VILLAGE SUPER MARKET INC (VLGEA) SEC Filing 10-Q Quarterly report for the period ending Saturday, October 27, 2018
John Van Orden, CFO
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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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- 18482874_44Financial - EarningsExcluding this item from the first quarter of fiscal 2019, net income increased 98% in the first quarter of fiscal 2019 compared to the prior year primarily due to increased same store sales, higher gross profit margins and the favorable impact of the Tax Act.
- 18482874_92MA - OtherSome of these competitors have greater financial resources, lower merchandise acquisition costs and lower operating expenses than we do.
- 18482874_127Financial - ExpenseAny breach of these security measures and loss of confidential information, which could be undetected for a period of time, could damage our reputation with customers, vendors and associates, cause Wakefern and Village to incur significant costs to protect any customers, vendors and associates whose personal data was compromised, cause us to make changes to our information systems and could result in government enforcement actions and litigation against Wakefern and/or Village from outside parties.
- 18482874_99Financial - ExpenseAny material change in Wakefern?s method of operation or a termination or material modification of Village?s relationship with Wakefern could have an adverse impact on the conduct of the Company?s business and could involve additional expense for Village.
- 18482874_89Financial - EarningsThese include: The supermarket business is highly competitive and characterized by narrow profit margins.
- 18482874_85Financial - ExpenseWe 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.
- 18482874_35Financial - IncomeInterest income increased in the first quarter of fiscal 2019 compared to the corresponding period of the prior year due primarily to higher interest rates earned on notes receivable from Wakefern and demand deposits invested at Wakefern.
- 18482874_110Legal - OtherUnder 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.
- 18482874_6Other - OtherThe ShopRite Price Plus preferred customer program enables Village to offer continuity programs, focus on target marketing initiatives and to offer discounts and attach digital coupons directly to a customer's Price Plus card.
- 18482874_3Financial - EarningsThe supermarket industry is highly competitive and characterized by narrow profit margins.
- 18482874_8Financial - EarningsThese larger store sizes enable the Company?s stores to provide a "one-stop" shopping experience and to feature expanded higher margin specialty departments such as an on-site bakery, an expanded delicatessen, a variety of natural and organic foods, ethnic and international foods, prepared foods and pharmacies.
- 18482874_43Other - OtherThe first quarter of fiscal 2019 includes a $290 (net of tax) gain for Superstorm Sandy insurance proceeds received.
- 18482874_106Revenue - ProductThe 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.
- 18482874_9Financial - EarningsMany of our stores emphasize a Power Alley, which features high margin, fresh, convenience offerings in an area within the store that provides quick customer entry and exit for those customers shopping for today's lunch or dinner.
- 18482874_100Financial - ExpenseThe failure of any Wakefern member to fulfill its obligations to Wakefern or a member?s insolvency or withdrawal from Wakefern could result in increased costs to the Company.
- 18482874_115Legal - OtherChanges 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.
- 18482874_37Financial - IncomeThe effective income tax rate was 30.2% in the first quarter of fiscal 2019 compared to 41.4% in the first quarter of the prior year.
- 18482874_83Financial - IncomeWe expect our effective income tax rate in fiscal 2019 to be in the range of 30% - 31%.
- 18482874_28Other - OtherAs noted in Note 8 to the unaudited consolidated financial statements, the first quarter of fiscal 2019 includes a gain for Superstorm Sandy insurance proceeds received (.10%).
- 18482874_39Other - OtherThe Tax Act made significant changes to the U.S tax code, including, but not limited to, reducing the U.S. federal statutory tax rate from 35% to 21% effective January 1, 2018 and bonus depreciation that will allow for full expensing of qualified property.
- 18482874_139Other - OtherThis guidance is effective for fiscal years ending after December 15, 2020, and early adoption is permitted.
- 18482874_117Financial - Cash FlowFailure of our asset groups to achieve sufficient levels of cash flow could result in impairment charges on long-lived assets.
- 18482874_18Revenue - ProductSales increased 3.7% due to the opening of the Bronx, New York City store on June 28, 2018 and a same store sales increase of 1.3%.
- 18482874_121Other - OtherAny material interruption of our or Wakefern?s information systems could have a material adverse impact on our results of operations.
- 18482874_133Other - OtherThis guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with earlier adoption permitted.
- 18482874_54Other - OtherThe decreased impact of working capital is due primarily to changes in timing of payments related to other assets and liabilities.
- 18482874_126Other - OtherIt is possible that computer hackers, cyber terrorists and others may be able to defeat the security measures in place at the Company, Wakefern or those of third-party service providers.
- 18482874_19Revenue - ProductSame store sales increased due primarily to growth in recently remodeled and expanded stores partially offset by the impact of one competitor store opening.
- 18482874_25Financial - EarningsGross profit as a percentage of sales increased .87% in the first quarter of fiscal 2019 compared to the first quarter of the prior year primarily due to decreased promotional spending (.35%), increased departmental gross margin percentages (.31%), a favorable change in product mix (.09%), increased patronage dividends and other rebates from Wakefern (.05%) and decreased warehouse assessment charges from Wakefern (.05%).
- 18482874_17Revenue - ProductSales were $401,550 in the first quarter of fiscal 2019, an increase of 3.7% compared to the first quarter of the prior year.
- 18482874_70Financial - EarningsThe credit agreement contains covenants that, among other conditions, require a maximum liabilities to tangible net worth ratio, a minimum fixed charge coverage ratio and a positive net income.
- 18482874_75Revenue - ProductSuch statements relate to, for example: same store sales; economic conditions; expected pension plan contributions; projected capital expenditures; cash flow requirements; inflation expectations; and legal matters; and are indicated by words such as "will," "expect," "should," "intend," "anticipates," "believes" and similar words or phrases.
- 18482874_5Other - OtherVillage competes by using low pricing, providing a superior customer service experience and a broad range of consistently available quality products, including ShopRite private labeled products.
- 18482874_105Other - OtherThe Company could be adversely affected if consumers lose confidence in the safety and quality of the food supply chain.
- 18482874_20Revenue - ProductThe Company expects same store sales in fiscal 2019 to increase .5% to 2.5%.
- 18482874_78Revenue - ProductWe expect same store sales to increase from .5% to 2.5% in fiscal 2019.
- 18482874_27Financial - ExpenseOperating and administrative expense as a percentage of sales decreased .08% in the first quarter of fiscal 2019 compared to the first quarter of the prior year.
- 18482874_38Other - OtherThe effective tax rate was impacted by the Tax Cuts and Jobs Act (the "Tax Act") enacted on December 22, 2017.
- 18482874_118Legal - OtherOur effective tax rate may be impacted by the results of tax examinations and changes in tax laws.
- 18482874_97Other - OtherIn 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.
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- Form Type: Quarterly
- Number of times amended: 0
- Accession Number: 0000103595-18-000019
- Submitted to the SEC: Thursday, December 6, 2018 1:55:41 PM EST
- Accepted by the SEC: Thursday, December 6, 2018
- Period ending: October 2018
- Industry: Retail Grocery Stores