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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.78 | -2.80% | 27.05 | 24.74 | 31.70 | 28.00 | 26.96 | 28.00 | 19,400 | 01:00:00 |
Sales and results of operations in the 13 weeks ended April 25, 2020 were significantly impacted by the COVID-19 outbreak. Same store sales increased 13.6% and net income increased 97%, adjusted for special items, in the 13 weeks ended April 25, 2020 compared to the prior year. Village operates in and around one of the epicenters of the health crisis with much of our trade area under stay-at-home orders since mid-March 2020. The Company is classified as an essential business and has remained open to serve our customers and the communities in which we operate.
Our first priority throughout this unprecedented time has been and will continue to be the safety of our associates and our customers. In response to COVID-19, Village incurred incremental operating expenses of over $5,500,000 in the 13 weeks ended April 25, 2020 for programs and new initiatives implemented to support and protect our associates, customers and communities, including:
Results of Operations for the 13 Weeks Ended April 25, 2020
Net income was $11,152,000 in the 13 weeks ended April 25, 2020 compared to $4,970,000 in the 13 weeks ended April 27, 2019. The 13 weeks ended April 25, 2020 includes a gain on the sale of pharmacy prescription lists related to three store pharmacies closed in March 2020 of $854,000 (net of tax). The 13 weeks ended April 25, 2020 includes pension settlement charges of $83,000 (net of tax) compared to $302,000 (net of tax) in the 13 weeks ended April 27, 2019. Excluding these items from both periods, net income increased 97% in the 13 weeks ended April 25, 2020 compared to the prior year.
Sales were $458,292,000 in the 13 weeks ended April 25, 2020, an increase of 15.9% compared to the 13 weeks ended April 27, 2019. Sales increased due to the opening of the Stroudsburg replacement store on November 1, 2019, the acquisition of Gourmet Garage on June 24, 2019 and a same store sales increase of 13.6%. Same store sales increased due primarily to the impact of the COVID-19 outbreak and related stay-at-home measures, most significantly in March where sales reached unprecedented levels. Same store sales also increased due to continued sales growth in the Bronx, New York City store opened on June 28, 2018 and digital sales growth of 41.8%. New stores and replacement stores are included in same store sales in the quarter after the store has been in operation for four full quarters. Store renovations and expansions are included in same store sales immediately.
Gross profit as a percentage of sales increased to 28.34% in the 13 weeks ended April 25, 2020 compared to 27.97% in the 13 weeks ended April 27, 2019. Excluding the impact of the addition of Gourmet Garage, gross profit as a percentage of sales increased .16% in the 13 weeks ended April 25, 2020 compared to the 13 weeks ended April 27, 2019 due primarily to lower promotional spending due to uncertainty of product availability during the COVID-19 outbreak (.49%) and increased leverage on fixed warehouse assessment charges from Wakefern (.26%). These increases were partially offset by an unfavorable change in product mix (.37%), decreased departmental gross margin percentages (.18%) and decreased patronage dividends and rebates received from Wakefern (.05%). Both product mix and departmental gross margin percentages were impacted by limitations in service departments and product availability as a result of the COVID-19 outbreak. Additionally, departmental gross profits decreased due to price investments, including the ShopRite's Right Price Promise pricing strategy, a commitment to everyday low prices on the items customers purchase most frequently, introduced in October 2019, and decreased pharmacy margins as a result of continued downward pressure on prescription reimbursement rates from third party providers.
Operating and administrative expense as a percentage of sales decreased to 23.34% in the 13 weeks ended April 25, 2020 compared to 24.62% in the 13 weeks ended April 27, 2019. The 13 weeks ended April 25, 2020 includes a gain on the sale of pharmacy prescription lists related to three store pharmacies closed in March 2020 (.26%), lease costs reclassified from Depreciation and Amortization and Interest Expense to Operating and Administrative Expense (.14%) as a result of the adoption of ASU 2016-02, “Leases,” and a reduction in pension settlement charges of (.08%) compared to the 13 weeks ended April 27, 2019. Excluding these items, operating and administrative expense as a percentage of sales decreased 1.08% in the 13 weeks ended April 25, 2020 compared to the 13 weeks ended April 27, 2019 due primarily to leverage from higher sales despite incremental costs related to COVID-19, including enhanced wages and benefits and expanded safety and sanitation protocols (1.21%).
Net income was $15,724,000 in the 39 weeks ended April 25, 2020 compared to $18,810,000 in the 39 weeks ended April 27, 2019. The 39 weeks ended April 25, 2020 includes a gain on the sale of pharmacy prescription lists related to three store pharmacies closed in March 2020 of $854,000 (net of tax), a non-cash pension charge related to the termination of a company-sponsored pension plan and other pension settlement charges of $953,000 (net of tax), pre-opening costs related to the Stroudsburg, Pennsylvania replacement store of $891,000 (net of tax) and store closure costs and charges to write off the lease asset and related obligations for the old Stroudsburg store of $557,000 (net of tax). The 39 weeks ended April 27, 2019 includes a $290,000 (net of tax) gain for Superstorm Sandy insurance proceeds received and pension settlement charges of $301,000 (net of tax). Excluding these items from both periods, net income decreased 8% in the 39 weeks ended April 25, 2020 compared to the prior year.
Village Super Market operates a chain of 35 supermarkets under the ShopRite and Fairway names in New Jersey, Maryland, New York and eastern Pennsylvania and three specialty markets under the Gourmet Garage name in New York City.
Forward Looking Statements
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: the impact of the COVID-19 pandemic on our business and the economy; economic conditions; 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 and acquisitions; consumer spending patterns; the impact of changing energy prices; increased cost of goods sold, including increased costs from the Company’s principal supplier, Wakefern; disruptions or changes in Wakefern's operations; 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; 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 Weeks Ended | 39 Weeks Ended | ||||||||||||||
April 25, 2020 | April 27, 2019 | April 25, 2020 | April 27, 2019 | ||||||||||||
Sales | $ | 458,292 | $ | 395,458 | $ | 1,303,116 | $ | 1,225,137 | |||||||
Cost of sales | 328,391 | 284,847 | 941,722 | 884,678 | |||||||||||
Gross profit | 129,901 | 110,611 | 361,394 | 340,459 | |||||||||||
Operating and administrative expense | 106,987 | 97,351 | 317,861 | 293,679 | |||||||||||
Depreciation and amortization | 7,678 | 6,566 | 22,914 | 20,481 | |||||||||||
Operating income | 15,236 | 6,694 | 20,619 | 26,299 | |||||||||||
Interest expense | (563 | ) | (1,106 | ) | (1,698 | ) | (3,334 | ) | |||||||
Interest income | 910 | 1,402 | 3,199 | 3,886 | |||||||||||
Income before income taxes | 15,583 | 6,990 | 22,120 | 26,851 | |||||||||||
Income taxes | 4,431 | 2,020 | 6,396 | 8,041 | |||||||||||
Net income | $ | 11,152 | $ | 4,970 | $ | 15,724 | $ | 18,810 | |||||||
Net income per share: | |||||||||||||||
Class A common stock: | |||||||||||||||
Basic | $ | 0.86 | $ | 0.39 | $ | 1.22 | $ | 1.46 | |||||||
Diluted | $ | 0.77 | $ | 0.34 | $ | 1.09 | $ | 1.31 | |||||||
Class B common stock: | |||||||||||||||
Basic | $ | 0.56 | $ | 0.25 | $ | 0.79 | $ | 0.95 | |||||||
Diluted | $ | 0.56 | $ | 0.25 | $ | 0.79 | $ | 0.95 | |||||||
Gross profit as a % of sales | 28.34 | % | 27.97 | % | 27.73 | % | 27.79 | % | |||||||
Operating and administrative expense as a % of sales | 23.34 | % | 24.62 | % | 24.39 | % | 23.97 | % | |||||||
Contact: | John Van Orden, CFO |
(973) 467-2200 | |
villageinvestorrelations@wakefern.com |
1 Year Village Super Market Chart |
1 Month Village Super Market Chart |
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