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 4, 2005
VILLAGE SUPER MARKET, INC.
(Exact name of Registrant as specified in its charter)
New Jersey 0-2633 22-1576170
(State or Other jurisdiction (Commission File No.) (I.R.S. Employer
of incorporation) 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 4, 2005
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 30, 2005
Contact: Kevin Begley, CFO
(973) 467-2200 - Ext 220
kevin.begley@wakefern.com
Springfield, New Jersey - October 4, 2005 - Village Super Market, Inc.
(NSD-VLGEA) today reported record net income for the fourth quarter and year
ended July 30, 2005.
Net income was $4,739,000 ($1.46 per diluted share) in the fourth quarter
of fiscal 2005, an increase of 9% from the fourth quarter of the prior year.
The fourth quarter of fiscal 2005 contains 13 weeks compared to 14 weeks in the
prior year. Net income in the fourth quarter increased primarily due to
improved sales and gross profit percentages.
Sales were $253,204,000 in the fourth quarter of fiscal 2005, a decrease
of 2.3% from the fourth quarter of the prior year. The prior year included
$17,301,000 of sales from the additional sales week. Excluding the additional
sales week in the prior year, sales increased 4.7% due to the opening of an
80,000 square foot replacement store in Somers Point, New Jersey on
October 27, 2004 and a 4.2% increase in same store sales, partially offset by
the closing of a stand-alone drugstore. Same store sales increased due to
improved sales in the recently remodeled Bernardsville store, continued
improvement in stores opened and remodeled in recent fiscal years, higher sales
in one store due to the closing of a competitor, and increases in retail
prices in certain categories resulting from inflation. These same store sales
improvements were partially offset by reduced sales in three stores due to
competitive openings.
Gross profit increased to 26.8% of sales in the fourth quarter of fiscal
2005 compared to 25.6% in the fourth quarter of the prior year due to improved
product mix, higher gross margins in most departments and reduced LIFO charges.
These improvements were partially offset by increased promotional spending.
Operating and administrative expenses increased to 22.2% of sales in the fourth
quarter compared to 21.5% in the fourth quarter of the prior year due to
increased fringe benefit, supply and utility costs and reduced leverage in the
fourth quarter of the current year, as the prior year included an additional
sales week. Utility and supply costs increased due to increases in energy
prices.
Net income for the fiscal year was $15,542,000 ($4.86 per diluted share),
an increase of 17% from the prior year. Fiscal 2005 results include $890,000
(after-tax) of income received from a partnership. Excluding this partnership
income, pro forma net income was $14,652,000 in fiscal 2005, an increase of 10%
from the prior year. Sales in fiscal 2005 were $983,679,000, an increase
of 2.7% from the prior year. Excluding the additional sales week from the
prior year, same store sales increased 4.2% in fiscal 2005.
Village Super Market operates a chain of 23 supermarkets under the
ShopRite 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; the success of operating initiatives; consumer spending
patterns; the impact of higher oil prices; increased cost of goods sold,
including increased costs from the Company's principal supplier, Wakefern; 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)
13 Wks. Ended 14 Wks. Ended 52 Wks. Ended 53 Wks. Ended
July 30, 2005 July 31, 2004 July 30, 2005 July 31, 2004
Sales $ 253,204 $ 259,173 $ 983,679 $ 957,647
Cost of sales 185,366 192,861 727,161 713,375
--------- --------- --------- ---------
Gross profit 67,838 66,312 256,518 244,272
Operating and
administrative expense 56,275 55,760 218,649 209,842
Depreciation and
amortization 2,727 2,628 10,595 9,495
--------- --------- --------- ---------
Operating income 8,836 7,924 27,274 24,935
Income from
partnerships -- -- 1,509 --
Interest expense, net 563 485 2,199 2,192
--------- --------- --------- ---------
Income before
income taxes 8,273 7,439 26,584 22,743
Income taxes 3,534 3,090 11,042 9,480
--------- --------- --------- ---------
Net income $ 4,739 $ 4,349 $ 15,542 $ 13,263
========= ========= ========= =========
Net income
per share:
Basic $ 1.49 $ 1.39 $ 4.91 $ 4.26
Diluted $ 1.46 $ 1.37 $ 4.86 $ 4.20
Gross profit as a
% of sales 26.8% 25.6% 26.1% 25.5%
Operating and admin.
expense as a
% of sales 22.2% 21.5% 22.2% 21.9%