Village Super Market (VLGEA) 10-Q 6 Mar 19 2019 Q2 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - shares	6 Months Ended
	Jan. 26, 2019	Mar. 06, 2019
Entity Registrant Name	VILLAGE SUPER MARKET INC
Entity Central Index Key	103,595
Current Fiscal Year End Date	--07-27
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Jan. 26, 2019
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus (Q1,Q2,Q3,FY)	Q2
Amendment Flag	false
Common Class A [Member]
Entity Common Stock, Shares Outstanding		10,057,778
Common Class B [Member]
Entity Common Stock, Shares Outstanding		4,303,748

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jan. 26, 2019	Jul. 28, 2018
Current assets
Cash and cash equivalents	$ 108,534	$ 96,108
Merchandise inventories	39,641	39,413
Patronage dividend receivable	4,901	11,937
Notes receivable from Wakefern, Current	24,870	23,952
Income Taxes Receivable, Current	577	87
Other current assets	18,573	19,401
Total current assets	197,096	190,898
Property, equipment and fixtures, net	214,547	214,566
Notes receivable from Wakefern	23,742	23,129
Investment in Wakefern	28,575	27,093
Goodwill	12,057	12,057
Other assets	14,383	13,847
Total assets	490,400	481,590
Current liabilities
Capital and financing lease obligations	863	764
Notes payable to Wakefern	56	114
Accounts payable to Wakefern	62,463	61,798
Accounts payable and accrued expenses	19,685	19,080
Accrued wages and benefits	18,341	18,620
Income taxes payable	745	1,321
Total current liabilities	102,153	101,697
Long-term debt
Capital and financing lease obligations	41,304	41,768
Notes payable to Wakefern	779	0
Notes Payable, Noncurrent	6,294	6,418
Total long-term debt	48,377	48,186
Pension liabilities	8,476	8,482
Other liabilities	19,854	20,080
Shareholders' equity
Preferred stock, no par value: Authorized 10,000 shares, none issued	0	0
Retained earnings	265,508	258,104
Accumulated other comprehensive loss	(7,981)	(8,185)
Total shareholders’ equity	311,540	303,145
Total liabilities and shareholders’ equity	490,400	481,590
Common Class A [Member]
Shareholders' equity
Common Stock	63,194	61,678
Less treasury stock, Class A, at cost: 496 shares at July 28, 2018 and 477 shares at July 29, 2017	(9,880)	(9,151)
Common Class B [Member]
Shareholders' equity
Common Stock	$ 699	$ 699

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Jan. 26, 2019	Jul. 28, 2018
Preferred stock shares authorized (in shares)	10,000,000	10,000,000
Preferred stock shares issued (in shares)	0	0
Common Class A [Member]
Common stock shares authorized (in shares)	20,000,000	20,000,000
Common stock shares issued (in shares)	10,574,000	10,575,000
Treasury shares	524,000	496,000
Common Class B [Member]
Common stock shares authorized (in shares)	20,000,000	20,000,000
Common stock shares issued (in shares)	4,304,000	4,304,000

CONSOLIDATED STATMENTS OF OPERA

CONSOLIDATED STATMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 26, 2019	Jan. 27, 2018	Jan. 26, 2019	Jan. 27, 2018
Sales	$ 428,128	$ 418,269	$ 829,678	$ 805,609
Revenues			829,678	805,609
Cost of sales	310,392	304,802	599,830	587,350
Gross profit	117,736	113,467	229,848	218,259
Operating and administrative expense	100,036	97,248	196,330	190,452
Depreciation and amortization	7,017	6,386	13,915	12,621
Operating income	10,683	9,833	19,603	15,186
Interest expense	(1,112)	(1,102)	(2,227)	(2,207)
Interest income	1,305	864	2,483	1,764
Income before income taxes	10,876	9,595	19,859	14,743
Income taxes	3,305	84	6,020	2,215
Net income	$ 7,571	$ 9,511	$ 13,839	$ 12,528
Common Class A [Member]
Net income per share:
Basic (in dollars per share)	$ 0.59	$ 0.74	$ 1.08	$ 0.97
Diluted (in dollars per share)	0.53	0.66	0.96	0.87
Common Class B [Member]
Net income per share:
Basic (in dollars per share)	0.38	0.48	0.70	0.63
Diluted (in dollars per share)	$ 0.38	$ 0.48	$ 0.70	$ 0.63

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 26, 2019	Jan. 27, 2018	Jan. 26, 2019	Jan. 27, 2018
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net income	$ 7,571	$ 9,511	$ 13,839	$ 12,528
Other comprehensive income:
Amortization of pension actuarial loss, net of tax	102	102	204	186
Comprehensive income	$ 7,673	$ 9,613	$ 14,043	$ 12,714

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Jan. 26, 2019	Jan. 27, 2018
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Tax of amortization of pension actuarial loss	$ (43)	$ (41)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jan. 26, 2019	Jan. 27, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 13,839	$ 12,528
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,915	12,621
Non-cash share-based compensation	1,516	1,721
Deferred taxes	(573)	(2,221)
Provision to value inventories at LIFO	103	0
Changes in assets and liabilities:
Merchandise inventories	(331)	(494)
Patronage dividend receivable	7,036	7,805
Accounts payable to Wakefern	665	3,776
Accounts payable and accrued expenses	376	(1,692)
Accrued wages and benefits	(279)	(1,190)
Income taxes receivable / payable	(1,066)	(713)
Other assets and liabilities	677	(3,717)
Net cash provided by operating activities	35,878	28,424
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(13,631)	(12,731)
Proceeds from Sale of Property, Plant, and Equipment	0	16
Investment in notes receivable from Wakefern	(1,531)	(23,223)
Proceeds from Sale, Maturity and Collection of Long-term Investments	0	22,172
Payments to Acquire Notes Receivable	0	4,835
Net Cash Provided by (Used in) Investing Activities	(15,162)	(18,601)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Notes Payable	0	6,860
Payments of Debt Issuance Costs	0	(297)
Principal payments of long-term debt	(1,126)	(449)
Dividends	(6,435)	(6,439)
Payments for Repurchase of Common Stock	$ (729)	(632)
Document Period End Date	Jan. 26, 2019
Net cash used in financing activities	$ (8,290)	(957)
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	12,426	8,866
SUPPLEMENTAL DISCLOSURES OF CASH PAYMENTS MADE FOR:
Income taxes	7,659	5,140
NONCASH SUPPLEMENTAL DISCLOSURES:
Investment in Wakefern and increase in notes payable to Wakefern	845	0
Cash and Cash Equivalents, at Carrying Value	108,534	96,301
Interest Paid, Net	$ 2,227	$ 2,207

BASIS OF PRESENTATION and ACCOU

BASIS OF PRESENTATION and ACCOUNTING POLICIES	6 Months Ended
	Jan. 26, 2019
Accounting Policies [Abstract]
BASIS OF PRESENTATION and ACCOUNTING POLICIES	BASIS OF PRESENTATION and ACCOUNTING POLICIES In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal and recurring accruals) necessary to present fairly the consolidated financial position as of January 26, 2019 and the consolidated statements of operations, comprehensive income and cash flows for the 13 and 26 weeks ended January 26, 2019 and January 27, 2018 of Village Super Market, Inc. (“Village” or the “Company”). The significant accounting policies followed by the Company are set forth in Note 1 to the Company's consolidated financial statements in the July 28, 2018 Village Super Market, Inc. Annual Report on Form 10-K, which should be read in conjunction with these financial statements. The results of operations for the periods ended January 26, 2019 are not necessarily indicative of the results to be expected for the full year. Revenue recognition Revenue is recognized at the point of sale to the customer, including Pharmacy sales. ShopRite From Home sales are recognized either upon pickup in-store or upon delivery to the customer, including any related service fees. Sales tax is excluded from revenue. Discounts provided to customers through ShopRite coupons and loyalty programs are recognized as a reduction of sales as products are sold. Discounts provided by vendors are not recognized as a reduction in sales. Rather, the Company records a receivable from the vendor for the difference in sales price and payment received from the customer. The Company does not recognize revenue when it sells ShopRite gift cards. Payment collected from customers for gift card sales is passed on to Wakefern as they can be redeemed at any ShopRite location, including those operated by Wakefern or other Wakefern members. Revenue is recognized and a receivable from Wakefern is recorded when a customer redeems a ShopRite gift card to purchase products or services. The Company adopted ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” using the full retrospective approach in fiscal 2019. As a result of the adoption of the standard, $1,181 and $ 2,094 of certain other income streams, including commissions for gift card and lottery sales and service fees for ShopRite From Home, that were previously presented as a reduction in Operating expenses were reclassified to sales for the 13 and 26 weeks ended January 27, 2018 , respectively. Additionally, $294 and $ 341 of pharmacy fees previously recorded as Cost of sales were reclassified as a reduction of sales for the 13 and 26 weeks ended January 27, 2018 , respectively. Disaggregated Revenues The following table presents the Company's sales by product categories during each of the periods indicated: 13 Weeks Ended 26 Weeks Ended January 26, 2019 January 27, 2018 January 26, 2019 January 27, 2018 Amount % Amount % Amount % Amount % Center Store (1) $ 269,604 63.0 % $ 264,347 63.1 % $ 517,122 62.3 % $ 503,970 62.6 % Fresh (2) 140,064 32.7 135,321 32.4 275,680 33.2 % 264,207 32.8 % Pharmacy 17,236 4.0 17,478 4.2 34,696 4.2 % 35,461 4.4 % Other (3) 1,224 0.3 1,123 0.3 2,180 0.3 % 1,971 0.2 % Total Sales $ 428,128 100.0 % $ 418,269 100.0 % $ 829,678 100.0 % $ 805,609 100.0 % (1) Consists primarily of grocery, dairy, frozen, health and beauty care, general merchandise and liquor. (2) Consists primarily of produce, meat, deli, seafood, bakery, prepared foods and floral. (3) Consists primarily of sales related to other income streams, including ShopRite from Home service fees and gift card and lottery commissions.

MERCHANDISE INVENTORIES

MERCHANDISE INVENTORIES	6 Months Ended
	Jan. 26, 2019
Inventory Disclosure [Abstract]
MERCHANDISE INVENTORIES	MERCHANDISE INVENTORIES At both January 26, 2019 and July 28, 2018 , approximately 65% of merchandise inventories are valued by the LIFO method while the balance is valued by FIFO. If the FIFO method had been used for the entire inventory, inventories would have been $14,337 and $14,234 higher than reported at January 26, 2019 and July 28, 2018 , respectively.

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE	6 Months Ended
	Jan. 26, 2019
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER SHARE	NET INCOME PER SHARE The Company has two classes of common stock. Class A common stock is entitled to cash dividends as declared 54% greater than those paid on Class B common stock. Shares of Class B common stock are convertible on a share-for-share basis for Class A common stock at any time. The Company utilizes the two-class method of computing and presenting net income per share. The two-class method is an earnings allocation formula that calculates basic and diluted net income per share for each class of common stock separately based on dividends declared and participation rights in undistributed earnings. Under the two-class method, Class A common stock is assumed to receive a 54% greater participation in undistributed earnings than Class B common stock, in accordance with the classes' respective dividend rights. Unvested share-based payment awards that contain nonforfeitable rights to dividends are treated as participating securities and therefore included in computing net income per share using the two-class method. Diluted net income per share for Class A common stock is calculated utilizing the if-converted method, which assumes the conversion of all shares of Class B common stock to Class A common stock on a share-for-share basis, as this method is more dilutive than the two-class method. Diluted net income per share for Class B common stock does not assume conversion of Class B common stock to shares of Class A common stock. The tables below reconcile the numerators and denominators of basic and diluted net income per share for all periods presented. 13 Weeks Ended 26 Weeks Ended January 26, 2019 January 26, 2019 Class A Class B Class A Class B Numerator: Net income allocated, basic $ 5,727 $ 1,646 $ 10,466 $ 3,007 Conversion of Class B to Class A shares 1,646 — 3,007 — Effect of share-based compensation on allocated net income — — — — Net income allocated, diluted $ 7,373 $ 1,646 $ 13,473 $ 3,007 Denominator: Weighted average shares outstanding, basic 9,723 4,304 9,727 4,304 Conversion of Class B to Class A shares 4,304 — 4,304 — Dilutive effect of share-based compensation — — — — Weighted average shares outstanding, diluted 14,027 4,304 14,031 4,304 13 Weeks Ended 26 Weeks Ended January 27, 2018 January 27, 2018 Class A Class B Class A Class B Numerator: Net income allocated, basic $ 7,174 $ 2,065 $ 9,452 $ 2,721 Conversion of Class B to Class A shares 2,065 — 2,721 — Effect of share-based compensation on allocated net income — — — — Net income allocated, diluted $ 9,239 $ 2,065 $ 12,173 $ 2,721 Denominator: Weighted average shares outstanding, basic 9,714 4,304 9,718 4,304 Conversion of Class B to Class A shares 4,304 — 4,304 — Dilutive effect of share-based compensation — — — — Weighted average shares outstanding, diluted 14,018 4,304 14,022 4,304 Outstanding stock options to purchase Class A shares of 278 and 384 were excluded from the calculation of diluted net income per share at January 26, 2019 and January 27, 2018 , respectively, as a result of their anti-dilutive effect. In addition, 329 and 369 non-vested restricted Class A shares, which are considered participating securities, and their allocated net income were excluded from the diluted net income per share calculation at January 26, 2019 and January 27, 2018 , respectively, due to their anti-dilutive effect.

PENSION PLANS

PENSION PLANS	6 Months Ended
	Jan. 26, 2019
Defined Benefit Plan [Abstract]
PENSION PLANS	PENSION PLANS The Company sponsors four defined benefit pension plans. Net periodic pension cost for the four plans includes the following components: 13 Weeks Ended 26 Weeks Ended January 26, January 27, January 26, January 27, Service cost $ 53 $ 65 $ 106 $ 130 Interest cost on projected benefit obligations 655 629 1,310 1,258 Expected return on plan assets (721 ) (820 ) (1,442 ) (1,640 ) Amortization of net losses 145 142 290 284 Net periodic pension cost $ 132 $ 16 $ 264 $ 32 As of January 26, 2019 , the Company has not made any contributions to its pension plans in fiscal 2019 . The Company expects to contribute $ 5,000 to fund its pension plans during fiscal 2019 .

RELATED PARTY INFORMATION - WAK

RELATED PARTY INFORMATION - WAKEFERN	6 Months Ended
	Jan. 26, 2019
Related Party Transactions [Abstract]
RELATED PARTY INFORMATION - WAKEFERN	RELATED PARTY INFORMATION - WAKEFERN A description of the Company’s transactions with Wakefern, its principal supplier, and with other related parties is included in the Company’s Annual Report on Form 10-K for the year ended July 28, 2018 . Wakefern has increased from time to time the required investment in its common stock for each supermarket owned by a member, with the exact amount per store computed based on the amount of each store’s purchases from Wakefern. During the 26 weeks ended January 26, 2019 , the required investment in Wakefern common stock increased $ 1,482 , inclusive of an initial required investment related to the Bronx, New York City store. At January 26, 2019 , the Company had $48,612 in variable rate notes receivable due from Wakefern that earn interest at the prime rate plus 1.25% with $ 24,870 that matured on February 15, 2019 and $ 23,742 that mature on August 15, 2022. The Company invested $ 24,937 of the proceeds received from the notes that matured on February 15, 2019 in variable rate notes receivable from Wakefern that earn interest at the prime rate plus .75% and mature on February 15, 2024. Wakefern has the right to prepay these notes at any time. Under certain conditions, the Company can require Wakefern to prepay the notes, although interest earned since inception would be reduced as if it was earned based on overnight money market rates as paid by Wakefern on demand deposits. Included in cash and cash equivalents at January 26, 2019 and July 28, 2018 are $86,261 and $63,413 , respectively, of demand deposits invested at Wakefern at overnight money market rates.

DEBT (Notes)

DEBT (Notes)	6 Months Ended
	Jan. 26, 2019
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	DEBT Village has an unsecured revolving credit agreement providing a maximum amount available for borrowing of $ 25,000 . The revolving credit line can be used for general corporate purposes and expires on December 21, 2020. Indebtedness under this agreement bears interest at the applicable LIBOR rate plus 1.25% . The credit agreement provides for up to $ 3,000 of letters of credit, which secure obligations for construction performance guarantees to municipalities. The credit agreement contains covenants that, among other conditions, require a maximum liabilities to tangible net worth ratio, a minimum fixed charge coverage ratio and a positive net income. There were no amounts outstanding at January 26, 2019 or July 28, 2018 under the facility. New Markets Tax Credit On December 29, 2017, the Company entered into a financing transaction with Wells Fargo Community Investment Holdings, LLC (“Wells Fargo”) under a qualified New Markets Tax Credit (“NMTC”) program related to the construction of a new store in the Bronx, New York. The NMTC program was provided for in the Community Renewal Tax Relief Act of 2000 (the “Act”) and is intended to induce capital investment in qualified lower income communities. The Act permits taxpayers to claim credits against their Federal income taxes for up to 39% of qualified investments in the equity of community development entities (“CDEs”). CDEs are privately managed investment institutions that are certified to make qualified low-income community investments. In connection with the financing, the Company loaned $ 4,835 to VSM Investment Fund, LLC (the "Investment Fund") at an interest rate of 1.403% per year and with a maturity date of December 31, 2044. Repayments on the loan commence in March 2025. Wells Fargo contributed $ 2,375 to the Investment Fund and, by virtue of such contribution, is entitled to substantially all of the tax benefits derived from the NMTC. The Investment Fund is a wholly owned subsidiary of Wells Fargo. The loan to the Investment Fund is recorded in Other assets in the consolidated balance sheets. The Investment Fund then contributed the proceeds to a CDE, which, in turn, loaned combined funds of $ 6,563 , net of debt issuance costs, to Village Super Market of NY, LLC, a wholly-owned subsidiary of the Company, at an interest rate of 1.000% per year with a maturity date of December 31, 2051. These loans are secured by the leasehold improvements and equipment related to the construction of the Bronx store. Repayment of the loans commences in March 2025. The proceeds of the loans from the CDE were used to partially fund the construction of the Bronx store. The Notes payable related to New Markets Tax Credit, net of debt issuance costs, are recorded in Long-term debt in the consolidated balance sheets. The NMTC is subject to 100% recapture for a period of seven years. The Company is required to be in compliance with various regulations and contractual provisions that apply to the New Markets Tax Credit arrangement. Noncompliance could result in Wells Fargo's projected tax benefits not being realized and, therefore, require the Company to indemnify Wells Fargo for any loss or recapture of NMTCs. The Company does not anticipate any credit recapture will be required in connection with this financing arrangement. The transaction includes a put/call provision whereby the Company may be obligated or entitled to repurchase Wells Fargo's interest in the Investment Fund. The value attributed to the put/call is de minimis. We believe that Wells Fargo will exercise the put option in December 2024, at the end of the recapture period, that will result in a net benefit to the Company of $ 1,728 . The Company is recognizing the net benefit over the seven-year compliance period in Operating and administrative expense.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jan. 26, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The effective income tax rate was 30.4% in the 13 weeks ended January 26, 2019 compared to .9% in the 13 weeks ended January 27, 2018 . The effective income tax rate was 30.3% in the 26 weeks ended January 26, 2019 compared to 15.0% in the 26 weeks ended January 27, 2018 .

COMMITMENTS and CONTINGENCIES

COMMITMENTS and CONTINGENCIES	6 Months Ended
	Jan. 26, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS and CONTINGENCIES	COMMITMENTS and CONTINGENCIES Superstorm Sandy devastated Village's trade area on October 29, 2012 and resulted in the closure of almost all of our stores for periods of time ranging from a few hours to eight days. Village disposed of substantial amounts of perishable product and also incurred repair, labor and other costs as a result of the storm. Wakefern, as the policy holder, has pursued recovery of uncollected insurance claims on behalf of all Wakefern members through litigation against the insurance carrier and others since October 2013. This litigation is ongoing and the Company received an additional $ 415 in November 2018 which was recognized as a reduction in Operating and administrative expense in the first quarter of fiscal 2019. Including the November 2018 recoveries, Village has received $ 3,998 related to losses incurred as a result of Superstorm Sandy. Any further proceeds recovered will be recognized as they are received. The Company is involved in other litigation incidental to the normal course of business. Company management is of the opinion that the ultimate resolution of these legal proceedings should not have a material adverse effect on the consolidated financial position, results of operations or liquidity of the Company.

BASIS OF PRESENTATION and ACC_2

BASIS OF PRESENTATION and ACCOUNTING POLICIES DISAGGREGATED REVENUES (Tables)	6 Months Ended
	Jan. 26, 2019
Accounting Policies [Abstract]
Disaggregation of Revenue [Table Text Block]	13 Weeks Ended 26 Weeks Ended January 26, 2019 January 27, 2018 January 26, 2019 January 27, 2018 Amount % Amount % Amount % Amount % Center Store (1) $ 269,604 63.0 % $ 264,347 63.1 % $ 517,122 62.3 % $ 503,970 62.6 % Fresh (2) 140,064 32.7 135,321 32.4 275,680 33.2 % 264,207 32.8 % Pharmacy 17,236 4.0 17,478 4.2 34,696 4.2 % 35,461 4.4 % Other (3) 1,224 0.3 1,123 0.3 2,180 0.3 % 1,971 0.2 % Total Sales $ 428,128 100.0 % $ 418,269 100.0 % $ 829,678 100.0 % $ 805,609 100.0 % (1) Consists primarily of grocery, dairy, frozen, health and beauty care, general merchandise and liquor. (2) Consists primarily of produce, meat, deli, seafood, bakery, prepared foods and floral. (3) Consists primarily of sales related to other income streams, including ShopRite from Home service fees and gift card and lottery commissions.

NET INCOME (LOSS) PER SHARE - S

NET INCOME (LOSS) PER SHARE - Schedule of Earnings Per Share, Basic and Diluted (Tables)	6 Months Ended
	Jan. 26, 2019
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	13 Weeks Ended 26 Weeks Ended January 26, 2019 January 26, 2019 Class A Class B Class A Class B Numerator: Net income allocated, basic $ 5,727 $ 1,646 $ 10,466 $ 3,007 Conversion of Class B to Class A shares 1,646 — 3,007 — Effect of share-based compensation on allocated net income — — — — Net income allocated, diluted $ 7,373 $ 1,646 $ 13,473 $ 3,007 Denominator: Weighted average shares outstanding, basic 9,723 4,304 9,727 4,304 Conversion of Class B to Class A shares 4,304 — 4,304 — Dilutive effect of share-based compensation — — — — Weighted average shares outstanding, diluted 14,027 4,304 14,031 4,304 13 Weeks Ended 26 Weeks Ended January 27, 2018 January 27, 2018 Class A Class B Class A Class B Numerator: Net income allocated, basic $ 7,174 $ 2,065 $ 9,452 $ 2,721 Conversion of Class B to Class A shares 2,065 — 2,721 — Effect of share-based compensation on allocated net income — — — — Net income allocated, diluted $ 9,239 $ 2,065 $ 12,173 $ 2,721 Denominator: Weighted average shares outstanding, basic 9,714 4,304 9,718 4,304 Conversion of Class B to Class A shares 4,304 — 4,304 — Dilutive effect of share-based compensation — — — — Weighted average shares outstanding, diluted 14,018 4,304 14,022 4,304

BASIS OF PRESENTATION and ACC_3

BASIS OF PRESENTATION and ACCOUNTING POLICIES DISAGGREGATED REVENUES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 26, 2019	Jan. 27, 2018	Jan. 26, 2019	Jan. 27, 2018
Disaggregation of Revenue [Line Items]
Revenue, Net	$ 428,128	$ 418,269	$ 829,678	$ 805,609
Percentage of Total Sales	100.00%	100.00%	100.00%	100.00%
Revenues			$ 829,678	$ 805,609
Center Store [Member]
Disaggregation of Revenue [Line Items]
Percentage of Total Sales	63.00%	63.10%	62.30%	62.60%
Revenues	$ 269,604	$ 264,347	$ 517,122	$ 503,970
Fresh
Disaggregation of Revenue [Line Items]
Percentage of Total Sales	32.70%	32.40%	33.20%	32.80%
Revenues	$ 140,064	$ 135,321	$ 275,680	$ 264,207
Pharmacy
Disaggregation of Revenue [Line Items]
Percentage of Total Sales	4.00%	4.20%	4.20%	4.40%
Revenues	$ 17,236	$ 17,478	$ 34,696	$ 35,461
Other Product
Disaggregation of Revenue [Line Items]
Percentage of Total Sales	0.30%	0.30%	0.30%	0.20%
Revenues	$ 1,224	$ 1,123	$ 2,180	$ 1,971

BASIS OF PRESENTATION and ACC_4

BASIS OF PRESENTATION and ACCOUNTING POLICIES Revenue Recognition (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jan. 27, 2018	Jan. 27, 2018
Cost of Sales [Member]
Revenue from External Customer [Line Items]
Prior Period Reclassification Adjustment	$ 294,000	$ 341,000
Operating Expense [Member]
Revenue from External Customer [Line Items]
Prior Period Reclassification Adjustment	$ 1,181,000	$ 2,094,000

MERCHANDISE INVENTORIES (Detail

MERCHANDISE INVENTORIES (Details) - USD ($) $ in Thousands	Jan. 26, 2019	Jul. 28, 2018
Inventory Disclosure [Abstract]
Percentage of LIFO Inventory	65.00%	65.00%
Inventory, LIFO Reserve	$ 14,337	$ 14,234

NET INCOME (LOSS) PER SHARE - A

NET INCOME (LOSS) PER SHARE - Additional Information (Details) shares in Thousands	6 Months Ended
	Jan. 26, 2019class_common_stockshares	Jan. 27, 2018shares
Earnings Per Share [Abstract]
Number of common stock classes | class_common_stock	2
Common stock cash dividends, percent Class A is entitled greater than Class B	54.00%
Conversion of stock, conversion ratio	1
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Class A shares excluded from computation of earnings per share	329	369
Common Class A [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Class A shares excluded from computation of earnings per share	278	384

NET INCOME (LOSS) PER SHARE -_2

NET INCOME (LOSS) PER SHARE - Schedule of Earnings Per Share, Basic and Diluted (Details) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 26, 2019USD ($)shares	Jan. 27, 2018USD ($)shares	Jan. 26, 2019USD ($)shares	Jan. 27, 2018USD ($)shares
Class of Stock [Line Items]
Conversion of Stock, Conversion Ratio			1
Common Class A [Member]
Numerator:
Net income allocated, basic | $	$ 5,727	$ 7,174	$ 10,466	$ 9,452
Conversion of Class B to Class A shares | $	1,646	2,065	3,007	2,721
Effect of share-based compensation on allocated net income | $	0	0	0	0
Net income allocated, diluted | $	$ 7,373	$ 9,239	$ 13,473	$ 12,173
Denominator:
Weighted average shares outstanding, basic (in shares) | shares	9,723	9,714	9,727	9,718
Conversion of Class B to Class A shares (in shares) | shares	4,304	4,304	4,304	4,304
Dilutive effect of share-based compensation (in shares) | shares	0	0	0	0
Weighted average shares outstanding, diluted (in shares) | shares	14,027	14,018	14,031	14,022
Common Class B [Member]
Numerator:
Net income allocated, basic | $	$ 1,646	$ 2,065	$ 3,007	$ 2,721
Conversion of Class B to Class A shares | $	0	0	0	0
Effect of share-based compensation on allocated net income | $	0	0	0	0
Net income allocated, diluted | $	$ 1,646	$ 2,065	$ 3,007	$ 2,721
Denominator:
Weighted average shares outstanding, basic (in shares) | shares	4,304	4,304	4,304	4,304
Conversion of Class B to Class A shares (in shares) | shares	0	0	0	0
Dilutive effect of share-based compensation (in shares) | shares	0	0	0	0
Weighted average shares outstanding, diluted (in shares) | shares	4,304	4,304	4,304	4,304

PENSION PLANS - Schedule of Net

PENSION PLANS - Schedule of Net Benefit Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 26, 2019	Jan. 27, 2018	Jan. 26, 2019	Jan. 27, 2018
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 53	$ 65	$ 106	$ 130
Interest cost on projected benefit obligations	655	629	1,310	1,258
Expected return on plan assets	(721)	(820)	(1,442)	(1,640)
Amortization of net losses	145	142	290	284
Net periodic pension cost	$ 132	$ 16	$ 264	$ 32

PENSION PLANS - Additional Info

PENSION PLANS - Additional Information (Details) $ in Thousands	6 Months Ended
	Jan. 26, 2019USD ($)pension_plan
Estimated future employer contributions in current fiscal year | $	$ 5
Number of defined benefit pension plans | pension_plan	4

RELATED PARTY INFORMATION - W_2

RELATED PARTY INFORMATION - WAKEFERN (Details) - USD ($) $ in Thousands	6 Months Ended
	Jan. 26, 2019	Jan. 27, 2018	Jul. 28, 2018
Related Party Transaction [Line Items]
Increase of required investment in Wakefern common stock	$ 1,482
Proceeds from Sale, Maturity and Collection of Long-term Investments	0	$ 22,172
Investee [Member]
Related Party Transaction [Line Items]
Due from Related Parties	48,612
Demand deposits at Wakefern	$ 86,261		$ 63,413
Related Party Note Receivable Maturing February 2019 And August 2022 [Member] | Investee [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Basis Spread on Variable Rate	1.25%
Related Party Note Receivable Maturing February 2019 [Member] | Investee [Member]
Related Party Transaction [Line Items]
Due from Related Parties	$ 24,870
Related Party Note Receivable Maturing August 2022 [Member] | Investee [Member]
Related Party Transaction [Line Items]
Due from Related Parties	23,742
Related Party Note Receivable Maturing February 2019 And February 2024 [Member] | Investee [Member]
Related Party Transaction [Line Items]
Proceeds from Collection of Notes Receivable	$ 24,937
Related Party Note Receivable Maturing February 2024 [Member] | Investee [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Basis Spread on Variable Rate	0.75%

DEBT (Details)

DEBT (Details) - USD ($)	Dec. 29, 2017	Dec. 29, 2024	Jan. 26, 2019	Jul. 28, 2018	Nov. 09, 2017
Debt Instrument [Line Items]
Notes, Loans and Financing Receivable, Gross, Noncurrent	$ 4,835,000
InterestOnUnrelatedPartyNoteReceivablePercentage	1.403%
Third Party Contribution to Investment Fund	$ 2,375,000
Notes Payable, Noncurrent	$ 6,563,000		$ 6,294,000	$ 6,418,000
Debt Instrument, Interest Rate, Stated Percentage	1.00%
Line of Credit Facility, Interest Rate at Period End			1.25%
Line Of Credit Facility Capacity Available For Specific Purpose Other Than Trade Purchases			$ 3,000,000
Revolving Credit Facility [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity					$ 25,000,000
Scenario, Forecast [Member]
Debt Instrument [Line Items]
Benefit Over Recapture Period		$ 1,728,000

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 26, 2019	Jan. 27, 2018	Jan. 26, 2019	Jan. 27, 2018	Jul. 28, 2018
Income Tax Contingency [Line Items]
Effective income tax rate excluding the impact of the adjustment of deferred tax expense		29.30%		33.50%
Effective Income Tax Rate Reconciliation, Percent	30.40%	0.90%	30.30%	15.00%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent					26.90%
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability				$ (2,726)
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent			11.50%		9.00%

COMMITMENTS and CONTINGENCIES (

COMMITMENTS and CONTINGENCIES (Details) - USD ($) $ in Thousands	6 Months Ended	75 Months Ended
	Jan. 26, 2019	Oct. 27, 2018
Commitments and Contingencies Disclosure [Abstract]
Insurance Recoveries	$ 415	$ 3,998