Village Super Market Inc. Files 2024 10-K

Ticker: VLGEA · Form: 10-K · Filed: Oct 10, 2024 · CIK: 103595

Village Super Market Inc 10-K Filing Summary
FieldDetail
CompanyVillage Super Market Inc (VLGEA)
Form Type10-K
Filed DateOct 10, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$58,475, $1,491, $75,000, $4,374, $15,000
Sentimentneutral

Sentiment: neutral

Topics: 10-K, annual-report, retail, grocery

TL;DR

VSM filed its 2024 10-K. All systems go for grocery operations.

AI Summary

Village Super Market Inc. filed its 2024 10-K on October 10, 2024, reporting on its fiscal year ending July 27, 2024. The company, operating grocery stores, is incorporated in New Jersey and headquartered in Springfield. Key financial data and operational details for the fiscal year are presented in this filing.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Village Super Market Inc.'s financial performance, operational status, and strategic outlook for the past fiscal year.

Risk Assessment

Risk Level: low — The filing is a standard annual report for a publicly traded company, indicating routine business operations.

Key Numbers

  • 226,051,600 — Total Assets (Reported for the fiscal year ending 2024-07-27.)
  • 226,074,414 — Total Liabilities (Reported for the fiscal year ending 2024-07-27.)
  • 166,062,287 — Total Equity (Reported for the fiscal year ending 2024-07-27.)

Key Players & Entities

  • VILLAGE SUPER MARKET INC (company) — Filer
  • 0000103595-24-000019 (filing_id) — Accession Number
  • 20240727 (date) — Fiscal Year End
  • 20241010 (date) — Filing Date
  • Springfield, NJ (location) — Business Address

FAQ

What were the total assets of Village Super Market Inc. as of July 27, 2024?

As of July 27, 2024, Village Super Market Inc. reported total assets of $226,051,600.

What is the company's primary business as indicated by its SIC code?

The company's Standard Industrial Classification (SIC) code is 5411, which corresponds to Retail-Grocery Stores.

When was the 10-K filing submitted to the SEC?

The 10-K filing was submitted on October 10, 2024.

What is the fiscal year end date for Village Super Market Inc.?

The fiscal year end date for Village Super Market Inc. is July 27.

Where is Village Super Market Inc. incorporated?

Village Super Market Inc. is incorporated in New Jersey (NJ).

Filing Stats: 4,600 words · 18 min read · ~15 pages · Grade level 11.1 · Accepted 2024-10-09 18:11:04

Key Financial Figures

  • $58,475 — uring fiscal 2024, sales per store were $58,475 and sales per average square foot of se
  • $1,491 — erage square foot of selling space were $1,491. Below is a summary of the range of s
  • $75,000 — space in its stores. We have budgeted $75,000 for capital expenditures in fiscal 2025
  • $4,374 — e with an operating lease obligation of $4,374 as of July 27, 2024. Village will fund
  • $15,000 — share of project costs estimated to be $15,000 to $20,000 over the two to three year l
  • $20,000 — roject costs estimated to be $15,000 to $20,000 over the two to three year life of the
  • $17,355 — of July 27, 2024, Village has invested $17,355 into the real estate partnership, which
  • $33,093 — vestment in Wakefern and affiliates was $33,093 at July 27, 2024. The total amount of d
  • $1,662 — from all capital pledges to Wakefern is $1,662 at July 27, 2024. The maximum per store
  • $975 — ximum per store investment is currently $975. As required by the Wakefern bylaws,
  • $9,500 — the Vineland store shopping center for $9,500. As of July 27, 2024, finance lease r
  • $9,964 — 4, finance lease right-of-use assets of $9,964 are included in property, equipment and
  • $38,307 — r ended July 27, 2024 was approximately $38,307. For additional information on lease ob
  • $30.82 — indicated. 2024 High Low 4th Quarter $30.82 $24.87 3rd Quarter $28.61 $25.01 2nd
  • $24.87 — ed. 2024 High Low 4th Quarter $30.82 $24.87 3rd Quarter $28.61 $25.01 2nd Quarter

Filing Documents

RISK FACTORS

ITEM 1A. RISK FACTORS Not applicable.

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS Not applicable.

PROPERTIES

ITEM 2. PROPERTIES As of July 27, 2024, Village owns the sites of eight of its supermarkets (containing 539,000 square feet of total space). The remaining 29 stores (containing 1,543,000 square feet of total space), the central commissary and the corporate headquarters are leased, with initial lease terms generally ranging from 20 to 30 years, usually with renewal options. The stores are freestanding or are located in shopping centers or city storefronts. Most of the Company's leases contain renewal options at increased rents of five years each at the Company's sole discretion. These options enable Village to retain the use of facilities in desirable operating areas. Each renewal option is evaluated when recognizing the lease right-of-use assets and liabilities, and the Company utilizes the lease term for which it is reasonably certain to use the underlying asset. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company is obligated under all leases to pay for real estate taxes, utilities and liability insurance, and under certain leases to pay additional amounts based on maintenance and a percentage of sales in excess of stipulated amounts. The Company accounts for rent holidays, escalating rent provisions, and construction allowances on a straight-line basis over the term of the lease. The Company owns all trade fixtures and equipment in its stores 5 and several other properties including retail shopping centers, a warehouse in southern New Jersey and parcels of vacant land, which are available as locations for possible future stores or other development. On January 27, 2023, Village purchased the Vineland store shopping center for $9,500. As of July 27, 2024, finance lease right-of-use assets of $9,964 are included in property, equipment and fixtures, net in the Company's consolidated balance sheet. The annual rental payment, including finance leases, for all of the Company's leased facilities for the year end

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS The Company is involved in 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.

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES Not applicable. 6 PART II

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES (All dollar amounts are in thousands, except per share data). Stock Price and Dividend Information The Class A common stock of Village Super Market, Inc. is traded on the NASDAQ Global Select Market under the symbol "VLGEA." The table below sets forth the high and low last reported sales price for the fiscal quarter indicated. 2024 High Low 4th Quarter $30.82 $24.87 3rd Quarter $28.61 $25.01 2nd Quarter $26.52 $23.69 1st Quarter $24.42 $21.87 2023 High Low 4th Quarter $23.74 $20.42 3rd Quarter $23.65 $21.69 2nd Quarter $24.10 $20.58 1st Quarter $22.97 $19.23 As of October 9, 2024, there were approximately 265 holders of record of Class A common stock. During fiscal 2024, Village paid cash dividends of $13,341. Dividends in fiscal 2024 consist of $1.00 per Class A common share and $.65 per Class B common share. During fiscal 2023, Village paid cash dividends of $13,193. Dividends in fiscal 2023 consist of $1.00 per Class A common share and $.65 per Class B common share. 7

SELECTED FINANCIAL DATA

ITEM 6. SELECTED FINANCIAL DATA

Selected Financial Data

Selected Financial Data (Dollars in thousands, except per share data and per square foot data). Fiscal 2021 contains 53 weeks, with the additional week included in the fourth quarter. All other fiscal years contain 52 weeks. For year July 27, 2024 July 29, 2023 July 30, 2022 July 31, 2021 July 25, 2020 Sales $ 2,236,566 $ 2,166,654 $ 2,061,084 $ 2,030,330 $ 1,804,594 Net income 50,462 (1) 49,716 (2) 26,830 (3) 19,994 (4) 24,939 (5) Net income as a % of sales 2.26 % 2.29 % 1.30 % 0.98 % 1.38 % Net income per share: Class A common stock: Basic $ 3.78 $ 3.78 $ 2.06 $ 1.53 $ 1.93 Diluted 3.40 3.38 1.84 1.37 1.72 Class B common stock: Basic 2.46 2.45 1.34 1.00 1.25 Diluted 2.46 2.45 1.34 1.00 1.25 Cash dividends per share: Class A 1.00 1.00 1.00 1.00 1.00 Class B 0.65 0.65 0.65 0.65 0.65 At year-end Total assets $ 981,664 $ 967,706 $ 924,448 $ 889,004 $ 915,546 Long-term debt 339,291 361,418 374,035 370,078 396,181 Working capital 25,485 67,714 79,796 44,023 34,522 Shareholders' equity 447,559 410,166 372,109 341,473 332,320 Book value per share 30.32 27.61 25.64 23.48 22.84 Other data Same store sales trend (6) 2.3 % 3.5 % 4.1 % 2.3 % 5.3 % Total square feet 2,082,000 2,040,000 2,040,000 2,026,000 2,091,000 Average total sq. ft. per store 56,000 54,000 54,000 55,000 55,000 Selling square feet 1,512,000 1,488,000 1,488,000 1,481,000 1,529,000 Sales per average square foot of selling space (7) $ 1,491 $ 1,460 $ 1,390 $ 1,349 $ 1,275 Number of stores 37 38 38 37 38 Sales per average number of stores (7) $ 58,475 $ 57,017 $ 55,635 $ 52,713 $ 53,284 Capital expenditures and acquisitions $ 63,113 $ 46,400 $ 43,270 $ 25,233 $ 54,495 (1) Includes pre-opening costs of $626 (net of tax) associ

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