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 2, 2003
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
Item 7. Financial Statements and Exhibits
(a) None
(b) None
(c) Exhibits:
Exhibit No. Description
99.1 Press release issued by the registrant,
dated October 2, 2003
Item 12. Results of Operations and Financial Condition.
On October 2, 2003, Village Super Market, Inc. issued a press
release announcing its consolidated financial results for the fourth
quarter of its 2003 fiscal year ended July 26, 2003. The press release
appearing in Exhibit 99.1 is not filed but is furnished in accordance
with Item 12 of Form 8-K.
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 RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED
JULY 26, 2003
Contact: Kevin Begley, C. F. O.
(973) 467-2200 - Ext. 220
Springfield, New Jersey - October 2, 2003 - Village Super
Market, Inc. (NSD-VLGEA) today reported sales and net income for the
fourth quarter and year ended July 26, 2003.
Net income was $2,713,000 ($.87 per diluted share) in the fourth
quarter of fiscal 2003, a decrease of 30% from the prior year. Net
income declined due to a soft economy, a lower gross profit percentage,
higher operating expenses as a percentage of sales and a higher
effective tax rate. The gross profit percentage declined primarily
due to higher promotional spending in the current year. The
operating expense percentage increased primarily as a result of
higher required contributions to employee health and pension plans.
Sales in the fourth quarter of fiscal 2003 were $230,521,000.
Total sales and same store sales both increased 2.3% from the prior
year. Approximately half of the same store sales increase is due to
higher sales in the Garwood and Hammonton stores, which opened during
fiscal 2002 and are now included in same store sales.
Net income for the fiscal year was $11,100,000 ($3.54 per diluted
share), a decrease of 12% from the prior year. Excluding $967,000
(after-tax) of income received from two partnerships in fiscal 2003 and
a $403,000 (after-tax) impairment charge in the prior year, net income
declined 22%. The decline in net income for the fiscal year was
primarily attributable to a soft economy, increased promotional
activities, higher required contributions to employee health and
pension plans and a higher effective tax rate. Sales were $902,420,000,
an increase of 2.2% from the prior year. Same store sales increased 1.6%.
Approximately half of the same store sales increase was attributable to
improved sales in the Garwood and Hammonton stores after their inclusion
in same store sales.
Village Super Market operates a chain of 23 supermarkets under the
ShopRite name in New Jersey and eastern Pennsylvania.
This Press Release contains "forward-looking statements" within
the meaning of federal securities law. Actual events and results may
vary significantly from those contemplated or implied by such forward
looking statements. The following are among the principal factors that
could cause results to differ materially from forward-looking statements:
local economic conditions; competitive pressures from the Company's
operating environment; the ability of the Company to 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; the results of union contract negotiations; competitive store
openings; the rate of return on pension plan assets; and other risk
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 13 Wks. Ended Year Ended Year Ended
July 26, 2003 July 27, 2002 July 26, 2003 July 27, 2002
Sales $ 230,521 $ 225,345 $ 902,420 $ 883,337
Cost of sales 172,250 167,425 677,056 661,694
--------- --------- --------- ---------
Gross profit 58,271 57,920 225,364 221,643
Operating and
administrative
expense 50,625 48,680 196,273 189,835
Depreciation and
amortization 2,239 2,193 8,929 8,002
Non-cash
impairment charge --- -- -- 640
------- ------- ------- -------
Operating income 5,407 7,047 20,162 23,166
Income from
partnerships -- -- 1,639 --
Interest expense,
net 661 883 2,982 3,234
------ ------- ------- ------
Income before
income taxes 4,746 6,164 18,819 19,932
Income taxes 2,033 2,289 7,719 7,374
------ ------ ------ ------
Net income $ 2,713 $ 3,875 $ 11,100 $ 12,558
======== ======== ========= ========
Net income
per share:
Basic $ .88 $ 1.26 $ 3.60 $ 4.11
Diluted $ .87 $ 1.23 $ 3.54 $ 4.00
Gross profit as
a % of sales 25.3% 25.7% 25.0% 25.1%
Operating and
admin.
expense as a
% of sales 22.0% 21.6% 21.7% 21.5%