0001096906-12-002499.txt : 20121004 0001096906-12-002499.hdr.sgml : 20121004 20121004152734 ACCESSION NUMBER: 0001096906-12-002499 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20121004 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20121004 DATE AS OF CHANGE: 20121004 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VILLAGE SUPER MARKET INC CENTRAL INDEX KEY: 0000103595 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-GROCERY STORES [5411] IRS NUMBER: 221576170 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33360 FILM NUMBER: 121129505 BUSINESS ADDRESS: STREET 1: 733 MOUNTAIN AVE CITY: SPRINGFIELD STATE: NJ ZIP: 07081 BUSINESS PHONE: 2014672200 MAIL ADDRESS: STREET 1: 733 MOUNTAIN AVE CITY: SPRINGFIELD STATE: NJ ZIP: 07081 8-K 1 vlgea8k.htm VILLAGE SUPER MARKET, INC. FORM 8-K vlgea8k.htm


SECURITIES & EXCHANGE COMMISSION
WASHINGTON, D.C.

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report:   October 4, 2012

VILLAGE SUPER MARKET, INC.
(Exact Name of Registrant as specified in its charter)

 
 New Jersey       0-2633       22-1576170
 (State or Other jurisdiction of incorporation)                       (Commission File No.)            (I.R.S. Employer Identification No.)
     
 
                                                                                                                                                       
733 Mountain Avenue
Springfield, New Jersey  07081
(Address of principal executive offices)

Registrant’s telephone number, including area code
(973) 467-2200

Check the appropriate box below if the Form 8-k filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions :

[  ]  Written communication pursuant to Rule 425 under the Securities Act ( 17 CFR 230.425)

[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act ( 17 CFR 240.14a-12)

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Item 2.02   Results of Operations and Financial Condition

On October 4, 2012, Village Super Market, Inc. issued a press release to announce its results for the fourth quarter of 2012.  A copy of the press release is attached as Exhibit 99.1.

 
 

 

Item 9.01   Financial Statements and Exhibits

      Exhibit No.                     Description
 
 
      99.1                                Press release issued by the registrant, date October 4, 2012


Signature

Pursuant to the requirements of the Securities and Exchange Act of 1934. the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


                                                     
 
  By:    s/s Kevin Begley
     Name:   Kevin Begley
     Title:     Chief Financial Officer
 
                                                                                                                                              





























EX-99.1 2 exhibit99-1.htm PRESS RELEASE ISSUED BY THE REGISTRANT, DATE OCTOBER 4, 2012 exhibit99-1.htm
Exhibit 99.1


 
VILLAGE SUPER MARKET, INC.
733 MOUNTAIN AVENUE
SPRINGFIELD, NEW JERSEY 07081
PHONE:  (973) 467-2200
FAX:  (973) 467-6582

VILLAGE SUPER MARKET, INC.
REPORTS RESULTS FOR THE QUARTER AND YEAR ENDED
JULY 28, 2012

Contact:         Kevin Begley, CFO
                       (973) 467-2200 – Ext. 220
Kevin.Begley@Wakefern.com
 
Springfield, New Jersey – October 4, 2012 – Village Super Market, Inc. (NSD-VLGEA) today reported its results of operations for the fourth quarter and year ended July 28, 2012.

Net income was $9,019,000 in the fourth quarter of fiscal 2012, an increase of 3% from the fourth quarter of the prior year.  Net income increased despite losses in the two new Maryland stores as sales in Maryland are lower than expected, and we continue to build market share and brand awareness.
 
Sales were $369,859,000 in the fourth quarter of fiscal 2012, an increase of 7.2% from the fourth quarter of the prior year.  Sales increased due to the opening of the two new stores in Maryland, the acquisition of the store in Old Bridge, New Jersey on January 29, 2012, and a same store sales increase of 1.8%.  Same store sales in the fourth quarter of fiscal 2012 increased due to modest inflation, increased customer counts, and higher sales in two stores due to one competitive store closing.  These improvements were offset by reduced sales in five stores due to competitive store openings. Sales continue to be impacted by economic weakness, high gas prices and high unemployment, which has resulted in increased sale item penetration and trading down.  Village expects same store sales in fiscal 2013 to increase from 2.0% to 4.0%, including the positive impact from the inclusion of the Maryland stores in same store sales.

Net income was $31,445,000 in fiscal 2012 compared to $20,982,000 in the prior year.  Excluding the $4,200,000 (net of tax) pension withdrawal charge from the prior year, net income increased 25%.  Sales in fiscal 2012 were $1,422,243,000, an increase of 9.5% from the prior year.  Same store sales increased 4.9% as the first nine months of the year benefited from seven store closings by competitors in the prior fiscal year.

Village Super Market operates a chain of 29 supermarkets under the ShopRite name in New Jersey, Maryland and Eastern Pennsylvania.

All statements, other than statements of historical fact, included in this Press Release are or may be considered forward-looking statements within the meaning of federal securities law.  The Company cautions the reader that there is no assurance that actual results or business conditions will not differ materially from future results, whether expressed, suggested or implied by such forward-looking statements.  The Company undertakes no obligation to update forward-looking statements to reflect developments or information obtained after the date hereof. The following are among the principal factors that could cause actual results to differ from the forward-looking statements: local economic conditions; competitive pressures from the Company’s operating environment; the ability of the Company to maintain and improve its sales and margins; the ability to attract and retain qualified associates; the availability of new store locations; the availability of capital; the liquidity of the Company; the success of operating initiatives; consumer spending patterns; the impact of higher energy prices; increased cost of goods sold, including increased costs from the Company’s principal supplier, Wakefern; the results of litigation; the results of tax examinations; the results of union contract negotiations; competitive store openings and closings; the rate of return on pension assets; the success of establishing ShopRite’s presence in the Maryland market; and other factors detailed herein and in the Company’s filings with the SEC.


 
 

 

VILLAGE SUPER MARKET, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in Thousands except Per Share Amounts) (Unaudited)
                         
   
13 Wks Ended
   
13 Wks Ended
   
52 Wks Ended
   
52 Wks Ended
 
   
July 28, 2012
   
July 30, 2011
   
July 28, 2012
   
July 30, 2011
 
                         
Sales
  $ 369,859     $ 345,020     $ 1,422,243     $ 1,298,928  
                                 
Cost of sales
    268,660       250,847       1,033,416       948,769  
                                 
Gross profit
    101,199       94,173       388,827       350,159  
                                 
Operating and administrative
                               
 expense
    80,579       73,642       313,516       293,222  
                                 
Depreciation and amortization
    5,146       4,857       19,759       18,621  
                                 
Operating income
    15,474       15,674       55,552       38,316  
                                 
Interest expense
    (1,079 )     (1,072 )     (4,415 )     (4,280 )
                                 
Interest income
    668       613       2,571       2,207  
                                 
Income before income taxes
    15,063       15,215       53,708       36,243  
                                 
Income taxes
    6,044       6,451       22,263       15,261  
                                 
Net income
  $ 9,019     $ 8,764     $ 31,445     $ 20,982  
                                 
Net income per share:
                               
Class A common stock:
                               
  Basic
  $ 0.78     $ 0.77     $ 2.74     $ 1.86  
  Diluted
  $ 0.65     $ 0.64     $ 2.28     $ 1.54  
 
                               
Class B common stock:
                               
  Basic
  $ 0.51     $ 0.50     $ 1.78     $ 1.21  
  Diluted
  $ 0.51     $ 0.49     $ 1.77     $ 1.21  
                                 
Gross profit as a
                               
 % of sales
    27.4 %     27.3 %     27.3 %     27.0 %
 
                               
Operating and administrative expense as a % of sales
    21.8 %     21.3 %     22.0 %     22.6 %