VILLAGE SUPER MARKET INC 10-K

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. 2024 High Low 4th Quarter $30.82 $24.87 3rd Quarter $28.61 $25.01 2nd Quarter $26.52 $23.69 1st Quarter $24.42 $21.87 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 As of October 9, 2024, there were approximately 265 holders of record of Class A common stock. During fiscal 2024, Village paid cash dividends of $13,341. Dividends in fiscal 2024 consist of $1.00 per Class A common share and $.65 per Class B common share. 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. 7 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 27, 2024 July 29, 2023 July 30, 2022 July 31, 2021 July 25, 2020 Sales $ 2,236,566 $ 2,166,654 $ 2,061,084 $ 2,030,330 $ 1,804,594 Net income 50,462 (1) 49,716 (2) 26,830 (3) 19,994 (4) 24,939 (5) Net income as a % of sales 2.26 % 2.29 % 1.30 % 0.98 % 1.38 % Net income per share: Class A common stock: Basic $ 3.78 $ 3.78 $ 2.06 $ 1.53 $ 1.93 Diluted 3.40 3.38 1.84 1.37 1.72 Class B common stock: Basic 2.46 2.45 1.34 1.00 1.25 Diluted 2.46 2.45 1.34 1.00 1.25 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 $ 981,664 $ 967,706 $ 924,448 $ 889,004 $ 915,546 Long-term debt 339,291 361,418 374,035 370,078 396,181 Working capital 25,485 67,714 79,796 44,023 34,522 Shareholders’ equity 447,559 410,166 372,109 341,473 332,320 Book value per share 30.32 27.61 25.64 23.48 22.84 Other data Same store sales trend (6) 2.3 % 3.5 % 4.1 % 2.3 % 5.3 % Total square feet 2,082,000 2,040,000 2,040,000 2,026,000 2,091,000 Average total sq. ft. per store 56,000 54,000 54,000 55,000 55,000 Selling square feet 1,512,000 1,488,000 1,488,000 1,481,000 1,529,000 Sales per average square foot of selling space (7) $ 1,491 $ 1,460 $ 1,390 $ 1,349 $ 1,275 Number of stores 37 38 38 37 38 Sales per average number of stores (7) $ 58,475 $ 57,017 $ 55,635 $ 52,713 $ 53,284 Capital expenditures and acquisitions $ 63,113 $ 46,400 $ 43,270 $ 25,233 $ 54,495 (1) Includes pre-opening costs of $626 (net of tax) associated with opening of the Old Bridge, NJ ShopRite replacement store opened on March 17, 2024 and $1,466 (net of tax) non-cash impairment charges for long-lived assets due to the closure of the automated micro-fulfillment center in south NJ. (2) Includes litigation settlement gains related to claims associated with the Fairway acquisition and liabilities associated thereto of $828 (net of tax). (3) 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. 8 (4) 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. (5) 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). (6) 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. (7) Amounts for the year ended July 27, 2024 exclude the results of the Old Bridge replacement store opened on March 17, 2024 and the closure of a Gourmet Garage location on November 1, 2023. 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. Unaudited Quarterly Financial Data (Dollars in thousands except per share amounts). First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year 2024 Sales $ 536,354 $ 575,579 $ 546,396 $ 578,237 $ 2,236,566 Gross profit 152,948 163,442 155,932 169,653 641,975 Net income 11,585 14,480 8,966 15,431 50,462 Net income per share: Class A common stock: Basic 0.87 1.09 0.67 1.16 3.78 Diluted 0.78 0.97 0.60 1.04 3.40 Class B common stock: Basic 0.56 0.71 0.44 0.75 2.46 Diluted 0.56 0.71 0.44 0.75 2.46 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 (loss) 11,081 12,322 11,017 15,296 49,716 Net income (loss) 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 9