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.
2023 High Low
4th Quarter $23.74 $20.42
3rd Quarter $23.65 $21.69
2nd Quarter $24.10 $20.58
1st Quarter $22.97 $19.23
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
As of October 11, 2023, there were approximately 237 holders of record of Class A common stock.
During fiscal 2023, Village paid cash dividends of $13,193. Dividends in fiscal 2023 consist of $1.00 per Class A common share and $.65 per Class B common share.
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.
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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 29, 2023 July 30, 2022 July 31, 2021 July 25, 2020 July 27,
2019
Sales $ 2,166,654 $ 2,061,084 $ 2,030,330 $ 1,804,594 $ 1,643,502
Net income 49,716 (1) 26,830 (2) 19,994 (3) 24,939 (4) 25,539 (5)
Net income as a % of sales 2.29 % 1.30 % 0.98 % 1.38 % 1.55 %
Net income per share:
Class A common stock:
Basic $ 3.78 $ 2.06 $ 1.53 $ 1.93 $ 1.98
Diluted 3.38 1.84 1.37 1.72 1.77
Class B common stock:
Basic 2.45 1.34 1.00 1.25 1.29
Diluted 2.45 1.34 1.00 1.25 1.29
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) $ 967,706 $ 924,448 $ 889,004 $ 915,546 $ 502,289
Long-term debt (6) 361,418 374,035 370,078 396,181 47,725
Working capital 67,714 79,796 44,023 34,522 56,307
Shareholders’ equity 410,166 372,109 341,473 332,320 318,672
Book value per share 27.61 25.64 23.48 22.84 22.15
Other data
Same store sales trend (7) 3.5 % 4.1 % 2.3 % 5.3 % (0.5) %
Total square feet 2,040,000 2,040,000 2,026,000 2,091,000 1,804,000
Average total sq. ft. per store 54,000 54,000 55,000 55,000 55,000
Selling square feet 1,488,000 1,488,000 1,481,000 1,529,000 1,401,000
Sales per average square foot of selling space (8) $ 1,460 $ 1,390 $ 1,349 $ 1,275 $ 1,186
Number of stores 38 38 37 38 33
Sales per average number of stores (8) $ 57,017 $ 55,635 $ 52,713 $ 53,284 $ 54,715
Capital expenditures and acquisitions $ 46,400 $ 43,270 $ 25,233 $ 54,495 $ 27,988
(1) Includes litigation settlement gains related to claims associated with the Fairway acquisition and liabilities associated thereto of $828 (net of tax) and a $276 (net of tax) loss on an equity investment.
(2) 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.
(3) 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
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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.
(4) 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).
(5) 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).
(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, replacement stores and stores with banner changes 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.
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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
2023
Sales $ 519,689 $ 563,866 $ 529,294 $ 553,806 $ 2,166,654
Gross profit 149,285 154,879 151,223 161,063 616,450
Net income 11,081 12,322 11,017 15,296 49,716
Net income per share:
Class A common stock:
Basic 0.85 0.95 0.84 1.15 3.78
Diluted 0.76 0.85 0.75 1.03 3.38
Class B common stock:
Basic 0.55 0.62 0.54 0.74 2.45
Diluted 0.55 0.62 0.54 0.74 2.45
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 (loss) 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
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.