $76,259, respectively, of demand deposits invested at Wakefern at overnight money market rates. There have been no other significant changes in the Company’s relationships or nature of transactions with related parties during the 26 weeks ended January 23, 2021.
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COMMITMENTS and CONTINGENCIES |
6 Months Ended |
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Jan. 23, 2021 | |
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 |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | DEBT Long-term debt consists of:
Credit Facility On May 6, 2020, Village entered into a credit agreement (the “Credit Facility”) with Wells Fargo National Bank, National Association (“Wells Fargo”) that supersedes in its entirety the prior credit agreement with Wells Fargo dated November 9, 2017. The principal purpose of the Credit Facility is to finance general corporate and working capital requirements and Village’s acquisition of certain Fairway assets. Among other things, the Credit Facility provides for a maximum loan amount of $150,500 as further set forth below: •An unsecured revolving line of credit providing a maximum amount available for borrowing of $125,000. Indebtedness under this agreement bears interest at the applicable LIBOR rate plus 1.10% and expires on May 6, 2025. •An unsecured term loan with a maximum loan amount of $25,500. On May 12, 2020, Village executed a $25,500 term note, repayable in equal monthly installments based on a seven-year amortization schedule through May 4, 2027 and bearing interest at the applicable LIBOR rate plus 1.35%. Additionally, Village executed an interest rate swap for a notional amount equal to the term loan amount that fixes the base LIBOR rate at .41% per annum through May 4, 2027, resulting in a fixed effective interest rate of 1.76% on the term note. •On September 1, 2020, Village converted $50,000 of its revolving line of credit to a secured converted term loan. The conversion reduced the maximum amount available for borrowing under the revolving line of credit from $125,000 to $75,000. The term loan bears interest at the applicable LIBOR rate plus 1.50% and is repayable in equal monthly installments based on a fifteen-year amortization schedule beginning on the conversion date. Additionally, Village previously executed a forward interest rate swap, effective on the conversion date, for a notional amount equal to the term loan amount that fixes the base LIBOR rate at .69% per annum for 15 years, resulting in a fixed effective interest rate of 2.19% on the converted term loan. The term loan is secured by real properties of Village Super Market, Inc. and its subsidiaries, including the sites of three Village stores. The Credit Facility also provides for up to $25,000 of letters of credit ($7,336 outstanding at January 23, 2021), which secure obligations for store leases and construction performance guarantees to municipalities. The Credit Facility contains covenants that, among other conditions, require a minimum tangible net worth, a minimum fixed charge coverage ratio and a maximum adjusted debt to EBITDAR ratio. The Company was in compliance with all covenants of the credit agreement at January 23, 2021. New Markets Tax Credit Financing 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 were 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 in operating and administrative expense.
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DERIVATIVES AND HEDGING ACTIVITIES |
6 Months Ended |
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Jan. 23, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES AND HEDGING ACTIVITIES | DERIVATIVES AND HEDGING ACTIVITIES The Company is exposed to interest rate risk arising from fluctuations in LIBOR related to the Company’s Credit Facility. The Company manages exposure to this risk and the variability of related cash flows primarily by the use of derivative financial instruments, specifically, interest rate swaps. The Company’s objectives in using interest rate swaps are to add stability to interest expense and to manage its exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. In 2020, the Company executed two interest rate swaps with an aggregate notional value of $75,500 to hedge the variable cash flows associated with variable-rate loans under the Company's Credit Facility. The interest rate swaps were executed for risk management and are not held for trading purposes. The objective of the interest rate swaps is to hedge the variability of cash flows resulting from fluctuations in LIBOR. The swaps replaced the applicable LIBOR with fixed interest rates and payments are settled monthly when payments are made on the variable-rate loans. The Company's derivatives qualify and have been designated as cash flow hedges of interest rate risk. The gain or loss on the derivative is recorded in Accumulated other comprehensive loss and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. Amounts reported in Accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are made on the variable-rate loans. The Company reclassified $82 and $148 during the 13 and 26 weeks ended January 23, 2021, respectively, from Accumulated other comprehensive loss to Interest expense. The notional value of the interest rate swaps were $71,960 as of January 23, 2021. The fair value of interest rate swaps recorded in other assets is $652 as of January 23, 2021.
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BUSINESS ACQUISITION |
6 Months Ended |
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Jan. 23, 2021 | |
Business Combinations [Abstract] | |
BUSINESS ACQUISITION | BUSINESS ACQUISITIONOn May 14, 2020, Village completed its acquisition of certain assets, including five supermarkets averaging 52,000 sq. ft. (30,000 selling sq. ft.), a production distribution center (the “PDC”) and the intellectual property of Fairway Group Holdings Corp. and certain of its subsidiaries (“Fairway”), including the names “Fairway” and “Fairway Markets.” Four of the supermarkets are in Manhattan, specifically the Upper West Side, Upper East Side, Kips Bay and Chelsea locations, and a fifth store is located in Pelham, NY. The acquisition was effectuated pursuant to the Asset Purchase Agreement (the "APA"), entered into on January 20, 2020, revised on March 25, 2020 and approved by the United States Bankruptcy Court for the Southern District of New York through a Sale Order entered on April 20, 2020. Village paid $73,622 for the Fairway assets, net of cash acquired, and assumed certain liabilities, consisting primarily of those arising from acquired leases. Additionally, at the time of closing Village received a $2,035 credit arising from the breakup of Village’s initial “stalking horse” bid under the January 20, 2020 Asset Purchase Agreement. The credit was recognized as a reduction in operating and administrative expense in the fourth quarter of fiscal 2020. The Fairway acquisition expands our presence in New York City under an iconic city brand and provides Village the ability to expand centralized food production to support stores under all of our banners. Village accounted for this transaction as a business combination in accordance with the acquisition method of accounting, which requires, among other things, that assets acquired and liabilities assumed be recognized at their estimated fair values as of the acquisition date. In connection with this acquisition, the Company recorded $11,540 of goodwill attributable to the assembled workforce and cost synergies. The goodwill related to this acquisition is deductible for tax purposes. Additionally, the Company recorded a $14,200 indefinite-lived intangible asset related to the trade name. The fair value of the intangible asset was determined based on the discounted cash flow model using the relief from royalty method. The fair value of the property, equipment and fixtures were determined based on the indirect cost approach in which current costs that were not new were adjusted for all forms of depreciation. The Company also evaluated the fair value of the leases assumed in the acquisition, which evaluated comparable rents in the areas of the locations. Leases were determined to be at market apart from one location. For this location, the Company recorded a favorable lease of $4,360 within operating lease assets. The favorable lease is being amortized over the remaining duration of the lease. Transaction costs were expensed as incurred. The allocation of the purchase price consideration to the assets acquired and the liabilities assumed will be completed upon the finalization of working capital adjustments.
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SUBSEQUENT EVENTS |
6 Months Ended |
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Jan. 23, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTSOn February 22, 2021, Village closed the ShopRite store located in Silver Spring, Maryland. Despite continued investment in marketing and promotional programs, the store was unable to generate sales at a level sufficient to maintain profitability, resulting in its closure. The impacts associated with this closure will not be material to the consolidated financial statements. |
BASIS OF PRESENTATION and ACCOUNTING POLICIES (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table presents the Company's sales by product categories during each of the periods indicated:
(1) Consists primarily of grocery, dairy, frozen, health and beauty care, general merchandise and liquor. (2) Consists primarily of produce, meat, deli, seafood, bakery, prepared foods and floral. (3) Consists primarily of sales related to other income streams, including ShopRite from Home service fees, gift card and lottery commissions and wholesale sales.
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NET INCOME PER SHARE (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted |
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PENSION PLANS (Tables) |
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Compensation Related Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | Net periodic pension cost for the three defined benefit pension plans sponsored in fiscal 2021 and the four defined benefit pension plans sponsored in fiscal 2020 includes the following components:
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Debt (Tables) |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt | Long-term debt consists of:
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BASIS OF PRESENTATION and ACCOUNTING POLICIES - Disaggregated Revenues (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jan. 23, 2021 |
Jan. 25, 2020 |
Jan. 23, 2021 |
Jan. 25, 2020 |
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Revenue from External Customer [Line Items] | ||||
Sales | $ 522,818 | $ 437,422 | $ 1,012,954 | $ 844,824 |
Percentage of total sales | 100.00% | 100.00% | 100.00% | 100.00% |
Center Store | ||||
Revenue from External Customer [Line Items] | ||||
Sales | $ 321,829 | $ 272,775 | $ 617,769 | $ 520,832 |
Percentage of total sales | 61.50% | 62.40% | 61.00% | 61.60% |
Fresh | ||||
Revenue from External Customer [Line Items] | ||||
Sales | $ 181,965 | $ 145,500 | $ 357,609 | $ 286,180 |
Percentage of total sales | 34.80% | 33.30% | 35.30% | 33.90% |
Pharmacy | ||||
Revenue from External Customer [Line Items] | ||||
Sales | $ 16,671 | $ 17,710 | $ 33,103 | $ 35,234 |
Percentage of total sales | 3.20% | 4.00% | 3.30% | 4.20% |
Other | ||||
Revenue from External Customer [Line Items] | ||||
Sales | $ 2,353 | $ 1,437 | $ 4,473 | $ 2,578 |
Percentage of total sales | 0.50% | 0.30% | 0.40% | 0.30% |
MERCHANDISE INVENTORIES (Details) - USD ($) $ in Thousands |
Jan. 23, 2021 |
Jul. 25, 2020 |
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Inventory Disclosure [Abstract] | ||
Percentage of LIFO inventory | 63.00% | 63.00% |
Inventory, LIFO reserve | $ 15,101 | $ 15,101 |
NET INCOME PER SHARE - Additional Information (Details) shares in Thousands |
6 Months Ended | |
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Jan. 23, 2021
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Jan. 25, 2020
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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% | |
Restricted Stock Units (RSUs) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Class A shares excluded from computation of earnings per share | 413 | 316 |
Common Class A | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Class A shares excluded from computation of earnings per share | 156 | 157 |
PENSION PLANS - Schedule of Net Benefit Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jan. 23, 2021 |
Jan. 25, 2020 |
Jan. 23, 2021 |
Jan. 25, 2020 |
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Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | $ 54 | $ 50 | $ 108 | $ 101 |
Interest cost on projected benefit obligations | 422 | 566 | 844 | 1,131 |
Expected return on plan assets | (483) | (625) | (966) | (1,328) |
Loss on settlement | 0 | 1,246 | 0 | 1,246 |
Amortization of net losses | 147 | 146 | 294 | 291 |
Net periodic pension cost | $ 140 | $ 1,383 | $ 280 | $ 1,441 |
PENSION PLANS - Additional Information (Details) |
3 Months Ended | 6 Months Ended | |||
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Dec. 23, 2019
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Jan. 23, 2021
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Jan. 25, 2020
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Jan. 23, 2021
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Jan. 25, 2020
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Defined Benefit Plan Disclosure [Line Items] | |||||
Number of defined benefit pension plans | defined_benefit_pension_plan | 3 | 4 | |||
Loss on settlement | $ 0 | $ 1,246,000 | $ 0 | $ 1,246,000 | |
Discount rate | 3.00% | ||||
Long term expected rate of return on plan assets | 5.00% | ||||
Employer contributions in current fiscal year | $ 0 | ||||
Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Loss on settlement | $ 577,000 | ||||
Village Super Market, Inc. Retail Clerks Employees’ Retirement Plan | Supplemental Employee Retirement Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Annuity contract | $ 1,302,000 | ||||
Lump sum distributions related to the termination of retirement plan | 451,000 | ||||
Benefit obligation | $ 0 | ||||
Non-cash pre-tax settlement charge | $ 669,000 |
RELATED PARTY INFORMATION (Details) - USD ($) $ in Thousands |
Jan. 23, 2021 |
Jul. 25, 2020 |
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Investee | ||
Related Party Transaction [Line Items] | ||
Demand deposits at Wakefern | $ 82,042 | $ 76,259 |
DEBT - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands |
Jan. 23, 2021 |
Jul. 25, 2020 |
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Debt Instrument [Line Items] | ||
Total debt, excluding obligations under leases | $ 77,377 | $ 80,615 |
Less current portion | 6,976 | 6,421 |
Total long-term debt, excluding obligations under leases | 70,401 | 74,194 |
Line of Credit | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Total debt, excluding obligations under leases | 0 | 50,000 |
Line of Credit | Secured Debt | ||
Debt Instrument [Line Items] | ||
Total debt, excluding obligations under leases | 48,679 | 0 |
Line of Credit | Medium-term Notes | ||
Debt Instrument [Line Items] | ||
Total debt, excluding obligations under leases | 22,900 | 24,694 |
Notes Payable to Banks | ||
Debt Instrument [Line Items] | ||
Total debt, excluding obligations under leases | $ 5,798 | $ 5,921 |
DERIVATIVES AND HEDGING ACTIVITIES - Additional Information (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jan. 23, 2021
USD ($)
|
Jan. 23, 2021
USD ($)
|
Jul. 25, 2020
USD ($)
derivative_instrument
|
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Fair of interest rate swaps recorded in other liabilities | $ 652 | $ 652 | |
Interest Rate Swap | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Number of derivative instruments held | derivative_instrument | 2 | ||
Derivative notional amount | 71,960 | 71,960 | $ 75,500 |
Interest Rate Swap | Interest Expense [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Reclassification of accumulated other comprehensive loss to interest expense | $ 82 | $ 148 |
BUSINESS ACQUISITION (Details) $ in Thousands |
6 Months Ended | |||
---|---|---|---|---|
May 14, 2020
USD ($)
ft²
store
|
Jan. 23, 2021
USD ($)
|
Jan. 25, 2020
USD ($)
|
Jul. 25, 2020
USD ($)
|
|
Business Acquisition [Line Items] | ||||
Payment for acquisition, net of cash acquired | $ 0 | $ (64) | ||
Goodwill acquired in acquisition | $ 24,190 | $ 24,190 | ||
Fairway Markets | ||||
Business Acquisition [Line Items] | ||||
Number of stores acquired | store | 5 | |||
Average area of each supermarket acquired (in sq ft) | ft² | 52,000 | |||
Average selling area of each supermarket acquired (in sq ft) | ft² | 30,000 | |||
Payment for acquisition, net of cash acquired | $ 73,622 | |||
Acquisition credit | 2,035 | |||
Goodwill acquired in acquisition | 11,540 | |||
Trade name intangible asset | 14,200 | |||
Fairway Markets | Off-Market Favorable Lease | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible asset acquired | $ 4,360 |
Label | Element | Value |
---|---|---|
Accounting Standards Update [Extensible List] | us-gaap_AccountingStandardsUpdateExtensibleList | us-gaap:AccountingStandardsUpdate201602Member |
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