Core Insights - Village Super Market, Inc. reported steady growth in the fiscal fourth quarter, with total sales reaching $578.2 million, a 4.4% increase from the previous year, driven by strong digital sales and pharmacy segments [1][2] Financial Performance - Earnings per share (EPS) for Class A common stock was $1.04, up from $1.03, while Class B common stock EPS increased to 75 cents from 74 cents [1] - Net income for the fiscal fourth quarter was $15.4 million, slightly up from $15.3 million, with adjusted net income increasing by 10% to $16.9 million [8] - For fiscal 2024, total sales reached $2.24 billion, a 3.2% increase from $2.17 billion in fiscal 2023, with EPS for Class A at $3.40 and Class B at $2.46 [9] Profitability Metrics - Gross profit as a percentage of sales improved to 29.3% in the fiscal fourth quarter, up from 29.1% the previous year, attributed to lower warehouse assessment charges and LIFO charges [4] - Operating and administrative expenses rose to 24.2% of sales from 23.9% in the prior-year quarter, primarily due to increased labor costs and fringe benefits [5] - The company's net income for the fiscal year reached $50.5 million, a slight increase from $49.7 million in fiscal 2023, while adjusted net income grew 7% to $52.6 million [10] Operational Developments - The company closed its automated micro-fulfillment center, resulting in a non-cash impairment charge of $2.1 million, reflecting a strategic shift towards digital sales and store expansions [11] - Digital sales growth was significant, climbing 12%, contributing to the overall sales increase [2]

Sales Performance - Sales increased to $2,236,566 in fiscal 2024, up from $2,166,654 in fiscal 2023, driven by a 2.3% increase in same store sales and the opening of a new ShopRite store[51]. - Total sales for the year ended July 27, 2024, were $2,236,566, an increase of 3.2% from $2,166,654 in the previous year[99]. - The pharmacy segment's sales increased to $82,276,000, accounting for 3.7% of total sales, up from 3.3% in the prior year[114]. Profitability - Gross profit as a percentage of sales rose to 28.70% in fiscal 2024 from 28.45% in fiscal 2023, attributed to improved departmental gross margins and increased patronage dividends[52]. - Gross profit for the same period was $641,975, up from $616,450, reflecting a gross margin improvement[99]. - Net income for fiscal 2024 was $50,462, compared to $49,716 in fiscal 2023, while adjusted net income increased to $52,554 from $48,888, reflecting a 7% year-over-year growth[59]. - Net income increased to $50,462, compared to $49,716 in the prior year, representing a growth of 1.5%[99]. - The net income available to Class A and Class B shareholders was $48,596 for the year ended July 27, 2024, compared to $48,126 for the year ended July 29, 2023, an increase of 1.0%[135]. Expenses - Operating and administrative expenses as a percentage of sales increased to 24.34% in fiscal 2024 from 23.86% in fiscal 2023, primarily due to higher labor costs and external fees related to digital sales[53]. - Adjusted operating and administrative expenses as a percentage of sales were 24.30% in fiscal 2024, up from 23.91% in fiscal 2023[47]. - Advertising expenses rose to $12,174 in fiscal 2024 from $10,658 in fiscal 2023, marking an increase of approximately 14.2%[123]. - The company experienced a non-cash share-based compensation expense of $3,993,000 in fiscal 2024, compared to $3,274,000 in fiscal 2023[106]. Taxation - The effective income tax rate decreased to 30.6% in fiscal 2024 from 31.6% in fiscal 2023, driven by increased work opportunity tax credits and favorable deferred tax asset revaluation[58]. - The effective income tax rate for fiscal 2025 is projected to be between 31.0% and 32.0%[82]. - The provision for income taxes totaled $22,255 for the year ended July 27, 2024, compared to $23,009 for the year ended July 29, 2023, reflecting a decrease of approximately 3.3%[161]. Capital Expenditures - In fiscal 2024, Village utilized cash for capital expenditures of $63,113, dividends of $13,341, and principal payments of long-term debt of $11,003[67]. - Capital expenditures in fiscal 2023 were $46,400, with significant investments in store remodels and technology upgrades[69]. - The company has budgeted $75,000 for capital expenditures in fiscal 2025, focusing on new store constructions and technology upgrades[70]. - Capital expenditures increased to $63,113,000 in fiscal 2024 from $46,400,000 in fiscal 2023, representing a rise of 35.9%[106]. Debt and Liquidity - Working capital decreased to $25,485 in fiscal 2024 from $67,714 in fiscal 2023, primarily due to $33,338 in matured notes receivable from Wakefern[70]. - As of July 27, 2024, Village had $67,664 available under its unsecured revolving line of credit[78]. - The Company’s total liabilities for finance and operating leases represent the present value of minimum lease payments not yet paid, reflecting the financial obligations associated with its lease agreements[122]. - As of July 27, 2024, the Company's total debt, excluding obligations under leases, was $72,245, down from $81,796 in the previous year, indicating a reduction of approximately 11.4%[148]. Investments and Assets - The company holds variable rate notes receivable from Wakefern totaling $33,740, maturing on August 15, 2027[73]. - The company’s total assets as of July 27, 2024, were $981,664, a slight increase from $967,706 in the previous year[98]. - The Company has invested $17,355 in a real estate partnership for the development of a retail center in Old Bridge, New Jersey[71]. - Total deferred tax assets increased to $99,206 as of July 27, 2024, from $96,617 as of July 29, 2023, representing a growth of about 2.6%[163]. Shareholder Returns - The company plans to maintain quarterly dividends at the current rate of $0.25 per Class A and $0.1625 per Class B share in 2025[82]. - Dividends paid increased slightly to $13,341,000 in fiscal 2024 from $13,193,000 in fiscal 2023[106]. - The Company declared cash dividends of $1.00 per share for Class A common stock and $0.65 per share for Class B common stock in fiscal 2024, totaling $13,341 compared to $13,193 in fiscal 2023[179]. Operational Changes - The company closed an 8,400 sq. ft. Gourmet Garage store in New York City on November 1, 2023, with no material impact on consolidated financial statements[45]. - The company opened an 83,000 sq. ft. replacement ShopRite store in Old Bridge, NJ, on March 17, 2024, replacing a smaller 32,000 sq. ft. store[44]. - The company operated an automated micro-fulfillment center in South New Jersey, which was closed on September 1, 2024, leading to non-cash impairment charges[55]. - The Company recognized an impairment charge of $2,125 related to the closure of the automated micro-fulfillment center in south NJ in Fiscal 2024[130].

Leadership Changes - Robert Sumas will step down as CEO and interim Chairman effective December 13, 2024, but will remain as a Senior Advisor and Board member [1][2] - John J. Sumas is set to be appointed as the new CEO, while Nicholas Sumas will take on the roles of President and Chairman of the Board, both effective December 13, 2024 [2] Background of New Leadership - John J. Sumas has been a Director since 2009 and Co-President since 2018, with a career at the company starting in 1987, holding various supervisory roles including Chief Operating Officer [3] - Nicholas Sumas has also been a Director since 2009 and Co-President since 2018, with his tenure at the company beginning in 1994, and has held positions such as Chief Marketing Officer [4] Board Composition - Following the passing of Board member William Sumas on July 11, 2024, the Board of Directors will not fill the vacancy, reducing its size from ten to nine members [5] Company Overview - Village Super Market operates 34 supermarkets under the ShopRite and Fairway brands across New Jersey, Maryland, New York, and eastern Pennsylvania, as well as three specialty markets under the Gourmet Garage name in New York City [6]

Group 1 - Village Super Market, Inc. declared quarterly cash dividends of $0.25 per Class A common share and $0.1625 per Class B common share [1] - The dividends are scheduled to be payable on October 24, 2024, to shareholders of record at the close of business on October 3, 2024 [1] Group 2 - Village Super Market operates a chain of 34 supermarkets under the ShopRite and Fairway names across New Jersey, Maryland, New York, and eastern Pennsylvania [2] - The company also runs three specialty markets under the Gourmet Garage name in New York City [2]

Core Points - Village Super Market, Inc. announced the passing of William P. Sumas, the Chairman of the Board, who was a key leader in the Wakefern Food Corp. cooperative and the supermarket industry [1][2] - Sumas was recognized for his visionary leadership, dedication to the community, and significant contributions to the success of Village Super Market [2] - He served as Chairman of the Board since 2017 and was the longest-serving Chairman of the New Jersey Food Council from 2000 to 2007 [3] Company Overview - Village Super Market, Inc. operates a chain of 34 supermarkets across New Jersey, New York, Maryland, and Pennsylvania under the ShopRite and Fairway banners, as well as three Gourmet Garage specialty markets in New York City [4] - Robert Sumas, the Chief Executive Officer and Vice Chairman of the Board, will serve as the interim Chairman of the Board until a new Chair is appointed [4]

SPRINGFIELD, N.J., July 17, 2024 (GLOBE NEWSWIRE) -- Village Super Market, Inc. (NASDAQ: VLGEA), is deeply saddened to announce the passing of William P. Sumas (Bill), Chairman of the Board, member and key leader in the Wakefern Food Corp. (Wakefern) cooperative and the supermarket industry. Robert Sumas, Chief Executive Officer and Vice Chairman of the Board of Directors, will be the interim Chairman of the Board until the Board meets to appoint a new Chair. Contact: Amanda Fischer, Marketing Manager (973) ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended April 27, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. Commission File No. 0-2633 Securities registered pursuant to Section 12(b) of the Act: | Class A common stock, no par value | VLGEA | The NASDAQ Stock Market | | --- | --- | --- | | (Tit ...

2023.10.28UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended January 27, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. Commission File No. 0-2633 VILLAGE SUPER MARKET, INC. (Exact name of registrant as specified in its charter) New Jersey 22-1576170 (State or other jurisdiction of incorporati ...

2023.10.28UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended October 28, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. Commission File No. 0-2633 VILLAGE SUPER MARKET, INC. (Exact name of registrant as specified in its charter) New Jersey 22-1576170 (State or other jurisdiction of incorporati ...

UNITED STATES SECURITIES & EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934. For the fiscal year ended July 29, 2023 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 COMMISSION FILE NUMBER: 0-33360 VILLAGE SUPER MARKET, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I. R. S. Employer Identific ...