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: March 1, 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
Item 7. Financial Statements and Exhibits
(a) None
(b) None
(c) Exhibits:
Exhibit No. Description
99.1 Press release issued by the
registrant, dated March 1,2004
Item 12. Results of Operations and Financial Condition.
On March 1,2004, Village Super Market, Inc. issued a press
release announcing its consolidated financial results for the
second quarter ended January 24,2004. 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 QUARTER AND SIX MONTHS ENDED
JANUARY 24, 2004
Contact: Kevin Begley, CFO
(973) 467-2200 Ext. 220
Springfield, New Jersey - March 1, 2004 - Village Super Market, Inc.
(NSD-VLGEA) today reported sales and net income for the second quarter ended
January 24, 2004.
Net income was $3,651,000 ($1.16 per diluted share) in the second
quarter of fiscal 2004, a decrease of 10% from the second quarter of the prior
year. Results for the second quarter of fiscal 2003 included $967,000
(after-tax) of income received from two partnerships. Excluding this
partnership income, net income in the second quarter of fiscal 2004 increased
19% from the second quarter of fiscal 2003. Net income in the second quarter
of fiscal 2004 increased primarily due to strong sales growth, increased gross
profit percentages and lower interest expense, partially offset by higher
operating expense percentages.
Sales were $242,209,000 in the second quarter of fiscal 2004. Total
sales and same store sales both increased 3.5% compared to the second quarter
of the prior year. Sales increased due to continued improvement in the two
stores opened in fiscal 2002 and increased sales in stores remodeled in fiscal
2003. In addition, sales in the second quarter of fiscal 2004 benefited from
comparison to a year ago period that included the impact of a substantial
number of store openings by competitors, higher levels of promotional activity
and a softer economy.
Net income for the six-month period of fiscal 2004 was $6,170,000
($1.96 per diluted share), a decrease of 5% from the prior year. Excluding
the income received from the partnership described above, net income increased
12% in the six-month period. Sales for the six-month period of fiscal 2004
were $468,943,000, an increase of 4.1% from the prior year.
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 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)
(Unaudited)
13 Wks. Ended 13 Wks. Ended 26 Wks. Ended 26 Wks. Ended
Jan. 24, 2004 Jan. 25, 2003 Jan. 24, 2004 Jan. 25, 2003
Sales $ 242,209 $ 233,911 $ 468,943 $ 450,449
Cost of sales 180,104 176,020 349,690 338,525
---------- ---------- ---------- ----------
Gross profit 62,105 57,891 119,253 111,924
Operating and
administrative
expense 52,865 49,650 102,907 96,591
Depreciation and
amortization 2,263 2,256 4,479 4,459
---------- ---------- ---------- ----------
Operating income 6,977 5,985 11,867 10,874
Interest expense, net 592 844 1,213 1,623
Income from
partnerships ------ 1,639 ------ 1,639
---------- ---------- ---------- ----------
Income before
income taxes 6,385 6,780 10,654 10,890
Income taxes 2,734 2,740 4,484 4,400
---------- ---------- ---------- ----------
Net income $ 3,651 $ 4,040 $ 6,170 $ 6,490
========== ========== ========== =========
Net income
per share:
Basic $ 1.18 $ 1.31 $ 2.00 $ 2.11
Diluted $ 1.16 $ 1.28 $ 1.96 $ 2.06
Gross profit as a
% of sales 25.6% 24.7% 25.4% 24.8%
Operating and admin.
expense as a
% of sales 21.8% 21.2% 21.9% 21.4%