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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Village Super Market Inc | NASDAQ:VLGEA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.12 | -0.44% | 27.40 | 26.76 | 28.73 | 27.65 | 27.16 | 27.52 | 25,314 | 01:00:00 |
NEW JERSEY
|
22-1576170
|
(State or other jurisdiction of incorporation or organization)
|
(I. R. S. Employer Identification No.)
|
|
|
733 MOUNTAIN AVENUE, SPRINGFIELD, NEW JERSEY
|
07081
|
(Address of principal executive offices)
|
(Zip Code)
|
|
|
(973) 467-2200
|
|
(Registrant's telephone number, including area code)
|
|
Large accelerated filer
q
|
Accelerated filer
x
|
|
Non-accelerated filer
q
(Do not check if a smaller reporting company)
|
Smaller reporting company
x
|
|
|
|
|
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes _____ No __
X
__
|
PART I
|
PAGE NO.
|
|
|
FINANCIAL INFORMATION
|
|
|
|
Item 1. Financial Statements (Unaudited)
|
|
|
|
Consolidated Balance Sheets
|
|
|
|
Consolidated Statements of Operations
|
|
|
|
Consolidated Statements of Comprehensive Income
|
|
|
|
Consolidated Statements of Cash Flows
|
|
|
|
Notes to Consolidated Financial Statements
|
|
|
|
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
|
|
|
|
Item 3. Quantitative & Qualitative Disclosures about Market Risk
|
|
|
|
Item 4. Controls and Procedures
|
|
|
|
PART II
|
|
|
|
OTHER INFORMATION
|
|
|
|
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
|
|
|
Item 6. Exhibits
|
|
|
|
Signatures
|
VILLAGE SUPER MARKET, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands) (Unaudited)
|
|||||||
|
January 26,
2019 |
|
July 28,
2018 |
||||
ASSETS
|
|
|
|
||||
Current assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
108,534
|
|
|
$
|
96,108
|
|
Merchandise inventories
|
39,641
|
|
|
39,413
|
|
||
Patronage dividend receivable
|
4,901
|
|
|
11,937
|
|
||
Notes receivable from Wakefern
|
24,870
|
|
|
23,952
|
|
||
Income taxes receivable
|
577
|
|
|
87
|
|
||
Other current assets
|
18,573
|
|
|
19,401
|
|
||
Total current assets
|
197,096
|
|
|
190,898
|
|
||
|
|
|
|
||||
Property, equipment and fixtures, net
|
214,547
|
|
|
214,566
|
|
||
Notes receivable from Wakefern
|
23,742
|
|
|
23,129
|
|
||
Investment in Wakefern
|
28,575
|
|
|
27,093
|
|
||
Goodwill
|
12,057
|
|
|
12,057
|
|
||
Other assets
|
14,383
|
|
|
13,847
|
|
||
|
|
|
|
||||
Total assets
|
$
|
490,400
|
|
|
$
|
481,590
|
|
|
|
|
|
|
|
||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
||
Current liabilities
|
|
|
|
||||
Capital and financing lease obligations
|
$
|
863
|
|
|
$
|
764
|
|
Notes payable to Wakefern
|
56
|
|
|
114
|
|
||
Accounts payable to Wakefern
|
62,463
|
|
|
61,798
|
|
||
Accounts payable and accrued expenses
|
19,685
|
|
|
19,080
|
|
||
Accrued wages and benefits
|
18,341
|
|
|
18,620
|
|
||
Income taxes payable
|
745
|
|
|
1,321
|
|
||
Total current liabilities
|
102,153
|
|
|
101,697
|
|
||
|
|
|
|
||||
Long-term debt
|
|
|
|
||||
Capital and financing lease obligations
|
41,304
|
|
|
41,768
|
|
||
Notes payable to Wakefern
|
779
|
|
|
—
|
|
||
Notes payable related to New Markets Tax Credit
|
6,294
|
|
|
6,418
|
|
||
Total long-term debt
|
48,377
|
|
|
48,186
|
|
||
|
|
|
|
||||
Pension liabilities
|
8,476
|
|
|
8,482
|
|
||
Other liabilities
|
19,854
|
|
|
20,080
|
|
||
|
|
|
|
||||
Commitments and contingencies
|
|
|
|
|
|
||
|
|
|
|
||||
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 10,574 shares at January 26, 2019 and 10,575 shares at July 28, 2018
|
63,194
|
|
|
61,678
|
|
||
Class B common stock, no par value: Authorized 20,000 shares; issued and outstanding 4,304 shares at January 26, 2019 and July 28, 2018
|
699
|
|
|
699
|
|
||
Retained earnings
|
265,508
|
|
|
258,104
|
|
||
Accumulated other comprehensive loss
|
(7,981
|
)
|
|
(8,185
|
)
|
||
Less treasury stock, Class A, at cost: 524 shares at January 26, 2019 and 496 shares at July 28, 2018
|
(9,880
|
)
|
|
(9,151
|
)
|
||
Total shareholders’ equity
|
311,540
|
|
|
303,145
|
|
||
|
|
|
|
||||
Total liabilities and shareholders’ equity
|
$
|
490,400
|
|
|
$
|
481,590
|
|
VILLAGE SUPER MARKET, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts) (Unaudited)
|
|||||||||||||||
|
13 Weeks Ended
|
|
26 Weeks Ended
|
||||||||||||
|
January 26,
2019 |
|
January 27,
2018 |
|
January 26,
2019 |
|
January 27,
2018 |
||||||||
Sales
|
$
|
428,128
|
|
|
$
|
418,269
|
|
|
$
|
829,678
|
|
|
$
|
805,609
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of sales
|
310,392
|
|
|
304,802
|
|
|
599,830
|
|
|
587,350
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Gross profit
|
117,736
|
|
|
113,467
|
|
|
229,848
|
|
|
218,259
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating and administrative expense
|
100,036
|
|
|
97,248
|
|
|
196,330
|
|
|
190,452
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization
|
7,017
|
|
|
6,386
|
|
|
13,915
|
|
|
12,621
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating income
|
10,683
|
|
|
9,833
|
|
|
19,603
|
|
|
15,186
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
(1,112
|
)
|
|
(1,102
|
)
|
|
(2,227
|
)
|
|
(2,207
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Interest income
|
1,305
|
|
|
864
|
|
|
2,483
|
|
|
1,764
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Income before income taxes
|
10,876
|
|
|
9,595
|
|
|
19,859
|
|
|
14,743
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Income taxes
|
3,305
|
|
|
84
|
|
|
6,020
|
|
|
2,215
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
7,571
|
|
|
$
|
9,511
|
|
|
$
|
13,839
|
|
|
$
|
12,528
|
|
|
|
|
|
|
|
|
|
||||||||
Net income per share:
|
|
|
|
|
|
|
|
|
|||||||
Class A common stock:
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
$
|
0.59
|
|
|
$
|
0.74
|
|
|
$
|
1.08
|
|
|
$
|
0.97
|
|
Diluted
|
$
|
0.53
|
|
|
$
|
0.66
|
|
|
$
|
0.96
|
|
|
$
|
0.87
|
|
|
|
|
|
|
|
|
|
||||||||
Class B common stock:
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic
|
$
|
0.38
|
|
|
$
|
0.48
|
|
|
$
|
0.70
|
|
|
$
|
0.63
|
|
Diluted
|
$
|
0.38
|
|
|
$
|
0.48
|
|
|
$
|
0.70
|
|
|
$
|
0.63
|
|
VILLAGE SUPER MARKET, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands) (Unaudited)
|
|||||||||||||||
|
13 Weeks Ended
|
|
26 Weeks Ended
|
||||||||||||
|
January 26,
2019 |
|
January 27,
2018 |
|
January 26,
2019 |
|
January 27,
2018 |
||||||||
Net income
|
$
|
7,571
|
|
|
$
|
9,511
|
|
|
$
|
13,839
|
|
|
$
|
12,528
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Amortization of pension actuarial loss, net of tax (1)
|
102
|
|
|
102
|
|
|
204
|
|
|
186
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Comprehensive income
|
$
|
7,673
|
|
|
$
|
9,613
|
|
|
$
|
14,043
|
|
|
$
|
12,714
|
|
(1)
|
Amounts are net of tax of
$43
and
$41
for the 13 weeks ended
January 26, 2019
and
January 27, 2018
, respectively, and
$86
and
$98
for the
26
weeks ended
January 26, 2019
and
January 27, 2018
. All amounts are reclassified from Accumulated other comprehensive loss to Operating and administrative expense.
|
VILLAGE SUPER MARKET, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited)
|
|||||||
|
26 Weeks Ended
|
||||||
|
January 26,
2019 |
|
January 27,
2018 |
||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
||||
Net income
|
$
|
13,839
|
|
|
$
|
12,528
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|||
Depreciation and amortization
|
13,915
|
|
|
12,621
|
|
||
Non-cash share-based compensation
|
1,516
|
|
|
1,721
|
|
||
Deferred taxes
|
(573
|
)
|
|
(2,221
|
)
|
||
Provision to value inventories at LIFO
|
103
|
|
|
—
|
|
||
|
|
|
|
||||
Changes in assets and liabilities:
|
|
|
|
|
|||
Merchandise inventories
|
(331
|
)
|
|
(494
|
)
|
||
Patronage dividend receivable
|
7,036
|
|
|
7,805
|
|
||
Accounts payable to Wakefern
|
665
|
|
|
3,776
|
|
||
Accounts payable and accrued expenses
|
376
|
|
|
(1,692
|
)
|
||
Accrued wages and benefits
|
(279
|
)
|
|
(1,190
|
)
|
||
Income taxes receivable / payable
|
(1,066
|
)
|
|
(713
|
)
|
||
Other assets and liabilities
|
677
|
|
|
(3,717
|
)
|
||
Net cash provided by operating activities
|
35,878
|
|
|
28,424
|
|
||
|
|
|
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
||
Capital expenditures
|
(13,631
|
)
|
|
(12,731
|
)
|
||
Proceeds from the sale of assets
|
—
|
|
|
16
|
|
||
Investment in notes receivable from Wakefern
|
(1,531
|
)
|
|
(23,223
|
)
|
||
Maturity of notes receivable from Wakefern
|
—
|
|
|
22,172
|
|
||
Investment in notes receivable related to New Markets Tax Credit financing
|
—
|
|
|
(4,835
|
)
|
||
Net cash used in investing activities
|
(15,162
|
)
|
|
(18,601
|
)
|
||
|
|
|
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
||
Proceeds from New Markets Tax Credit financing
|
—
|
|
|
6,860
|
|
||
Debt issuance costs
|
—
|
|
|
(297
|
)
|
||
Principal payments of long-term debt
|
(1,126
|
)
|
|
(449
|
)
|
||
Dividends
|
(6,435
|
)
|
|
(6,439
|
)
|
||
Treasury stock purchases, including shares surrendered for withholding taxes
|
(729
|
)
|
|
(632
|
)
|
||
Net cash used in financing activities
|
(8,290
|
)
|
|
(957
|
)
|
||
|
|
|
|
||||
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
12,426
|
|
|
8,866
|
|
||
|
|
|
|
||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD
|
96,108
|
|
|
87,435
|
|
||
|
|
|
|
||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD
|
$
|
108,534
|
|
|
$
|
96,301
|
|
|
|
|
|
||||
SUPPLEMENTAL DISCLOSURES OF CASH PAYMENTS MADE FOR:
|
|
|
|
|
|
||
Interest
|
$
|
2,227
|
|
|
$
|
2,207
|
|
Income taxes
|
$
|
7,659
|
|
|
$
|
5,140
|
|
|
|
|
|
||||
NONCASH SUPPLEMENTAL DISCLOSURES:
|
|
|
|
|
|
||
Investment in Wakefern and increase in notes payable to Wakefern
|
$
|
845
|
|
|
$
|
—
|
|
|
13 Weeks Ended
|
|
26 Weeks Ended
|
||||||||||||||||||||||||
|
January 26, 2019
|
|
January 27, 2018
|
|
January 26, 2019
|
|
January 27, 2018
|
||||||||||||||||||||
|
Amount
|
|
%
|
|
Amount
|
|
%
|
|
Amount
|
|
%
|
|
Amount
|
|
%
|
||||||||||||
Center Store (1)
|
$
|
269,604
|
|
|
63.0
|
%
|
|
$
|
264,347
|
|
|
63.1
|
%
|
|
$
|
517,122
|
|
|
62.3
|
%
|
|
$
|
503,970
|
|
|
62.6
|
%
|
Fresh (2)
|
140,064
|
|
|
32.7
|
|
|
135,321
|
|
|
32.4
|
|
|
275,680
|
|
|
33.2
|
%
|
|
264,207
|
|
|
32.8
|
%
|
||||
Pharmacy
|
17,236
|
|
|
4.0
|
|
|
17,478
|
|
|
4.2
|
|
|
34,696
|
|
|
4.2
|
%
|
|
35,461
|
|
|
4.4
|
%
|
||||
Other (3)
|
1,224
|
|
|
0.3
|
|
|
1,123
|
|
|
0.3
|
|
|
2,180
|
|
|
0.3
|
%
|
|
1,971
|
|
|
0.2
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total Sales
|
$
|
428,128
|
|
|
100.0
|
%
|
|
$
|
418,269
|
|
|
100.0
|
%
|
|
$
|
829,678
|
|
|
100.0
|
%
|
|
$
|
805,609
|
|
|
100.0
|
%
|
|
13 Weeks Ended
|
|
26 Weeks Ended
|
||||||||||||
|
January 26, 2019
|
|
January 26, 2019
|
||||||||||||
|
Class A
|
|
Class B
|
|
Class A
|
|
Class B
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income allocated, basic
|
$
|
5,727
|
|
|
$
|
1,646
|
|
|
$
|
10,466
|
|
|
$
|
3,007
|
|
Conversion of Class B to Class A shares
|
1,646
|
|
|
—
|
|
|
3,007
|
|
|
—
|
|
||||
Effect of share-based compensation on allocated net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net income allocated, diluted
|
$
|
7,373
|
|
|
$
|
1,646
|
|
|
$
|
13,473
|
|
|
$
|
3,007
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares outstanding, basic
|
9,723
|
|
|
4,304
|
|
|
9,727
|
|
|
4,304
|
|
||||
Conversion of Class B to Class A shares
|
4,304
|
|
|
—
|
|
|
4,304
|
|
|
—
|
|
||||
Dilutive effect of share-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Weighted average shares outstanding, diluted
|
14,027
|
|
|
4,304
|
|
|
14,031
|
|
|
4,304
|
|
||||
|
|
|
|
|
|
|
|
||||||||
|
13 Weeks Ended
|
|
26 Weeks Ended
|
||||||||||||
|
January 27, 2018
|
|
January 27, 2018
|
||||||||||||
|
Class A
|
|
Class B
|
|
Class A
|
|
Class B
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income allocated, basic
|
$
|
7,174
|
|
|
$
|
2,065
|
|
|
$
|
9,452
|
|
|
$
|
2,721
|
|
Conversion of Class B to Class A shares
|
2,065
|
|
|
—
|
|
|
2,721
|
|
|
—
|
|
||||
Effect of share-based compensation on allocated net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net income allocated, diluted
|
$
|
9,239
|
|
|
$
|
2,065
|
|
|
$
|
12,173
|
|
|
$
|
2,721
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares outstanding, basic
|
9,714
|
|
|
4,304
|
|
|
9,718
|
|
|
4,304
|
|
||||
Conversion of Class B to Class A shares
|
4,304
|
|
|
—
|
|
|
4,304
|
|
|
—
|
|
||||
Dilutive effect of share-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Weighted average shares outstanding, diluted
|
14,018
|
|
|
4,304
|
|
|
14,022
|
|
|
4,304
|
|
|
13 Weeks Ended
|
|
26 Weeks Ended
|
||||||||||||
|
January 26,
2019 |
|
January 27,
2018 |
|
January 26,
2019 |
|
January 27,
2018 |
||||||||
Service cost
|
$
|
53
|
|
|
$
|
65
|
|
|
$
|
106
|
|
|
$
|
130
|
|
Interest cost on projected benefit obligations
|
655
|
|
|
629
|
|
|
1,310
|
|
|
1,258
|
|
||||
Expected return on plan assets
|
(721
|
)
|
|
(820
|
)
|
|
(1,442
|
)
|
|
(1,640
|
)
|
||||
Amortization of net losses
|
145
|
|
|
142
|
|
|
290
|
|
|
284
|
|
||||
Net periodic pension cost
|
$
|
132
|
|
|
$
|
16
|
|
|
$
|
264
|
|
|
$
|
32
|
|
|
13 Weeks Ended
|
|
26 Weeks Ended
|
||||||||
|
January 26, 2019
|
|
January 27, 2018
|
|
January 26, 2019
|
|
January 27, 2018
|
||||
Sales
|
100.00
|
%
|
|
100.00
|
%
|
|
100.00
|
%
|
|
100.00
|
%
|
Cost of sales
|
72.50
|
|
|
72.87
|
|
|
72.30
|
|
|
72.91
|
|
Gross profit
|
27.50
|
|
|
27.13
|
|
|
27.70
|
|
|
27.09
|
|
Operating and administrative expense
|
23.37
|
|
|
23.25
|
|
|
23.66
|
|
|
23.63
|
|
Depreciation and amortization
|
1.63
|
|
|
1.53
|
|
|
1.67
|
|
|
1.57
|
|
Operating income
|
2.50
|
|
|
2.35
|
|
|
2.37
|
|
|
1.89
|
|
Interest expense
|
(0.26
|
)
|
|
(0.26
|
)
|
|
(0.27
|
)
|
|
(0.27
|
)
|
Interest income
|
0.30
|
|
|
0.21
|
|
|
0.30
|
|
|
0.22
|
|
Income before taxes
|
2.54
|
|
|
2.30
|
|
|
2.40
|
|
|
1.84
|
|
Income taxes
|
0.77
|
|
|
0.02
|
|
|
0.73
|
|
|
0.28
|
|
Net income
|
1.77
|
%
|
|
2.28
|
%
|
|
1.67
|
%
|
|
1.56
|
%
|
•
|
We expect same store sales to range from
flat
to a
1.0%
increase in fiscal 2019.
|
•
|
Village has budgeted
$40,000
for capital expenditures in fiscal
2019
. Planned expenditures include construction of a replacement store in the Stroudsburg, Pennsylvania, three minor remodels, expansion of self-checkout across most stores and other various technology, equipment and facility upgrades.
|
•
|
The Board’s current intention is to continue to pay quarterly dividends in 2019 at the most recent rate of $.25 per Class A and $.1625 per Class B share.
|
•
|
We believe cash and cash equivalents on hand, operating cash flow and other sources of liquidity will be adequate to meet anticipated requirements for working capital, capital expenditures and debt payments for the foreseeable future.
|
•
|
We expect our effective income tax rate in fiscal 2019 to be in the range of 30% - 31%. The reduction in the expected effective income tax rate is due primarily to realizing the full impact of the 21% federal corporate tax rate as a result of the Tax Cuts and Jobs Act, partially offset by New Jersey Assembly Bill 4202 which will temporarily increase the New Jersey corporate tax rate to 11.5% for fiscal 2019 and 2020 and to 10.5% for fiscal 2021 and 2022.
|
•
|
We expect operating expenses will be affected by spends on operational proficiency initiatives and increased costs in certain areas, such as medical and other fringe benefit costs.
|
•
|
We expect approximately
$1,300
of net periodic pension costs in fiscal 2019 related to the four Company sponsored defined benefit pension plans. The Company expects to contribute $
5,000
in cash to all defined benefit pension plans during fiscal
2019
.
|
•
|
The supermarket business is highly competitive and characterized by narrow profit margins. Results of operations may be materially adversely impacted by competitive pricing and promotional programs, industry consolidation and competitor store openings. Village competes directly with multiple retail formats both in-store and online, including national, regional and local supermarket chains as well as warehouse clubs, supercenters, drug stores, discount general merchandise stores, fast food chains, restaurants, dollar stores and convenience stores. Some of these competitors have greater financial resources, lower merchandise acquisition costs and lower operating expenses than we do.
|
•
|
The Company’s stores are concentrated in New Jersey, with two stores in Maryland, one in northeastern Pennsylvania and one in New York City. We are vulnerable to economic downturns in New Jersey in addition to those that may affect the country as a whole. Economic conditions such as inflation, deflation, interest rate fluctuations, movements in energy costs, social programs, minimum wage legislation, unemployment rates and changing demographics may adversely affect our sales and profits.
|
•
|
Village purchases substantially all of its merchandise from Wakefern. In addition, Wakefern provides the Company with support services in numerous areas including advertising, liability and property insurance, supplies, certain equipment purchasing, coupon processing, certain financial accounting applications, retail technology support, and other store services. Further, Village receives patronage dividends and other product incentives from Wakefern and also has demand deposits and notes receivable due from Wakefern.
|
•
|
Approximately 89% of our employees are covered by collective bargaining agreements. Any work stoppages could have an adverse impact on our financial results. If we are unable to control health care and pension costs provided for in the collective bargaining agreements, we may experience increased operating costs.
|
•
|
The Company could be adversely affected if consumers lose confidence in the safety and quality of the food supply chain. The real or perceived sale of contaminated food products by us could result in a loss of consumer confidence and product liability claims, which could have a material adverse effect on our sales and operations.
|
•
|
Certain of the multi-employer plans to which we contribute are underfunded. As a result, we expect that contributions to these plans may increase. Additionally, the benefit levels and related items will be issues in the negotiation of our collective bargaining agreements. Under current law, an employer that withdraws or partially withdraws from a multi-employer pension plan may incur a withdrawal liability to the plan, which represents the portion of the plan’s underfunding that is allocable to the withdrawing employer under very complex actuarial and allocation rules. The failure of a withdrawing employer to fund these obligations can impact remaining employers. The amount of any increase or decrease in our required contributions to these multi-employer pension plans will depend upon the outcome of collective bargaining, actions taken by trustees who manage the plans, government regulations, withdrawals by other participating employers and the actual return on assets held in the plans, among other factors.
|
•
|
The Company uses a combination of insurance and self-insurance to provide for potential liability for workers’ compensation, automobile and general liability, property, director and officers’ liability, and certain employee health care benefits. Any projection of losses is subject to a high degree of variability. Changes in legal claims, trends and interpretations, variability in inflation rates, changes in the nature and method of claims settlement, benefit level changes due to changes in applicable laws, and insolvency of insurance carriers could all affect our financial condition, results of operations, or cash flows.
|
•
|
Our long-lived assets, primarily store property, equipment and fixtures, are subject to periodic testing for impairment. Failure of our asset groups to achieve sufficient levels of cash flow could result in impairment charges on long-lived assets.
|
•
|
Our effective tax rate may be impacted by the results of tax examinations and changes in tax laws.
|
•
|
Wakefern provides all members of the cooperative with information system support that enables us to effectively manage our business data, customer transactions, ordering, communications and other business processes. These information systems are subject to damage or interruption from power outages, computer or telecommunications failures, computer viruses and related malicious software, catastrophic weather events, or human error. Any material interruption of our or Wakefern’s information systems could have a material adverse impact on our results of operations.
|
Period(1)
|
|
Total Number of Shares Purchased(2)
|
|
Average Price Paid Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plan or Programs
|
October 28, 2018 to November 24, 2018
|
|
6,577
|
|
$24.96
|
|
6,577
|
|
$1,026,443
|
November 25, 2018 to December 22, 2018
|
|
—
|
|
$—
|
|
—
|
|
$1,026,443
|
December 23, 2018 to January 26, 2019
|
|
—
|
|
$—
|
|
—
|
|
$1,026,443
|
Total
|
|
6,577
|
|
$24.96
|
|
6,577
|
|
$1,026,443
|
(1)
|
The reported periods conform to our fiscal calendar.
|
|
Village Super Market, Inc.
|
|
Registrant
|
|
|
Dated: March 6, 2019
|
/s/ Robert P. Sumas
|
|
Robert P. Sumas
|
|
(Chief Executive Officer)
|
|
|
Dated: March 6, 2019
|
/s/ John Van Orden
|
|
John Van Orden
|
|
(Chief Financial Officer)
|
1 Year Village Super Market Chart |
1 Month Village Super Market Chart |
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