SECURITIES & EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: October 8, 2004
VILLAGE SUPER MARKET, INC.
(Exact name of Registrant as specified in its charter)
New Jersey 0-2633 22-1576170
(State or Other jurisdiction (Commission I.R.S. Employer
of incorporation) File Number) Identification No.)
733 Mountain Avenue
Springfield, New Jersey 07081
(Address of principal executive offices)
Registrant's telephone number, including area code:
(973) 467-2200
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction
A.2. below):
[ ] Written communication pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
Item 9.01. Financial Statements and Exhibits
Exhibit No. Description
99.1 Press release issued by the
registrant, dated October 8, 2004
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
VILLAGE SUPER MARKET, INC.
By: s/s Kevin Begley
Name: Kevin Begley
Title: Chief Financial Officer
Exhibit 99.1
VILLAGE SUPER MARKET, INC.
REPORTS RECORD RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED
JULY 31, 2004
Contact: Kevin Begley, C.F.O.
(973) 467-2200 - Ext. 220
kevin.begley@wakefern.com
Springfield, New Jersey - October 8, 2004 - Village Super Market, Inc.
(NSD-VLGEA) today reported record net income and sales for the fourth quarter
and year ended July 31, 2004.
Net income was $4,349,000 ($1.37 per diluted share) in the fourth quarter
of fiscal 2004, an increase of 60% from the fourth quarter of the prior year.
The fourth quarter of fiscal 2004 contains 14 weeks compared to 13 weeks in
the prior year. Net income in the fourth quarter increased primarily due to
strong same store sales growth, a higher gross profit percentage and a lower
operating and administrative expense percentage.
Sales were $259,173,000 in the fourth quarter of fiscal 2004, an increase
of 12.4% from the fourth quarter of the prior year. Excluding the additional
sales week, same store sales increased 4.9%. Sales increased due to higher
sales in recently remodeled stores, increased inflation and increased sales
in two stores opened in fiscal 2002. There were no store openings or store
closings in fiscal 2004.
Gross profit increased to 25.6% of sales in the fourth quarter of fiscal
2004 compared to 25.3% in the fourth quarter of the prior year due to lower
promotional spending, reduced warehousing and related charges from Wakefern,
a higher estimate of patronage dividends and improved product mix. Operating
and administrative expenses decreased to 21.5% of sales in the fourth quarter
compared to 22.0% in the fourth quarter of the prior year due to the leverage
provided by the additional sales week and lower payroll. These improvements
were offset by increased fringe benefit and utility charges.
Net income for the fiscal year was $13,263,000 ($4.20 per diluted share),
an increase of 19% from the prior year. Results for fiscal 2003 included
$967,000 (after-tax) of income received from two partnerships. Excluding the
income received from these partnerships in fiscal 2003, net income for fiscal
2004 would have increased 31% from fiscal 2003. Sales in fiscal 2004 were
$957,647,000, an increase of 6.1% from the prior year. Excluding the
additional sales week in fiscal 2004, same store sales increased 4.2%.
Village Super Market operates a chain of 23 supermarkets under the
Shop Rite name in New Jersey and eastern Pennsylvania.
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:
local 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 on a cash flow basis; the success of operating initiatives;
consumer spending patterns; increased cost of goods sold, including increased
costs from the Company's principal supplier, Wakefern; results of ongoing
litigation; the results of union contract negotiations; competitive store
openings; 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 CONDENSED STATEMENTS OF INCOME
(Dollars in Thousands Except Per Share Amounts)
14 Wks. Ended 13 Wks. Ended 53 Wks. Ended 52 Wks.Ended
July 31, 2004 July 26, 2003 July 31, 2004 July 26, 2003
Sales $ 259,173 $ 230,521 $ 957,647 $ 902,420
Cost of sales 192,861 172,250 713,375 677,056
--------- --------- --------- ---------
Gross profit 66,312 58,271 244,272 225,364
Operating and
administrative
expense 55,760 50,625 209,842 196,273
Depreciation and
amortization 2,628 2,239 9,495 8,929
--------- --------- --------- ---------
Operating income 7,924 5,407 24,935 20,162
Income from
partnerships -- -- -- 1,639
Interest expense, net 485 661 2,192 2,982
--------- --------- --------- ---------
Income before
income taxes 7,439 4,746 22,743 18,819
Income taxes 3,090 2,033 9,480 7,719
--------- --------- --------- ---------
Net income $ 4,349 $ 2,713 $ 13,263 $ 11,100
========= ========= ========= =========
Net income
per share:
Basic $ 1.39 $ .88 $ 4.26 $ 3.60
Diluted $ 1.37 $ .87 $ 4.20 $ 3.54
Gross profit as a
% of sales 25.6% 25.3% 25.5% 25.0%
Operating and admin.
expense as a
% of sales 21.5% 22.0% 21.9% 21.7%