DOCUMENT AND ENTITY INFORMATION - 3 Months Ended Dec. 03, 2019 shares Oct. 26, 2019 10,089,561 Entity Registrant Name VILLAGE SUPER MARKET 4,293,748 Entity Central Index Key 0IN0C00103595 Current Fiscal Year End Date --07-25 Entity Filer Category Accelerated Filer Document Type 10-Q Document Period End Date Oct. 26, Document Fiscal Year Focus 2020 2019 Document Fiscal Period Focus (Q1,Q2,Q3,FY) Q1 Amendment Flag false Entity Emerging Growth Company false Entity Small Business true Common Class A [Member] Entity Common Stock, Shares Outstanding Common Class B [Member] Entity Common Stock, Shares Outstanding
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands Current assets Cash and cash equivalents Merchandise inventories Patronage dividend receivable Income Taxes Receivable, Current Other current assets Total current assets Property, equipment and fixtures, net Operating lease assets Notes receivable from Wakefern Investment in Wakefern Goodwill Other assets Total assets Current liabilities Operating lease obligations Capital and financing lease obligations Notes payable to Wakefern Accounts payable to Wakefern Accounts payable and accrued expenses Accrued wages and benefits Income taxes payable Total current liabilities Long-term debt Operating lease obligations Capital and financing lease obligations Notes payable to Wakefern Notes Payable, Noncurrent Total long-term debt Pension liabilities Other liabilities Shareholders' equity Preferred stock, no par value: Authorized 10,000 shares, none issued Retained earnings Accumulated other comprehensive loss Total shareholders’ equity Total liabilities and shareholders’ equity Common Class A [Member] Shareholders' equity Common Stock Less treasury stock, Class A, at cost: 496 shares at July 28, 2018 and 477 shares at July 29, 2C0om17mon Class B [Member]
Shareholders' equity Common Stock
Oct. 26, 2019 Jul. 27, 2019 $ 77,941 $ 101,121 40,683 38,503 16,275 11,908 78 43 16,833 17,206 151,810 168,781 224,489 224,890 96,093 50,208 51,004 28,644 28,783 12,650 12,650 17,116 16,862 502,289 581,691 11,325 1,022 416 43 89 66,130 64,581 23,950 22,666 20,259 19,101 1,070 2,243 112,474 120,421 97,092 40,753 23,595 803 839 6,169 6,107 47,725 127,633 4,672 4,759 6,518 18,659 0 0 273,614 270,753 (8,241) (8,342) 322,447 318,672 581,691 502,289 65,947 65,114 (9,570) (9,550)
$ 697 $ 697
CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares Oct. 26, 2019 Jul. 27, 2019 10,000,000 Preferred stock shares authorized (in shares) 10,000,000 0 Preferred stock shares issued (in shares) 0 20,000,000 10,593,000 Common Class A [Member] 502,000 Common stock shares authorized (in shares) 20,000,000 20,000,000 Common stock shares issued (in shares) 10,593,000 4,294,000 Treasury shares 503,000 Common Class B [Member] Common stock shares authorized (in shares) 20,000,000 Common stock shares issued (in shares) 4,294,000
CONSOLIDATED STATMENTS OF OPERATIONS - USD ($) $ in 3 Months Ended Thousands Oct. 26, 2019 Sales $ 407,402 Cost of sales 293,856 Gross profit 113,546 Operating and administrative expense 103,140 Depreciation and amortization 7,438 Operating income 2,968 Interest expense (567) Interest income 1,259 Income before income taxes 3,660 Income taxes 1,093 Net income $ 2,567 Common Class A [Member] Net income per share: $ 0.20 Basic (in dollars per share) 0.18 Diluted (in dollars per share) Common Class B [Member] 0.13 Net income per share: $ 0.13 Basic (in dollars per share) Diluted (in dollars per share)
3 Months Ended Oct. 27, 2018 $ 401,550 289,437 112,113 96,293 6,898 8,922 (1,116) 1,178 8,984 2,715 $ 6,269 $ 0.49 0.43 0.32 $ 0.32
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] Net income Other comprehensive income: Amortization of pension actuarial loss, net of tax Comprehensive income
3 Months Ended Oct. 26, 2019 Oct. 27, 2018 $ 2,567 $ 6,269 101 102 $ 2,668 $ 6,371
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] Tax of amortization of pension actuarial loss
3 Months Ended Oct. 26, 2019 Oct. 27, 2018 $ (44) $ (43)
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) shares in Balance (in shares) at Jul. 28, 201T8housands, $ in Thousands Balance at Jul. 28, 2018 Net income Other comprehensive income, net of tax Dividends Treasury stock purchases (in shares) Treasury stock purchases Share-based compensation expense (in shares) Share-based compensation expense Balance (in shares) at Oct. 27, 2018 Balance at Oct. 27, 2018 Balance (in shares) at Jul. 27, 2019 Balance at Jul. 27, 2019 Net income Other comprehensive income, net of tax Dividends Treasury stock purchases (in shares) Treasury stock purchases Restricted shares forfeited (in shares) Restricted shares forfeited Share-based compensation expense (in shares) Share-based compensation expense Balance (in shares) at Oct. 26, 2019 Balance at Oct. 26, 2019
Total Common Stock [Member]Common Class A [Member] 10,575 $ 303,145 $ 61,678 6,269 102 (3,222) (565) 8 $ 821 821 10,583 $ 62,499 306,550 10,593 $ 65,114 318,672 2,567 101 (3,220) (20) (2) (30) $ (30) 863 $ 322,447 2 $ 863 10,593 $ 65,947
Common Stock [Member]Common Class B [Member] Retained Earnings [Member] 4,304 $ 699 $ 258,104 6,269 (3,222) 4,304 261,151 $ 699 4,294 270,753 $ 697 2,567 (3,220) 4,294 $ 273,614 $ 697
AOCI Attributable to Parent [Member] Treasury Stock [Member] 496 $ (8,185) $ (9,151) 102 22 $ (565) (8,083) 518 (8,342) $ (9,716) 101 502 $ (9,550) 1 $ (20) $ (8,241) 503 $ (9,570)
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands Tax expense (benefit) associated with other comprehensive loss and income Tax expense (benefit) associated with adjustment due to the adoption of ASU 2016-02 Accounting Standards Update 2016-02 [Member] Tax expense (benefit) associated with adjustment due to the adoption of ASU 2016-02
3 Months Ended Oct. 26, 2019 Oct. 27, 2018 $ 316 $ 316 1,093 $ 2,715 $ 1,385
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands CASH FLOWS FROM OPERATING ACTIVITIES Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Non-cash share-based compensation Deferred taxes Provision to value inventories at LIFO Changes in assets and liabilities: Merchandise inventories Patronage dividend receivable Accounts payable to Wakefern Accounts payable and accrued expenses Accrued wages and benefits Income taxes receivable / payable Other assets and liabilities Net cash provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures Investment in notes receivable from Wakefern Net Cash Provided by (Used in) Investing Activities CASH FLOWS FROM FINANCING ACTIVITIES Principal payments of long-term debt Dividends Payments for Repurchase of Common Stock Document Period End Date Net cash used in financing activities NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH SUPPLEMENTAL DISCLOSURES OF CASH PAYMENTS MADE FOR: Income taxes NONCASH SUPPLEMENTAL DISCLOSURES: Investment in Wakefern and increase in notes payable to Wakefern Cash and Cash Equivalents, at Carrying Value Interest Paid, Excluding Capitalized Interest, Operating Activities
3 Months Ended Oct. 26, 2019 Oct. 27, 2018 $ 2,567 $ 6,269 7,438 6,898 833 821 1,270 (254) 0 103 (2,180) 11 (4,367) (4,351) (4,189) 1,294 (1,381) 239 (1,158) (929) 2,969 1,138 (1,462) (2,079) 6,125 3,375 (22,349) (8,571) (796) (743) (23,145) (9,314) (170) (298) (3,222) (3,220) (565) $ (20) (4,085) Oct. 26, (7,274) 2$0(139,410) (23,180) 68 0 93 1,482 77,941 88,834 $ 1,116 $ 567
BASIS OF PRESENTATION and ACCOUNTING POLICIES Accounting Policies [Abstract] BASIS OF PRESENTATION and ACCOUNTING POLICIES
3 Months Ended Oct. 26, 2019 BASIS OF PRESENTATION and ACCOUNTING POLICIES In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments
MERCHANDISE INVENTORIES Inventory Disclosure [Abstract] MERCHANDISE INVENTORIES
3 Months Ended Oct. 26, 2019 MERCHANDISE INVENTORIES At both October 26, 2019 and July 27, 2019 , approximately 64% of merchandise inventories are valued by the LIFO method while the balance is valued by
NET INCOME (LOSS) PER SHARE Earnings Per Share [Abstract] NET INCOME (LOSS) PER SHARE
3 Months Ended Oct. 26, 2019 NET INCOME PER SHARE The Company has two classes of common stock. Class A common stock is entitled to cash dividends as declared 54% greater than those paid on Class B
PENSION PLANS Defined Benefit Plan [Abstract] PENSION PLANS
3 Months Ended Oct. 26, 2019 PENSION PLANS The Company sponsors four defined benefit pension plans. Net periodic pension cost for the four plans includes the following components: 13 Weeks Ended October
RELATED PARTY INFORMATION - WAKEFERN Related Party Transactions [Abstract] RELATED PARTY INFORMATION - WAKEFERN
3 Months Ended Oct. 26, 2019 RELATED PARTY INFORMATION A description of the Company’s transactions with Wakefern, its principal supplier, and with other related parties is included in the Company’s Annual
COMMITMENTS and CONTINGENCIES Commitments and Contingencies Disclosure [Abstract] COMMITMENTS and CONTINGENCIES
3 Months Ended Oct. 26, 2019 COMMITMENTS and CONTINGENCIES Superstorm Sandy devastated Village's trade area on October 29, 2012 and resulted in the closure of almost all of our stores for periods of time
LEASES Leases [Abstract] LEASES LEASES
3 Months Ended Oct. 26, 2019 LEASES The Company leases 27 retail stores, as well as the corporate headquarters and eLqEuAiSpEmSeTnhteatCOomctpoabnery 2le6a,s2e0s1297.rTehtaeilmsatojorreist,yaosfwineiltlialsltehaesecoterprmorsarteanhgeeadfrqoumar2t0ertsoa3n0dyears. equipment at October 26, 2019 . The majority of initial lease terms range from 20 to 30 years.
NET INCOME (LOSS) PER SHARE - Schedule of Earnings Per Share, Basic and Diluted (Tables) Earnings Per Share [Abstract] Schedule of Earnings Per Share, Basic and Diluted
3 Months Ended Oct. 26, 2019 13 Weeks Ended October 26, 2019 Class A Class B Numerator: Net income allocated, basic $ 1,939 $ 558 Conversion of Class B to Class A shares 558 — Effect of share-based
LEASES (Tables) Leases [Abstract] Total Lease Cost Operating Lease Maturity Finance Lease Maturity Lease Terms and Discount Rates Future Minimum Lease Payments for all Non-Cancelable Leases Before Adoption of ASU 2016- 02
3 Months Ended Oct. 26, 2019 Supplemental cash flow information related to leases is as follows: 13 Weeks Ended October M26a,tCuarsithiepsaoidf ofopreraamtionugnatnsdinfitnhaenmceelaesausreelmiaebniltitoifesle, ainseclluiadbinilgitoiepstiOopnesrtaotienxgtecnadshlefaloswe stefrmoms tMhatuarrietieresaosfoonpaebrlaytcinegrtaanindofifnbaenicnegleexaesrecliisaebdi,liatrieesa, sinfcollulodwinsgaospotfioOncstotoberxt2e6n,d20le1a9se: terms AthsaotfaOrectroebaesron2a6b, 2ly0c1e9rt,atihneoCfobmeipnagneyx'serlecaisseedt,earrmesasanfodlldoiwscsoausnot frOatcetsobareer a2s6f,o2l0lo1w9s:: October 2Fu6t, uWreimghinteimd-uamverleaagseerpeamyamineinntgs lbeyasyeeaterramnd(yienatrhse) aOgpgerreagtainteg floerasaellsn1o2n.2-cFainncaenlacbelleealesaesse1s6.3 with initial terms of one year or more consisted of the following at July 27, 2019: Capital and
BASIS OF PRESENTATION and ACCOUNTING POLICIES (Details) $ in Thousands New Accounting Pronouncements or Change in Accounting Principle [Line Items] Goodwill Operating lease assets Operating lease liability Financing obligations Net assets for leases Rent expense Depreciation expense related to leases Interest expense related to leases Accounting Standards Update 2016-02 [Member] New Accounting Pronouncements or Change in Accounting Principle [Line Items] Operating lease assets Operating lease liability Cumulative adjustment Financing obligations Net assets for leases Gourmet Garage Specialty Markets [Member] New Accounting Pronouncements or Change in Accounting Principle [Line Items] Number of stores | store Payment for acquisition, net of cash acquired Goodwill Trade name intangible asset
Jun. 24, 2019USD ($)store Oct. 26, 2019USD ($) Oct. 27, 2018USD ($) Jul. 28, 2019USD ($) $ 12,650 96,093 108,417 (24,011) (224,489) $ 677 $ 107 $ 540 $ 99,415 111,139 (3,514) 17,442 $ 12,543 3 $ 5,267 593 $ 1,485
Jul. 27, 2019USD ($) $ 12,650 $ (224,890)
MERCHANDISE INVENTORIES (Details) - USD ($) $ in Thousands Oct. 26, 2019 Jul. 27, 2019 Inventory Disclosure [Abstract] Percentage of LIFO Inventory 64.00% 64.00% Inventory, LIFO Reserve $ 14,512 $ 14,512
NET INCOME (LOSS) PER SHARE - Additional Information (Details) shares in Thousands Earnings Per Share [Abstract] Number of common stock classes | class_common_stock Common stock cash dividends, percent Class A is entitled greater than Class B Conversion of stock, conversion ratio Restricted Stock Units (RSUs) [Member] Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] Class A shares excluded from computation of earnings per share Common Class A [Member] Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] Class A shares excluded from computation of earnings per share
3 Months Ended Oct. 27, 2018shares Oct. 26, 2019class_common_stockshares 54.00% 2 1 323 340 241 278
NET INCOME (LOSS) PER SHARE - Schedule of Earnings Per Share, Basic and Diluted (Details) shares in Thousands, $ in Thousands Class of Stock [Line Items] Conversion of Stock, Conversion Ratio Common Class A [Member] Numerator: Net income allocated, basic Conversion of Class B to Class A shares Effect of share-based compensation on allocated net income Net income allocated, diluted Denominator: Weighted average shares outstanding, basic (in shares) | shares Conversion of Class B to Class A shares (in shares) | shares Weighted average shares outstanding, diluted (in shares) | shares Common Class B [Member] Numerator: Net income allocated, basic Conversion of Class B to Class A shares Effect of share-based compensation on allocated net income Net income allocated, diluted Denominator: Weighted average shares outstanding, basic (in shares) | shares Conversion of Class B to Class A shares (in shares) | shares Weighted average shares outstanding, diluted (in shares) | shares
3 Months Ended Oct. 26, 2019USD ($)shares Oct. 27, 2018USD ($)shares 1 $ 1,939 $ 4,739 558 1,361 (2) $ 6,100 $ 2,495 9,732 9,770 4,304 4,294 14,036 14,064 $ 558 $ 1,361 0 0 (1) $ 1,361 $ 557 4,304 4,294 0 0 4,304 4,294
PENSION PLANS - Schedule of Net Benefit Costs (Details) - USD ($) $ in Thousands Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] Service cost Interest cost on projected benefit obligations Expected return on plan assets Amortization of net losses Net periodic pension cost
3 Months Ended Oct. 26, 2019 Oct. 27, 2018 $ 51 $ 53 565 655 (703) (721) 145 145 $ 58 $ 132
PENSION PLANS - Additional Information (Details) 3 Months Ended Oct. 26, 2019pension_plan Defined Benefit Plan [Abstract] Number of defined benefit pension plans 4
RELATED PARTY INFORMATION - WAKEFERN (Details) - USD ($) $ in Thousands Oct. 26, 2019 Investee [Member] Related Party Transaction [Line Items] Demand deposits at Wakefern $ 52,945
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