VILLAGE SUPER MARKET INC (VLGEA) SEC Filing 10-K Annual report for the fiscal year ending Saturday, July 28, 2018

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Exhibit 99.1



VILLAGE SUPER MARKET, INC.
REPORTS RESULTS FOR THE FOURTH QUARTER ENDED
JULY 28, 2018
Contact:
John Van Orden, CFO
 
(973) 467-2200
 
john.vanorden@wakefern.com
Springfield, New Jersey – October 8, 2018 – Village Super Market, Inc. (NSD-VLGEA) today reported its results of operations for the fourth quarter ended July 28, 2018.

Net income was $6,011,000 in the fourth quarter of fiscal 2018 compared to $6,805,000 in the fourth quarter of fiscal 2017. The fourth quarter of fiscal 2018 includes a $822,000 (net of tax) non-recurring credit accrued related to multi-employer pension benefits, $671,000 (net of tax) in non-recurring assessments from Wakefern and $551,000 (net of tax) in pre-opening costs related to the Bronx, New York City store. Excluding these items, net income decreased 6% in the fourth quarter of fiscal 2018 compared to the prior year primarily due to higher operating and administrative expenses partially offset by the favorable impact of a reduction in the fiscal 2018 effective tax rate to 33.7% as a result of the Tax Cuts and Jobs Act (the "Tax Act").

Sales were $413,551,000 in the fourth quarter of fiscal 2018 compared to $410,683,000 in the fourth quarter of fiscal 2017. Sales increased due to the opening of the Bronx, New York City store on June 28, 2018 partially offset by a decrease in same store sales of 0.3%. Same store sales decreased due primarily to two competitor store openings. 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 27.56% in the fourth quarter of fiscal 2018 compared to 27.39% in the fourth quarter of fiscal 2017 due primarily to increased departmental gross margin percentages (.11%) and more favorable product mix (.03%).

Operating and administrative expense as a percentage of sales increased to 23.80% in the fourth quarter of fiscal 2018 compared to 22.99% in the fourth quarter of fiscal 2017. Operating and administrative expense as a percentage of sales increased due primarily to payroll investments in service departments and training (.09%), internal payroll (.06%) and non-recurring external consulting fees (.18%) related to the launch of operational proficiency initiatives, pre-opening costs for the Bronx, New York store (.20%), non-recurring assessments from Wakefern (.23%) and increased worker compensation claim costs (.23%). These increases were partially offset by a non-recurring credit accrued related to multi-employer pension benefits (.30%).
Net income was $25,080,000 in fiscal 2018 compared to $22,921,000 in fiscal 2017.  Fiscal 2018 includes a $3,300,000 reduction in deferred tax expense as a result of the Tax Act, an $822,000 (net of tax) non-recurring credit accrued related to multi-employer pension benefits, $877,000 (net of tax) in non-recurring assessments from Wakefern and $695,000 (net of tax) in pre-opening costs related to the Bronx, New York City store. Excluding these items, net income decreased 2% in fiscal 2018 compared to the prior year primarily due to higher operating and administrative expenses partially offset by the favorable impact of a reduction in the fiscal 2018 effective tax rate to 33.7% as a result of the Tax Act.

Sales were $1,612,015,000 in fiscal 2018 compared to $1,604,574,000 in fiscal 2017. Sales increased due to the opening of the Bronx, New York City store on June 28, 2018 and a same store sales increase of 0.2%. Same store sales increased due primarily to continued growth in recently remodeled and expanded stores, inflation and increased promotional spending. These increases were offset primarily by two competitor store openings.

Gross profit as a percentage of sales of 27.23% in fiscal 2018 increased .01% compared to fiscal 2017. Increased departmental gross margin percentages (.07%) and more favorable product mix (.09%) were offset by decreased patronage dividends (.04%) and higher promotional spending (.10%).

Operating and administrative expense as a percentage of sales increased to 23.61% in fiscal 2018 compared to 23.15% in fiscal 2017. Operating and administrative expense as a percentage of sales increased due primarily to payroll investments in service departments and training (.19%), internal payroll (.04%) and non-recurring external consulting fees (.09%) related to the launch of operational proficiency initiatives, pre-opening costs for the Bronx, New York store (.06%), non-recurring assessments from Wakefern (.08%) and increased occupancy costs including snow removal (.05%). These increases were partially offset by a non-recurring credit accrued related to multi-employer pension benefits (.08%).




The following information was filed by VILLAGE SUPER MARKET INC on Wednesday, October 10, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Exhibit 4 - INSTRUMENTS DEFINING THE RIGHTS OF SECURITY HOLDERS, INCLUDING INDENTURES

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Exhibit 21 - SUBSIDARIES OF THE REGISTRANT

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Exhibit 23 - CONSENTS OF EXPERTS AND COUNSEL

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Exhibit 31.1 - RULE 13A-14(A)/15D-14(A) CERTIFICATION

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Exhibit 31.2 - RULE 13A-14(A)/15D-14(A) CERTIFICATION

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Exhibit 32.1 - SECTION 1350 CERTIFICATION

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Exhibit 32.2 - SECTION 1350 CERTIFICATION

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  • Form Type: Annual
  • Number of times amended: 0
  • Accession Number: 0000103595-18-000017
  • Submitted to the SEC: Wednesday, October 10, 2018 7:09:48 PM EST
  • Accepted by the SEC: Thursday, October 11, 2018
  • Fiscal Year ending: July 2018
  • Industry: Retail Grocery Stores