Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
(All dollar amounts are in thousands, except per share data).
Stock Price and Dividend Information
The Class A common stock of Village Super Market, Inc. is traded on the NASDAQ Global Select Market under the symbol “VLGEA.” The table below sets forth the high and low last reported sales price for the fiscal quarter indicated.
2022 High Low
4th Quarter $24.25 $22.13
3rd Quarter $24.76 $22.21
2nd Quarter $23.64 $21.26
1st Quarter $22.87 $21.43
2021 High Low
4th Quarter $25.46 $22.55
3rd Quarter $26.19 $21.07
2nd Quarter $23.89 $21.56
1st Quarter $26.41 $23.19
As of October 13, 2022, there were approximately 266 holders of record of Class A common stock.
During fiscal 2022, Village paid cash dividends of $13,041. Dividends in fiscal 2022 consist of $1.00 per Class A common share and $.65 per Class B common share.
During fiscal 2021, Village paid cash dividends of $13,050. Dividends in fiscal 2021 consist of $1.00 per Class A common share and $.65 per Class B common share.
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ITEM 6. SELECTED FINANCIAL DATA
Selected Financial Data
(Dollars in thousands, except per share data and per square foot data).
Fiscal 2021 contains 53 weeks, with the additional week included in the fourth quarter. All other fiscal years contain 52 weeks.
For year July 30, 2022 July 31, 2021 July 25, 2020 July 27, 2019 July 28,
2018
Sales $ 2,061,084 $ 2,030,330 $ 1,804,594 $ 1,643,502 $ 1,612,015
Net income 26,830 (1) 19,994 (2) 24,939 (3) 25,539 (4) 25,080 (5)
Net income as a % of sales 1.30 % 0.98 % 1.38 % 1.55 % 1.56 %
Net income per share:
Class A common stock:
Basic $ 2.06 $ 1.53 $ 1.93 $ 1.98 $ 1.95
Diluted 1.84 1.37 1.72 1.77 1.74
Class B common stock:
Basic 1.34 1.00 1.25 1.29 1.27
Diluted 1.34 1.00 1.25 1.29 1.27
Cash dividends per share:
Class A 1.00 1.00 1.00 1.00 1.00
Class B 0.65 0.65 0.65 0.65 0.65
At year-end
Total assets (6) $ 924,448 $ 889,004 $ 915,546 $ 502,289 $ 481,590
Long-term debt (6) 374,035 370,078 396,181 47,725 48,186
Working capital 79,796 44,023 34,522 56,307 89,201
Shareholders’ equity 372,109 341,473 332,320 318,672 303,145
Book value per share 25.64 23.48 22.84 22.15 21.08
Other data
Same store sales trend (7) 4.1 % 2.3 % 5.3 % (0.5) % 0.2 %
Total square feet 2,040,000 2,026,000 2,091,000 1,804,000 1,770,000
Average total sq. ft. per store 54,000 55,000 55,000 55,000 59,000
Selling square feet 1,488,000 1,481,000 1,529,000 1,401,000 1,384,000
Sales per average square foot of selling space (8) $ 1,390 $ 1,349 $ 1,275 $ 1,186 $ 1,188
Number of stores 38 37 38 33 30
Sales per average number of stores (8) $ 55,635 $ 52,713 $ 53,284 $ 54,715 $ 55,450
Capital expenditures and acquisitions $ 43,270 $ 25,233 $ 54,495 $ 27,988 $ 35,464
(1) Includes pension settlement charges of $8,556 (net of tax) including the result of the termination of the Village Super Market, Inc. Employees’ Retirement Plan, and a $342 (net of tax) gain on the sale of an equity investment.
(2) Includes a $2,802 (net of tax) gain on the sale of the leasehold interest in a non-supermarket related parking lot lease obtained as part of the Fairway acquisition, a gain on the sale of a pharmacy prescription list related to the Silver Spring store, net of store closing costs of $276 (net of tax), non-cash impairment charges for the Fairway trade name and the long lived assets for one Gourmet Garage store of $2,010 (net of tax), pension settlement charges of $409 (net of tax) and estimated net income of $417 due to the fiscal year including a 53rd week.
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(3) Includes a $1,911 (net of tax) gain for Superstorm Sandy insurance proceeds received, an $854 (net of tax) gain on the sale of pharmacy prescription lists related to three store pharmacies closed in March 2020, a $2,512 incremental benefit from a federal net operating loss carryback at a rate higher than the current statutory tax rate, a $1,423 (net of tax) gain arising from the breakup of Village’s initial “stalking horse” bid under the January 20, 2020 Fairway Asset Purchase Agreement, transaction costs incurred for the Fairway acquisition of $1,888 (net of tax), amortization of acquisition related inventory step-up of $355 (net of tax), a non-cash pension charge related to the termination of a company-sponsored pension plan and other pension settlement charges of $1,160 (net of tax), pre-opening costs related to the Stroudsburg, Pennsylvania replacement store of $891 (net of tax) and store closure costs and charges to write off the lease asset and related obligations for the old Stroudsburg store of $557 (net of tax).
(4) Includes a $290 (net of tax) gain for Superstorm Sandy insurance proceeds received, a tax benefit of $777 related to the favorable settlement of a tax audit with the New Jersey Division of Taxation and a non-cash pension charge related to pension settlement charges of $308 (net of tax).
(5) Includes a $3,300 reduction in deferred tax expense as a result of the Tax Cuts and Jobs Act, an $822 (net of tax) non-recurring credit accrued related to multi-employer pension benefits, $877 (net of tax) in non-recurring assessments from Wakefern and $695 (net of tax) in pre-opening costs related to the Bronx, New York City store.
(6) On July 28, 2019, the Company adopted ASU 2016-02, “Leases.” The adoption of the standard resulted in the recognition of operating lease assets and operating lease liabilities, included in long-term debt of $99,415 and $111,139, respectively, as of the date of adoption.
(7) New stores and replacement stores are included in same store sales in the quarter after the store has been in operation for four full quarters. Store renovations and expansions are included in same store sales immediately. The change in same store sales in fiscal 2021 excludes the impact of the 53rd week in fiscal 2021 and fiscal 2022 excludes the impact of the 53rd week in fiscal 2021.
(8) Amounts for the year ended July 30, 2022 exclude the results of the Gourmet Garage store opened in the West Village in Manhattan on April 29, 2022. Amounts for the year ended July 25, 2020 exclude the results of the Fairway stores acquired on May 14, 2020. Amounts for the year ended July 27, 2019 exclude the results of the Gourmet Garage stores acquired on June 24, 2019. Amounts for the year ended July 28, 2018 exclude results of the store opened in the Bronx, New York on June 28, 2018.
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Unaudited Quarterly Financial Data
(Dollars in thousands except per share amounts).
First
Quarter Second
Quarter Third
Quarter Fourth
Quarter Fiscal
Year
2022
Sales $ 494,211 $ 537,408 $ 501,962 $ 527,503 $ 2,061,084
Gross profit 140,180 149,611 141,591 148,285 579,667
Net income (loss) 7,328 10,129 (3,231) 12,603 26,830
Net income per share:
Class A common stock:
Basic 0.56 0.78 (0.25) 0.97 2.06
Diluted 0.50 0.69 (0.22) 0.87 1.84
Class B common stock:
Basic 0.37 0.50 (0.16) 0.63 1.34
Diluted 0.37 0.50 (0.16) 0.63 1.34
2021
Sales $ 490,136 $ 522,818 $ 481,093 $ 536,283 $ 2,030,330
Gross profit 137,963 141,845 133,422 151,814 565,044
Net income 3,360 4,555 2,574 9,500 19,994
Net income per share:
Class A common stock:
Basic 0.26 0.35 0.20 0.73 1.53
Diluted 0.23 0.31 0.18 0.65 1.37
Class B common stock:
Basic 0.17 0.23 0.13 0.47 1.00
Diluted 0.17 0.23 0.13 0.47 1.00