Village Super Market Inc. Files Q3 2024 10-Q

TL;DR

VLGEA 10-Q filed for Q3 FY24. Check financials.

AI Summary

Village Super Market Inc. (VLGEA) filed its 10-Q for the period ending April 27, 2024. The filing covers the third quarter of their fiscal year. Key financial details and operational updates for this period are detailed within the report.

Why It Matters

This filing provides investors with an update on Village Super Market's financial performance and operational status for the third quarter of fiscal year 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information.

Key Players & Entities

• VILLAGE SUPER MARKET INC (company) — Filer
• 0000103595-24-000008 (filing_id) — Accession Number
• 20240427 (date) — Period of Report
• 20240605 (date) — Filing Date
• NJ (location) — State of Incorporation
• SPRINGFIELD (location) — Business Address City

FAQ

Filing Documents

• vlgea-20240427.htm (10-Q) — 794KB
• vlgea20240427ex-311.htm (EX-31.1) — 15KB
• vlgea20240427ex-312.htm (EX-31.2) — 16KB
• vlgea20240427ex-321.htm (EX-32.1) — 6KB
• vlgea20240427ex-322.htm (EX-32.2) — 6KB
• vlgea2024042710-qexhibit991.htm (EX-99.1) — 106KB
• 0000103595-24-000008.txt ( ) — 3896KB
• vlgea-20240427.xsd (EX-101.SCH) — 21KB
• vlgea-20240427_cal.xml (EX-101.CAL) — 54KB
• vlgea-20240427_def.xml (EX-101.DEF) — 159KB
• vlgea-20240427_lab.xml (EX-101.LAB) — 305KB
• vlgea-20240427_pre.xml (EX-101.PRE) — 217KB
• vlgea-20240427_htm.xml (XML) — 408KB

PAGE NO

PART I PAGE NO. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Consolidated Balance Sheets 3 Consolidated Statements of Operations 4 Consolidated Statements of Comprehensive Income 5 Consolidated Statements of Shareholders' Equity 6 Consolidated Statements of Cash Flows 7

Notes to Consolidated Financial Statements 8

Notes to Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations 13

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 13

Quantitative & Qualitative Disclosures about Market Risk 20

Item 3. Quantitative & Qualitative Disclosures about Market Risk 20

Controls and Procedures 20

Item 4. Controls and Procedures 20 PART II OTHER INFORMATION

Unregistered Sales of Equity Securities and Use of Proceeds 22

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22

Exhibits 22

Item 6. Exhibits 22 Signatures 23 2

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS VILLAGE SUPER MARKET, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) April 27, 2024 July 29, 2023 ASSETS Current assets Cash and cash equivalents $ 113,945 $ 140,910 Merchandise inventories 47,160 44,515 Patronage dividend receivable 10,023 12,466 Notes receivable from Wakefern — 31,483 Income taxes receivable 448 — Other current assets 17,525 17,313 Total current assets 189,101 246,687 Property, equipment and fixtures, net 306,303 277,310 Operating lease assets 258,679 274,100 Notes receivable from Wakefern 100,720 62,726 Investment in Wakefern 33,093 33,107 Investments in Real Estate Partnerships 17,927 13,155 Goodwill 24,190 24,190 Other assets 40,190 36,431 Total assets $ 970,203 $ 967,706 LIABILITIES and SHAREHOLDERS' EQUITY Current liabilities Operating lease obligations $ 21,272 $ 20,389 Finance lease obligations 806 667 Notes payable to Wakefern 751 737 Current portion of debt 9,370 9,370 Accounts payable to Wakefern 80,197 77,033 Accounts payable and accrued expenses 30,690 31,441 Accrued wages and benefits 29,601 29,853 Income taxes payable 100 9,483 Total current liabilities 172,787 178,973 Long-term debt Operating lease obligations 254,889 266,683 Finance lease obligations 19,827 20,623 Notes payable to Wakefern 1,039 1,686 Long-term debt 65,263 72,426 Total long-term debt 341,018 361,418 Pension liabilities 5,228 4,893 Other liabilities 14,963 12,256 Commitments and contingencies (Note 5) 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 11,562 shares at April 27, 2024 and 11,563 shares at July 29, 2023 78,955 76,179 Class B common stock, no par value: Authorized 20,000 shares; issued and outstanding 4,204 shares at April 27, 2024 and July 29, 2023 683 683 Retained earnings 368,525 343,497 Accumulated other comprehensive income 7

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In thousands) (Unaudited) 1. 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 27, 2024 and the consolidated statements of operations, comprehensive income and cash flows for the 13 and 39 weeks ended April 27, 2024 and April 29, 2023 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, 2023 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 27, 2024 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: 13 Weeks Ended 39 Weeks Ended April 27, 2024 April 29, 2023 April 27, 2024 April 29, 2023 Amount % Amount % Amount % Amount % Center Store (1) $ 325,450 59.6 % $ 317,532 60.0 % $ 996,947 60.1 % $ 973,173 60.4 % Fresh (2) 199,157 36.4 192,436 36.4 595,287 35.9 581,947 36.1 Pharmacy 20,247 3.7 17,581 3.3 60,795 3.7 52,371 3.2 Other (3) 1,542 0.3 1,745 0.3 5,300 0.3 5,357 0.3 Total Sales $ 546,396 100.0 % $ 529,294 100.0 % $ 1,658,329 100.0 % $ 1,612,848 100.0 % (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 service fees related to digital sales, gift card and lottery commissions and wholesale sales. 2. MERCHANDISE I

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