Village Super Market Inc. Q1 2024 10-Q Filing

TL;DR

VGM 10-Q filed: Q1 2024 results out, check financials.

AI Summary

Village Super Market Inc. reported its first quarter results for the period ending October 26, 2024. The company's fiscal year ends on July 27th. Key financial data and share information for common class A and B members are detailed in this 10-Q filing.

Why It Matters

This filing provides investors with an update on the company's financial performance and position as of the end of the first fiscal quarter.

Risk Assessment

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

Key Numbers

• 2024-10-26 — Reporting Period End (End of the first fiscal quarter.)
• 2024-12-04 — Filing Date (Date the 10-Q was submitted to the SEC.)

Key Players & Entities

• VILLAGE SUPER MARKET INC (company) — Filer
• 0000103595-24-000021 (filing_id) — Accession Number
• 2024-10-26 (date) — Reporting Period End Date
• 2024-12-04 (date) — Filing Date
• NJ (location) — State of Incorporation

FAQ

Filing Documents

• vlgea-20241026.htm (10-Q) — 584KB
• vlgea20241026ex-311.htm (EX-31.1) — 15KB
• vlgea20241026ex-312.htm (EX-31.2) — 16KB
• vlgea20241026ex-321.htm (EX-32.1) — 6KB
• vlgea20241026ex-322.htm (EX-32.2) — 6KB
• vlgea20241026-exhibit991.htm (EX-99.1) — 50KB
• 0000103595-24-000021.txt ( ) — 3406KB
• vlgea-20241026.xsd (EX-101.SCH) — 21KB
• vlgea-20241026_cal.xml (EX-101.CAL) — 52KB
• vlgea-20241026_def.xml (EX-101.DEF) — 157KB
• vlgea-20241026_lab.xml (EX-101.LAB) — 302KB
• vlgea-20241026_pre.xml (EX-101.PRE) — 214KB
• vlgea-20241026_htm.xml (XML) — 299KB

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 18

Item 3. Quantitative & Qualitative Disclosures about Market Risk 18

Controls and Procedures 19

Item 4. Controls and Procedures 19 PART II OTHER INFORMATION

Exhibits 20

Item 6. Exhibits 20 Signatures 21 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) October 26, 2024 July 27, 2024 ASSETS Current assets Cash and cash equivalents $ 117,180 $ 117,261 Merchandise inventories 48,814 46,739 Patronage dividend receivable 21,632 16,068 Income taxes receivable 367 2,252 Other current assets 17,684 17,382 Total current assets 205,677 199,702 Property, equipment and fixtures, net 309,281 303,217 Operating lease assets 253,664 259,764 Notes receivable from Wakefern 105,064 102,862 Investment in Wakefern 33,093 33,093 Investments in Real Estate Partnerships 20,304 19,923 Goodwill 24,190 24,190 Other assets 39,072 38,913 Total assets $ 990,345 $ 981,664 LIABILITIES and SHAREHOLDERS' EQUITY Current liabilities Operating lease obligations $ 21,412 $ 21,282 Finance lease obligations 948 879 Notes payable to Wakefern 759 751 Current portion of debt 9,537 9,481 Accounts payable to Wakefern 80,763 80,902 Accounts payable and accrued expenses 33,410 28,433 Accrued wages and benefits 31,823 32,489 Income taxes payable 3,237 — Total current liabilities 181,889 174,217 Long-term debt Operating lease obligations 249,986 256,091 Finance lease obligations 19,215 19,525 Notes payable to Wakefern 775 911 Long-term debt 60,319 62,764 Total long-term debt 330,295 339,291 Pension liabilities 5,232 5,113 Other liabilities 15,467 15,484 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 11,634 shares at October 26, 2024 and 11,559 shares at July 27, 2024 81,067 80,186 Class B common stock, no par value: Authorized 20,000 shares; issued and outstanding 4,125 shares at October 26, 2024 and 4,204 shares at July 27, 2024 670 683 Retained earnings 390,097 380,618 Accumulated other comprehensive income 6,119 6,579 Less tre

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 October 26, 2024 and the consolidated statements of operations, comprehensive income and cash flows for the 13 weeks ended October 26, 2024 and October 28, 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 27, 2024 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 period ended October 26, 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 October 26, 2024 October 28, 2023 Amount % Amount % Center Store (1) $ 333,193 59.7 % $ 320,924 59.8 % Fresh (2) 198,994 35.7 193,520 36.1 Pharmacy 23,994 4.3 20,211 3.8 Other (3) 1,516 0.3 1,699 0.3 Total Sales $ 557,697 100.0 % $ 536,354 100.0 % (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 INVENTORIES At October 26, 2024 and July 27, 2024, approximately 64 % of merchandise inventories are valued by the LIFO method while the balance is valued by FIFO. If the FIFO method had been used for

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Dollars in Thousands) OVERVIEW Village Super Market, Inc. (the "Company" or "Village") was founded in 1937. Village operates a chain of 34 supermarkets in New Jersey (26), New York (6), Maryland (1) and Pennsylvania (1) under the ShopRite and Fairway banners and three Gourmet Garage specialty markets in New York City. Village is the second largest member of Wakefern Food Corporation ("Wakefern"), the nation's largest retailer-owned food cooperative and owner of the ShopRite, Fairway and Gourmet Garage names. As further described in the Company's Form 10-K, this ownership interest in Wakefern provides Village with many of the economies of scale in purchasing, distribution, advanced retail technology, marketing and advertising associated with chains of greater size and geographic coverage. The supermarket industry is highly competitive and characterized by narrow profit margins. The Company competes directly with multiple retail formats, both in-store and online, including national, regional and local supermarket chains as well as warehouse

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