0001096906-13-001554.txt : 20131009 0001096906-13-001554.hdr.sgml : 20131009 20131009100151 ACCESSION NUMBER: 0001096906-13-001554 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20131002 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20131009 DATE AS OF CHANGE: 20131009 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: 131142620 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 village.htm VILLAGE SUPER MARKET, INC. 8K 2013-10-02 village.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 2, 2013

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

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 2, 2013, Village Super Market, Inc. issued a press release to announce its results for the fourth quarter of 2013.  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 2, 2013


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





 








EX-99.1 2 villageexh991.htm PRESS RELEASE ISSUED BY THE REGISTRANT, DATE OCTOBER 2, 2013 villageexh991.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 27, 2013
 
___________________________________________________________________________________
 
Contact:
Kevin Begley, CFO
 
(973) 467-2200 – Ext. 220
 
Kevin.Begley@Wakefern.com

Springfield, New Jersey – October 2, 2013 – Village Super Market, Inc. (NSD-VLGEA) today reported its results of operations for the fourth quarter and year ended July 27, 2013.

Net income was $6,203,000 in the fourth quarter of fiscal 2013, a decrease of 31% from the fourth quarter of the prior year. Net income decreased due to lower gross profit percentages and higher operating expenses as a percentage of sales.

Sales were $376,323,000 in the fourth quarter of fiscal 2013, an increase of 1.7% from the fourth quarter of the prior year. Same store sales also increased 1.7%. Sales continued to be impacted by economic weakness, high gas prices and high unemployment, which has resulted in increased sale item penetration and trading down. The Company expects same store sales in fiscal 2014 to increase from 1.5% to 3.5%.

Net income was $25,784,000 in fiscal 2013 compared to $31,445,000 in fiscal 2012. Fiscal 2013 includes income from partnership distributions of $840,000 (net of tax), income from the national credit card lawsuit of $693,000 (net of tax) and a charge for the settlement of a landlord dispute of $376,000 (net of tax), while fiscal 2012 includes a favorable settlement of a pension withdrawal liability of $374,000 (net of tax). Excluding these items from both fiscal years, net income in fiscal 2013 declined 21% compared to the prior year primarily due to lower gross profit percentages and higher operating expenses as a percentage of sales, partially offset by reduced losses in the two Maryland stores compared to the prior year, which was their initial year of operations. Sales in fiscal 2013 were $1,476,457,000, an increase of 3.8% from the prior year. Sales increased due to the acquisition of a store in Old Bridge, New Jersey on January 29, 2012 and a same store sales increase of 2.9%.

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; uninsured losses; 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 27, 2013
   
July 28, 2012
   
July 27, 2013
   
July 28, 2012
 
                         
Sales
  $ 376,323     $ 369,859     $ 1,476,457     $ 1,422,243  
                                 
Cost of sales
    274,433       268,660       1,078,696       1,033,416  
                                 
Gross profit
    101,890       101,199       397,761       388,827  
                                 
Operating and administrative
                               
 expense
    85,434       80,579       333,230       313,516  
                                 
Depreciation and amortization
    5,349       5,146       20,354       19,759  
                                 
Operating income
    11,107       15,474       44,177       55,552  
                                 
Income from partnerships
    --       --       1,450       --  
                                 
Interest expense
    (885 )     (1,079 )     (3,771 )     (4,415 )
                                 
Interest income
    715       668       2,783       2,571  
                                 
Income before income taxes
    10,937       15,063       44,639       53,708  
                                 
Income taxes
    4,734       6,044       18,855       22,263  
                                 
Net income
  $ 6,203     $ 9,019     $ 25,784     $ 31,445  
                                 
Net income per share:
                               
Class A common stock:
                               
  Basic
  $ 0.51     $ 0.78     $ 2.18     $ 2.74  
  Diluted
  $ 0.44     $ 0.65     $ 1.85     $ 2.28  
 
                               
Class B common stock:
                               
  Basic
  $ 0.33     $ 0.51     $ 1.36     $ 1.78  
  Diluted
  $ 0.33     $ 0.51     $ 1.36     $ 1.77  
                                 
Gross profit as a
                               
 % of sales
    27.1 %     27.4 %     26.9 %     27.3 %
 
                               
Operating and administrative expense as a % of sales
    22.7 %     21.8 %     22.6 %     22.0 %