DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - shares | 6 Months Ended | |
Jan. 25, 2020 | Mar. 03, 2020 | |
Entity Registrant Name | VILLAGE SUPER MARKET INC | |
Entity Central Index Key | 0000103595 | |
Current Fiscal Year End Date | --07-25 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jan. 25, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus (Q1,Q2,Q3,FY) | Q2 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Shell Company | false | |
Common Class A [Member] | ||
Entity Common Stock, Shares Outstanding | 10,042,598 | |
Common Class B [Member] | ||
Entity Common Stock, Shares Outstanding | 4,293,748 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 25, 2020 | Jul. 27, 2019 |
Current assets | ||
Cash and cash equivalents | $ 75,396 | $ 101,121 |
Merchandise inventories | 41,313 | 38,503 |
Patronage dividend receivable | 4,441 | 11,908 |
Income Taxes Receivable, Current | 853 | 43 |
Other current assets | 25,461 | 17,206 |
Total current assets | 147,464 | 168,781 |
Property, equipment and fixtures, net | 231,322 | 224,890 |
Operating lease assets | 97,795 | |
Notes receivable from Wakefern | 51,754 | 50,208 |
Investment in Wakefern | 28,783 | 28,644 |
Goodwill | 12,586 | 12,650 |
Other assets | 17,068 | 17,116 |
Total assets | 586,772 | 502,289 |
Current liabilities | ||
Operating lease obligations | 12,105 | |
Capital and financing lease obligations | 425 | 1,022 |
Notes payable to Wakefern | 109 | 43 |
Accounts payable to Wakefern | 72,544 | 66,130 |
Accounts payable and accrued expenses | 19,800 | 23,950 |
Accrued wages and benefits | 19,216 | 20,259 |
Income taxes payable | 0 | 1,070 |
Total current liabilities | 124,199 | 112,474 |
Long-term debt | ||
Operating lease obligations | 98,059 | |
Capital and financing lease obligations | 23,431 | 40,753 |
Notes payable to Wakefern | 808 | 803 |
Notes Payable, Noncurrent | 6,035 | 6,169 |
Total long-term debt | 128,333 | 47,725 |
Pension liabilities | 5,682 | 4,759 |
Other liabilities | 6,576 | 18,659 |
Shareholders' equity | ||
Preferred stock, no par value: Authorized 10,000 shares, none issued | 0 | 0 |
Retained earnings | 272,401 | 270,753 |
Accumulated other comprehensive loss | (7,972) | (8,342) |
Total shareholders’ equity | 321,982 | 318,672 |
Total liabilities and shareholders’ equity | 586,772 | 502,289 |
Common Class A [Member] | ||
Shareholders' equity | ||
Common Stock | 66,655 | 65,114 |
Less treasury stock, Class A, at cost: 496 shares at July 28, 2018 and 477 shares at July 29, 2017 | (9,799) | (9,550) |
Common Class B [Member] | ||
Shareholders' equity | ||
Common Stock | $ 697 | $ 697 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares | Jan. 25, 2020 | Jul. 27, 2019 |
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) | 10,586,000 | 10,593,000 |
Treasury shares | 513,000 | 502,000 |
Common Class B [Member] | ||
Common stock shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock shares issued (in shares) | 4,294,000 | 4,294,000 |
CONSOLIDATED STATMENTS OF OPERA
CONSOLIDATED STATMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 25, 2020 | Jan. 26, 2019 | Jan. 25, 2020 | Jan. 26, 2019 | |
Sales | $ 437,422 | $ 428,128 | $ 844,824 | $ 829,678 |
Cost of sales | 319,475 | 310,392 | 613,331 | 599,830 |
Gross profit | 117,947 | 117,736 | 231,493 | 229,848 |
Operating and administrative expense | 107,734 | 100,036 | 210,874 | 196,330 |
Depreciation and amortization | 7,798 | 7,017 | 15,237 | 13,915 |
Operating income | 2,415 | 10,683 | 5,382 | 19,603 |
Interest expense | (568) | (1,112) | (1,135) | (2,227) |
Interest income | 1,030 | 1,305 | 2,289 | 2,483 |
Income before income taxes | 2,877 | 10,876 | 6,536 | 19,859 |
Income taxes | 872 | 3,305 | 1,964 | 6,020 |
Net income | $ 2,005 | $ 7,571 | $ 4,572 | $ 13,839 |
Common Class A [Member] | ||||
Net income per share: | ||||
Basic (in dollars per share) | $ 0.16 | $ 0.59 | $ 0.35 | $ 1.08 |
Diluted (in dollars per share) | 0.14 | 0.53 | 0.32 | 0.96 |
Common Class B [Member] | ||||
Net income per share: | ||||
Basic (in dollars per share) | 0.10 | 0.38 | 0.23 | 0.70 |
Diluted (in dollars per share) | $ 0.10 | $ 0.38 | $ 0.23 | $ 0.70 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 25, 2020 | Jan. 26, 2019 | Jan. 25, 2020 | Jan. 26, 2019 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||
Net income | $ 2,005 | $ 7,571 | $ 4,572 | $ 13,839 |
Other comprehensive income: | ||||
Amortization of pension actuarial loss, net of tax | 102 | 102 | 203 | 204 |
Pension settlement loss, net of tax | 871 | 0 | 871 | 0 |
Pension remeasurement, net of tax | (704) | 0 | (704) | 0 |
Comprehensive income | $ 2,274 | $ 7,673 | $ 4,942 | $ 14,043 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jan. 25, 2020 | Jan. 25, 2020 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||
Tax of amortization of pension actuarial loss | $ 44 | $ 88 |
Tax on pension settlement loss | 375 | (375) |
Tax on pension remeasurement | $ 303 | $ 303 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] |
Balance (in shares) at Jul. 28, 2018 | 10,575 | 4,304 | 496 | |||
Balance at Jul. 28, 2018 | $ 303,145 | $ 61,678 | $ 699 | $ 258,104 | $ (8,185) | $ (9,151) |
Net income | 13,839 | 13,839 | ||||
Other comprehensive income, net of tax | 204 | 204 | ||||
Dividends | (6,435) | (6,435) | ||||
Treasury stock purchases (in shares) | 28 | |||||
Restricted shares forfeited | (729) | $ (729) | ||||
Restricted shares forfeited (in shares) | (9) | |||||
Restricted shares forfeited | (127) | $ (127) | ||||
Share-based compensation expense (in shares) | 8 | |||||
Share-based compensation expense | 1,643 | $ 1,643 | ||||
Balance (in shares) at Jan. 26, 2019 | 10,574 | 4,304 | 524 | |||
Balance at Jan. 26, 2019 | 311,540 | $ 63,194 | $ 699 | 265,508 | (7,981) | $ (9,880) |
Balance (in shares) at Oct. 27, 2018 | 10,583 | 4,304 | 518 | |||
Balance at Oct. 27, 2018 | 306,550 | $ 62,499 | $ 699 | 261,151 | (8,083) | $ (9,716) |
Net income | 7,571 | 7,571 | ||||
Other comprehensive income, net of tax | 102 | 102 | ||||
Dividends | (3,214) | (3,214) | ||||
Treasury stock purchases (in shares) | 6 | |||||
Restricted shares forfeited | (164) | $ (164) | ||||
Restricted shares forfeited (in shares) | (9) | |||||
Restricted shares forfeited | (127) | $ (127) | ||||
Share-based compensation expense (in shares) | 0 | |||||
Share-based compensation expense | 822 | $ 822 | ||||
Balance (in shares) at Jan. 26, 2019 | 10,574 | 4,304 | 524 | |||
Balance at Jan. 26, 2019 | 311,540 | $ 63,194 | $ 699 | 265,508 | (7,981) | $ (9,880) |
Balance (in shares) at Jul. 27, 2019 | 10,593 | 4,294 | 502 | |||
Balance at Jul. 27, 2019 | 318,672 | $ 65,114 | $ 697 | 270,753 | (8,342) | $ (9,550) |
Net income | 4,572 | 4,572 | ||||
Other comprehensive income, net of tax | 370 | 370 | ||||
Dividends | (6,438) | (6,438) | ||||
Treasury stock purchases (in shares) | 11 | |||||
Restricted shares forfeited | (249) | $ (249) | ||||
Restricted shares forfeited (in shares) | (9) | |||||
Restricted shares forfeited | (180) | $ (180) | ||||
Share-based compensation expense (in shares) | 2 | |||||
Share-based compensation expense | 1,721 | $ 1,721 | ||||
Balance (in shares) at Jan. 25, 2020 | 10,586 | 4,294 | 513 | |||
Balance at Jan. 25, 2020 | 321,982 | $ 66,655 | $ 697 | 272,401 | (7,972) | $ (9,799) |
Balance (in shares) at Oct. 26, 2019 | 10,593 | 4,294 | 503 | |||
Balance at Oct. 26, 2019 | 322,447 | $ 65,947 | $ 697 | 273,614 | (8,241) | $ (9,570) |
Net income | 2,005 | 2,005 | ||||
Other comprehensive income, net of tax | 269 | 269 | ||||
Dividends | (3,218) | (3,218) | ||||
Treasury stock purchases (in shares) | 10 | |||||
Restricted shares forfeited | (229) | $ (229) | ||||
Restricted shares forfeited (in shares) | (7) | |||||
Restricted shares forfeited | (150) | $ (150) | ||||
Share-based compensation expense (in shares) | 0 | |||||
Share-based compensation expense | 858 | $ 858 | ||||
Balance (in shares) at Jan. 25, 2020 | 10,586 | 4,294 | 513 | |||
Balance at Jan. 25, 2020 | $ 321,982 | $ 66,655 | $ 697 | $ 272,401 | $ (7,972) | $ (9,799) |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 25, 2020 | Jan. 26, 2019 | Jan. 25, 2020 | Jan. 26, 2019 | |
Tax of amortization of pension actuarial loss | $ (44) | $ (43) | $ (88) | $ (86) |
Tax expense (benefit) associated with other comprehensive loss and income | 116 | 43 | 160 | 86 |
Tax on pension remeasurement | 303 | 303 | ||
Tax related to adoption of ASU 2016-02 | $ 872 | $ 3,305 | 1,964 | $ 6,020 |
Accounting Standards Update 2016-02 [Member] | ||||
Tax related to adoption of ASU 2016-02 | $ 1,385 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jan. 25, 2020 | Jan. 26, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 4,572 | $ 13,839 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 15,237 | 13,915 |
Non-cash share-based compensation | 1,541 | 1,516 |
Loss on pension settlements | (1,246) | 0 |
Deferred taxes | (291) | (573) |
Provision to value inventories at LIFO | 0 | 103 |
Changes in assets and liabilities: | ||
Merchandise inventories | (2,810) | (331) |
Patronage dividend receivable | 7,467 | 7,036 |
Accounts payable to Wakefern | 10,109 | 665 |
Accounts payable and accrued expenses | (3,957) | 376 |
Accrued wages and benefits | (1,043) | (279) |
Income taxes receivable / payable | (1,880) | (1,066) |
Other assets and liabilities | 62 | 677 |
Net cash provided by operating activities | 27,761 | 35,878 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (38,121) | (13,631) |
Investment in notes receivable from Wakefern | (1,546) | (1,531) |
Acquisition deposit in escrow | (6,860) | 0 |
Payment for acquisition, net of cash acquired | (64) | 0 |
Net Cash Provided by (Used in) Investing Activities | (46,463) | (15,162) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Principal payments of long-term debt | (336) | (1,126) |
Dividends | (6,438) | (6,435) |
Payments for Repurchase of Common Stock | (249) | (729) |
Net cash used in financing activities | (7,023) | (8,290) |
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (25,725) | 12,426 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 101,121 | 96,108 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 75,396 | 108,534 |
SUPPLEMENTAL DISCLOSURES OF CASH PAYMENTS MADE FOR: | ||
Interest | 1,135 | 2,227 |
Income taxes | 4,132 | 7,659 |
NONCASH SUPPLEMENTAL DISCLOSURES: | ||
Investment in Wakefern and increase in notes payable to Wakefern | $ 93 | $ 845 |
BASIS OF PRESENTATION and ACCOU
BASIS OF PRESENTATION and ACCOUNTING POLICIES | 6 Months Ended |
Jan. 25, 2020 | |
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 25, 2020 and the consolidated statements of operations, comprehensive income and cash flows for the 13 and 26 weeks ended January 25, 2020 and January 26, 2019 of Village Super Market, Inc. (“Village” or the “Company”). The significant accounting policies followed by the Company, except as updated for the adoption of new lease guidance, are set forth in Note 1 to the Company's consolidated financial statements in the July 27, 2019 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 25, 2020 are not necessarily indicative of the results to be expected for the full year. Recently adopted accounting standards On July 28, 2019, the Company adopted ASU 2016-02, “Leases.” This guidance requires lessees to recognize lease liabilities and a right-of-use asset for all leases with terms of more than 12 months on the balance sheet. The Company adopted the standard using the modified retrospective approach under which the cumulative effect of initially applying the standard was recognized as an adjustment to opening fiscal 2020 retained earnings, with no restatement of prior year amounts. In addition, the Company applied the transition package of practical expedients permitted within the standard, which allowed the carryforward of historical lease classification, and applied the transition option which does not require application of the guidance to comparative periods in the year of adoption. The adoption of the standard resulted in the recognition of operating lease assets and operating lease liabilities of $ 99,415 and $ 111,139 , respectively, as of the date of adoption. Included in the initial measurement of the new lease assets is the reclassification of certain prepaid and deferred rent balances. Additionally, the Company recorded an adjustment to reduce its opening retained earnings balance by $ 3,514 , net of income taxes, as the Company derecognized the remaining financing obligations of $ 17,442 and related net assets of $ 12,543 for leases in which the Company was previously deemed to be the owner of the project for accounting purposes but did not qualify for sale-leaseback treatment. As such designation ended for these leases with adoption of the ASU, operating lease right-of-use asset and liability balances were established for these leases based on the Company's remaining fixed payment obligations under the leases and are included in the amounts described above. Accordingly, the fixed lease payments related to these leases will be recognized as an operating lease cost on a straight-line basis over the lease term, and eliminated depreciation and interest expense in the fiscal 2020 consolidated statement of operations. The Company recognized expense related to these leases in fiscal 2020 and 2019 as follows: 13 Weeks Ended 26 Weeks Ended Consolidated Statement of Operations Classification January 25, January 26, January 25, January 26, Operating and administrative expense $ 677 $ — $ 1,354 $ — Depreciation and amortization — 107 — 215 Interest expense — 537 — 1,077 $ 677 $ 644 $ 1,354 $ 1,292 The adoption of this standard also resulted in a change in naming convention for leases classified historically as capital leases to finance leases. The adoption of the new standard did not have a material impact on the consolidated statement of cash flows. |
MERCHANDISE INVENTORIES
MERCHANDISE INVENTORIES | 6 Months Ended |
Jan. 25, 2020 | |
Inventory Disclosure [Abstract] | |
MERCHANDISE INVENTORIES | MERCHANDISE INVENTORIES At both January 25, 2020 and July 27, 2019 , approximately 64% 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 $14,512 higher than reported at both January 25, 2020 and July 27, 2019 . |
NET INCOME (LOSS) PER SHARE
NET INCOME (LOSS) PER SHARE | 6 Months Ended |
Jan. 25, 2020 | |
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 25, 2020 January 25, 2020 Class A Class B Class A Class B Numerator: Net income allocated, basic $ 1,521 $ 435 $ 3,461 $ 993 Conversion of Class B to Class A shares 435 — 993 — Effect of share-based compensation on allocated net income (3 ) (1 ) (5 ) (2 ) Net income allocated, diluted $ 1,953 $ 434 $ 4,449 $ 991 Denominator: Weighted average shares outstanding, basic 9,768 4,294 9,769 4,294 Conversion of Class B to Class A shares 4,294 — 4,294 — Weighted average shares outstanding, diluted 14,062 4,294 14,063 4,294 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 — 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 — Weighted average shares outstanding, diluted 14,027 4,304 14,031 4,304 Outstanding stock options to purchase Class A shares of 157 and 278 were excluded from the calculation of diluted net income per share at January 25, 2020 and January 26, 2019 , respectively, as a result of their anti-dilutive effect. In addition, 316 and 329 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 25, 2020 and January 26, 2019 , respectively, due to their anti-dilutive effect. |
PENSION PLANS
PENSION PLANS | 6 Months Ended |
Jan. 25, 2020 | |
Defined Benefit Plan [Abstract] | |
PENSION PLANS | PENSION PLANS The Company sponsored four defined benefit pension plans in fiscal 2020 and 2019. Net periodic pension cost for the four plans includes the following components: 13 Weeks Ended 26 Weeks Ended January 25, January 26, January 25, January 26, Service cost $ 50 $ 53 $ 101 $ 106 Interest cost on projected benefit obligations 566 655 1,131 1,310 Expected return on plan assets (625 ) (721 ) (1,328 ) (1,442 ) Loss on settlement 1,246 — 1,246 — Amortization of net losses 146 145 291 290 Net periodic pension cost $ 1,383 $ 132 $ 1,441 $ 264 As of January 25, 2020 , the Company has no t made any contributions to its pension plans in fiscal 2020 . The Company expects contributions to its defined benefit pension plans to be immaterial in fiscal 2020 . On December 23, 2019, the Company terminated the Village Super Market, Inc. Retail Clerks Employees’ Retirement Plan. All participants of the plan were former employees of a store previously closed in 1994. A annuity contract totaling $1,302 was purchased with an insurance company for all participants who did not elect a lump sum distribution. Additionally, lump sum distributions related to the termination totaled $ 451 . The plan had sufficient assets to satisfy all termination transaction obligations, and no benefit obligation or plan assets related to the Village Super Market, Inc. Retail Clerks Employees’ Retirement Plan remain as of January 25, 2020 . As a result of this termination, the Company recognized a non-cash pre-tax settlement charge totaling $ 669 during the 13 weeks ended January 25, 2020 . This settlement charge represents the plan’s remaining unrecognized losses within accumulated other comprehensive loss as of the termination date. Additionally, the Company recognized a settlement loss of $ 577 in the 13 weeks ended January 25, 2020 for a plan where benefits paid exceeded the sum of the service cost and interest cost components of net periodic pension cost. Assumptions used in the related remeasurement include a discount rate of 3.00% and long term expected rate of return on plan assets of 5.00% . |
RELATED PARTY INFORMATION - WAK
RELATED PARTY INFORMATION - WAKEFERN | 6 Months Ended |
Jan. 25, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTY INFORMATION - WAKEFERN | RELATED PARTY INFORMATION 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 27, 2019 . Included in cash and cash equivalents at January 25, 2020 and July 27, 2019 are $51,141 and $73,879 , respectively, of demand deposits invested at Wakefern at overnight money market rates. There have been no other significant changes in the Company’s relationships or nature of transactions with related parties during the 26 weeks ended January 25, 2020 . |
COMMITMENTS and CONTINGENCIES
COMMITMENTS and CONTINGENCIES | 6 Months Ended |
Jan. 25, 2020 | |
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. |
LEASES
LEASES | 6 Months Ended |
Jan. 25, 2020 | |
Leases [Abstract] | |
LEASES | LEASES The Company leases 27 retail stores, as well as the corporate headquarters and equipment at January 25, 2020 . The majority of initial lease terms range from 20 to 30 years. Most of the Company’s leases contain renewal options at increased rents of five to ten years each at the Company’s sole discretion. These options enable Village to retain the use of facilities in desirable operating areas. Each renewal option is evaluated when recognizing the lease right-of-use assets and liabilities, and the Company utilizes the lease term for which it is reasonably certain to use the underlying asset. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company is obligated under all leases to pay for real estate taxes, utilities and liability insurance, and under certain leases to pay additional amounts based on maintenance and a percentage of sales in excess of stipulated amounts. The Company accounts for rent holidays, escalating rent provisions, and construction allowances on a straight-line basis over the term of the lease. The composition of total lease cost is as follows: 13 Weeks Ended 26 Weeks Ended Consolidated Statement of Operations Classification January 25, January 25, Operating lease cost Operating and administrative expense $ 4,425 $ 9,204 Finance lease cost Amortization of leased assets Depreciation and amortization 237 474 Interest on lease liabilities Interest expense 515 1,032 Variable lease cost Operating and administrative expense 3,968 7,662 Total lease cost $ 9,145 $ 18,372 As of January 25, 2020 , finance lease right-of-use assets of $14,227 are included in Property, equipment and fixtures, net in the Company's Consolidated Balance Sheet. Maturities of operating and finance lease liabilities, including options to extend lease terms that are reasonably certain of being exercised, are as follows as of January 25, 2020 : Operating leases Finance leases Total Remainder of 2020 $ 9,352 $ 1,345 $ 10,697 2021 16,621 2,689 19,310 2022 15,739 2,689 18,428 2023 15,412 2,689 18,101 2024 13,276 2,689 15,965 Thereafter 79,385 24,428 103,813 Total lease payments 149,785 36,529 186,314 Less amount representing interest 39,621 12,673 52,294 Present value of lease liabilities $ 110,164 $ 23,856 $ 134,020 The Company has approximately $ 16,671 of future payment obligations related to lease agreements that have not yet commenced but have been executed as of January 25, 2020 . For purposes of measuring the present value of its fixed payment obligations for a given lease, the Company uses its incremental borrowing rate as the discount rate implicit within its leases is generally not determinable. The Company's incremental borrowing rate reflects the rate it would pay to borrow on a secured basis, and incorporates the term and economic environment of the lease. As of January 25, 2020 , the Company's lease terms and discount rates are as follows: January 25, Weighted-average remaining lease term (years) Operating leases 11.8 Finance leases 16.1 Weighted-average discount rate Operating leases 5.3 % Finance leases 8.5 % Supplemental cash flow information related to leases is as follows: 26 Weeks Ended January 25, Cash paid for amounts in the measurement of lease liabilities Operating cash flows from operating leases $ 8,695 Operating cash flows from finance leases 1,032 Financing cash flows from finance leases 268 In the first quarter of fiscal 2020, the Company adopted ASU 2016-02, and as required, the following disclosure is provided for periods prior to adoption. Future minimum lease payments by year and in the aggregate for all non-cancelable leases with initial terms of one year or more consisted of the following at July 27, 2019: Capital and financing leases Operating leases 2020 $ 5,173 $ 13,573 2021 5,240 12,972 2022 5,240 10,348 2023 5,305 9,747 2024 5,342 7,457 Thereafter 43,708 61,043 Minimum lease payments 70,008 $ 115,140 Less amount representing interest 28,233 Present value of minimum lease payments 41,775 Less current portion 1,022 $ 40,753 |
LEASES | LEASES The Company leases 27 retail stores, as well as the corporate headquarters and equipment at January 25, 2020 . The majority of initial lease terms range from 20 to 30 years. Most of the Company’s leases contain renewal options at increased rents of five to ten years each at the Company’s sole discretion. These options enable Village to retain the use of facilities in desirable operating areas. Each renewal option is evaluated when recognizing the lease right-of-use assets and liabilities, and the Company utilizes the lease term for which it is reasonably certain to use the underlying asset. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company is obligated under all leases to pay for real estate taxes, utilities and liability insurance, and under certain leases to pay additional amounts based on maintenance and a percentage of sales in excess of stipulated amounts. The Company accounts for rent holidays, escalating rent provisions, and construction allowances on a straight-line basis over the term of the lease. The composition of total lease cost is as follows: 13 Weeks Ended 26 Weeks Ended Consolidated Statement of Operations Classification January 25, January 25, Operating lease cost Operating and administrative expense $ 4,425 $ 9,204 Finance lease cost Amortization of leased assets Depreciation and amortization 237 474 Interest on lease liabilities Interest expense 515 1,032 Variable lease cost Operating and administrative expense 3,968 7,662 Total lease cost $ 9,145 $ 18,372 As of January 25, 2020 , finance lease right-of-use assets of $14,227 are included in Property, equipment and fixtures, net in the Company's Consolidated Balance Sheet. Maturities of operating and finance lease liabilities, including options to extend lease terms that are reasonably certain of being exercised, are as follows as of January 25, 2020 : Operating leases Finance leases Total Remainder of 2020 $ 9,352 $ 1,345 $ 10,697 2021 16,621 2,689 19,310 2022 15,739 2,689 18,428 2023 15,412 2,689 18,101 2024 13,276 2,689 15,965 Thereafter 79,385 24,428 103,813 Total lease payments 149,785 36,529 186,314 Less amount representing interest 39,621 12,673 52,294 Present value of lease liabilities $ 110,164 $ 23,856 $ 134,020 The Company has approximately $ 16,671 of future payment obligations related to lease agreements that have not yet commenced but have been executed as of January 25, 2020 . For purposes of measuring the present value of its fixed payment obligations for a given lease, the Company uses its incremental borrowing rate as the discount rate implicit within its leases is generally not determinable. The Company's incremental borrowing rate reflects the rate it would pay to borrow on a secured basis, and incorporates the term and economic environment of the lease. As of January 25, 2020 , the Company's lease terms and discount rates are as follows: January 25, Weighted-average remaining lease term (years) Operating leases 11.8 Finance leases 16.1 Weighted-average discount rate Operating leases 5.3 % Finance leases 8.5 % Supplemental cash flow information related to leases is as follows: 26 Weeks Ended January 25, Cash paid for amounts in the measurement of lease liabilities Operating cash flows from operating leases $ 8,695 Operating cash flows from finance leases 1,032 Financing cash flows from finance leases 268 In the first quarter of fiscal 2020, the Company adopted ASU 2016-02, and as required, the following disclosure is provided for periods prior to adoption. Future minimum lease payments by year and in the aggregate for all non-cancelable leases with initial terms of one year or more consisted of the following at July 27, 2019: Capital and financing leases Operating leases 2020 $ 5,173 $ 13,573 2021 5,240 12,972 2022 5,240 10,348 2023 5,305 9,747 2024 5,342 7,457 Thereafter 43,708 61,043 Minimum lease payments 70,008 $ 115,140 Less amount representing interest 28,233 Present value of minimum lease payments 41,775 Less current portion 1,022 $ 40,753 |
BUSINESS ACQUISITION (Notes)
BUSINESS ACQUISITION (Notes) | 6 Months Ended |
Jan. 25, 2020 | |
Business Combinations [Abstract] | |
BUSINESS ACQUISITION | BUSINESS ACQUISITIONS Fairway Markets On January 22, 2020, Village Super Market, Inc. (“Village”) entered into an asset purchase agreement (the “APA”) with Fairway Group Holdings Corp. (“Fairway”) in conjunction with Fairway filing voluntary petitions for relief under chapter 11 of title 11 of the U.S. Code in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). Under the APA, Village agreed to acquire up to five supermarkets in New York, NY, a production distribution center (the “PDC”), and the intellectual property used by Fairway, including the names “Fairway” and “Fairway Markets,” for a cash purchase price of $68,600 , subject to closing adjustments and assumed liabilities (as defined in the APA). The assumed liabilities consist primarily of lease liabilities. On February 20, 2020, the Bankruptcy Court entered an order that established the bidding procedures for the assets of Fairway, including those subject to the APA. The APA represents an offer under Section 363 of the U.S. Bankruptcy Code. Such offers are commonly referred to as “stalking horse” bids and are subject to higher bids, in accordance with the bidding procedures established by the Bankruptcy Court. Accordingly, Village cannot be certain that it will complete the transaction. The Section 363 sale process is expected to be concluded in March 2020. In the event that Village is not the winning bidder, it will be entitled to a break-up fee equal to 3% of the cash purchase price. The APA allows Village to remove two of the supermarkets and the PDC (each, a “Non-Core Asset”) from the list of assets acquired within the later of 45 days from the execution of the APA and two days prior to the auction or the sale hearing if no auction is held under the Section 363 sale process. Should Village elect to remove Non-Core Assets from the list of assets acquired, the cash purchase price will be reduced by up to $5,500 . As required by the APA, Village made a $6,860 deposit into escrow on January 23, 2020 included in Other current assets in the Company's Consolidated Balance Sheet as of January 25, 2020 . Village intends to fund the balance of the purchase price, if the transaction is consummated, with cash on hand, its revolving credit agreement and other debt. The parties have made representations, warranties and covenants in the APA, and the completion of the acquisition is subject to regulatory approvals, including, without limitation, regulatory clearance, and closing conditions. Gourmet Garage On June 24, 2019, the Company purchased three Gourmet Garage specialty markets in Manhattan, New York City. Village acquired the store fixtures, leases, inventory, other working capital and other assets for $ 5,203 , net of cash and cash equivalents. Village has accounted for this transaction as a business combination in accordance with the acquisition method of accounting, which requires, among other things, that assets acquired and liabilities assumed be recognized at their estimated fair values as of the acquisition date. In connection with this acquisition, the Company recorded $ 529 of goodwill attributable to the assembled workforce of Gourmet Garage and cost synergies and a $ 1,485 indefinite-lived intangible asset related to the trade name. Transaction costs were expensed as incurred. The final allocation of the purchase price consideration to the assets acquired and the liabilities assumed has been completed. |
BASIS OF PRESENTATION and ACC_2
BASIS OF PRESENTATION and ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jan. 25, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Expenses Related to Leases | The Company recognized expense related to these leases in fiscal 2020 and 2019 as follows: 13 Weeks Ended 26 Weeks Ended Consolidated Statement of Operations Classification January 25, January 26, January 25, January 26, Operating and administrative expense $ 677 $ — $ 1,354 $ — Depreciation and amortization — 107 — 215 Interest expense — 537 — 1,077 $ 677 $ 644 $ 1,354 $ 1,292 Supplemental cash flow information related to leases is as follows: 26 Weeks Ended January 25, Cash paid for amounts in the measurement of lease liabilities Operating cash flows from operating leases $ 8,695 Operating cash flows from finance leases 1,032 Financing cash flows from finance leases 268 The composition of total lease cost is as follows: 13 Weeks Ended 26 Weeks Ended Consolidated Statement of Operations Classification January 25, January 25, Operating lease cost Operating and administrative expense $ 4,425 $ 9,204 Finance lease cost Amortization of leased assets Depreciation and amortization 237 474 Interest on lease liabilities Interest expense 515 1,032 Variable lease cost Operating and administrative expense 3,968 7,662 Total lease cost $ 9,145 $ 18,372 |
NET INCOME (LOSS) PER SHARE - S
NET INCOME (LOSS) PER SHARE - Schedule of Earnings Per Share, Basic and Diluted (Tables) | 6 Months Ended |
Jan. 25, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | 13 Weeks Ended 26 Weeks Ended January 25, 2020 January 25, 2020 Class A Class B Class A Class B Numerator: Net income allocated, basic $ 1,521 $ 435 $ 3,461 $ 993 Conversion of Class B to Class A shares 435 — 993 — Effect of share-based compensation on allocated net income (3 ) (1 ) (5 ) (2 ) Net income allocated, diluted $ 1,953 $ 434 $ 4,449 $ 991 Denominator: Weighted average shares outstanding, basic 9,768 4,294 9,769 4,294 Conversion of Class B to Class A shares 4,294 — 4,294 — Weighted average shares outstanding, diluted 14,062 4,294 14,063 4,294 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 — 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 — Weighted average shares outstanding, diluted 14,027 4,304 14,031 4,304 |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jan. 25, 2020 | |
Leases [Abstract] | |
Total Lease Cost | The Company recognized expense related to these leases in fiscal 2020 and 2019 as follows: 13 Weeks Ended 26 Weeks Ended Consolidated Statement of Operations Classification January 25, January 26, January 25, January 26, Operating and administrative expense $ 677 $ — $ 1,354 $ — Depreciation and amortization — 107 — 215 Interest expense — 537 — 1,077 $ 677 $ 644 $ 1,354 $ 1,292 Supplemental cash flow information related to leases is as follows: 26 Weeks Ended January 25, Cash paid for amounts in the measurement of lease liabilities Operating cash flows from operating leases $ 8,695 Operating cash flows from finance leases 1,032 Financing cash flows from finance leases 268 The composition of total lease cost is as follows: 13 Weeks Ended 26 Weeks Ended Consolidated Statement of Operations Classification January 25, January 25, Operating lease cost Operating and administrative expense $ 4,425 $ 9,204 Finance lease cost Amortization of leased assets Depreciation and amortization 237 474 Interest on lease liabilities Interest expense 515 1,032 Variable lease cost Operating and administrative expense 3,968 7,662 Total lease cost $ 9,145 $ 18,372 |
Operating Lease Maturity | Maturities of operating and finance lease liabilities, including options to extend lease terms that are reasonably certain of being exercised, are as follows as of January 25, 2020 : Operating leases Finance leases Total Remainder of 2020 $ 9,352 $ 1,345 $ 10,697 2021 16,621 2,689 19,310 2022 15,739 2,689 18,428 2023 15,412 2,689 18,101 2024 13,276 2,689 15,965 Thereafter 79,385 24,428 103,813 Total lease payments 149,785 36,529 186,314 Less amount representing interest 39,621 12,673 52,294 Present value of lease liabilities $ 110,164 $ 23,856 $ 134,020 |
Finance Lease Maturity | Maturities of operating and finance lease liabilities, including options to extend lease terms that are reasonably certain of being exercised, are as follows as of January 25, 2020 : Operating leases Finance leases Total Remainder of 2020 $ 9,352 $ 1,345 $ 10,697 2021 16,621 2,689 19,310 2022 15,739 2,689 18,428 2023 15,412 2,689 18,101 2024 13,276 2,689 15,965 Thereafter 79,385 24,428 103,813 Total lease payments 149,785 36,529 186,314 Less amount representing interest 39,621 12,673 52,294 Present value of lease liabilities $ 110,164 $ 23,856 $ 134,020 |
Lease Terms and Discount Rates | As of January 25, 2020 , the Company's lease terms and discount rates are as follows: January 25, Weighted-average remaining lease term (years) Operating leases 11.8 Finance leases 16.1 Weighted-average discount rate Operating leases 5.3 % Finance leases 8.5 % |
Future Minimum Lease Payments for all Non-Cancelable Leases Before Adoption of ASU 2016-02 | Future minimum lease payments by year and in the aggregate for all non-cancelable leases with initial terms of one year or more consisted of the following at July 27, 2019: Capital and financing leases Operating leases 2020 $ 5,173 $ 13,573 2021 5,240 12,972 2022 5,240 10,348 2023 5,305 9,747 2024 5,342 7,457 Thereafter 43,708 61,043 Minimum lease payments 70,008 $ 115,140 Less amount representing interest 28,233 Present value of minimum lease payments 41,775 Less current portion 1,022 $ 40,753 |
BASIS OF PRESENTATION and ACC_3
BASIS OF PRESENTATION and ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | Jun. 24, 2019 | Jan. 25, 2020 | Jan. 26, 2019 | Jan. 25, 2020 | Jan. 26, 2019 | Jul. 28, 2019 | Jul. 27, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Payment for acquisition, net of cash acquired | $ (64) | $ 0 | |||||
Goodwill | $ 12,586 | 12,586 | $ 12,650 | ||||
Operating lease assets | 97,795 | 97,795 | |||||
Operating lease liability | 110,164 | 110,164 | |||||
Cumulative adjustment | $ 3,514 | ||||||
Financing obligations | (23,856) | (23,856) | |||||
Net assets for leases | (231,322) | (231,322) | $ (224,890) | ||||
Rent expense | $ 677 | $ 1,354 | |||||
Depreciation expense related to leases | $ 107 | 215 | |||||
Interest expense related to leases | $ 537 | $ 1,077 | |||||
Accounting Standards Update 2016-02 [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Operating lease assets | 99,415 | ||||||
Operating lease liability | 111,139 | ||||||
Cumulative adjustment | 3,514 | ||||||
Financing obligations | 17,442 | ||||||
Net assets for leases | $ 12,543 | ||||||
Gourmet Garage Specialty Markets [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Payment for acquisition, net of cash acquired | $ 5,203 | ||||||
Goodwill | $ 529 |
BASIS OF PRESENTATION and ACC_4
BASIS OF PRESENTATION and ACCOUNTING POLICIES - Schedule of Expenses Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 25, 2020 | Jan. 26, 2019 | Jan. 25, 2020 | Jan. 26, 2019 | |
Accounting Policies [Abstract] | ||||
Operating and administrative expense | $ 677 | $ 1,354 | ||
Depreciation and amortization | $ 107 | $ 215 | ||
Interest expense | 537 | 1,077 | ||
Depreciation, amortization and interest expense | $ 644 | $ 1,292 |
MERCHANDISE INVENTORIES (Detail
MERCHANDISE INVENTORIES (Details) - USD ($) $ in Thousands | Jan. 25, 2020 | Jul. 27, 2019 |
Inventory Disclosure [Abstract] | ||
Percentage of LIFO Inventory | 64.00% | 64.00% |
Inventory, LIFO Reserve | $ 14,512 | $ 14,512 |
NET INCOME (LOSS) PER SHARE - A
NET INCOME (LOSS) PER SHARE - Additional Information (Details) shares in Thousands | 6 Months Ended | |
Jan. 25, 2020class_common_stockshares | Jan. 26, 2019shares | |
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 | 316 | 329 |
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 | 157 | 278 |
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. 25, 2020USD ($)shares | Jan. 26, 2019USD ($)shares | Jan. 25, 2020USD ($)shares | Jan. 26, 2019USD ($)shares | |
Class of Stock [Line Items] | ||||
Conversion of Stock, Conversion Ratio | 1 | |||
Common Class A [Member] | ||||
Numerator: | ||||
Net income allocated, basic | $ 1,521 | $ 5,727 | $ 3,461 | $ 10,466 |
Conversion of Class B to Class A shares | 435 | 1,646 | 993 | 3,007 |
Effect of share-based compensation on allocated net income | (3) | (5) | ||
Net income allocated, diluted | $ 1,953 | $ 7,373 | $ 4,449 | $ 13,473 |
Denominator: | ||||
Weighted average shares outstanding, basic (in shares) | shares | 9,768 | 9,723 | 9,769 | 9,727 |
Conversion of Class B to Class A shares (in shares) | shares | 4,294 | 4,304 | 4,294 | 4,304 |
Weighted average shares outstanding, diluted (in shares) | shares | 14,062 | 14,027 | 14,063 | 14,031 |
Common Class B [Member] | ||||
Numerator: | ||||
Net income allocated, basic | $ 435 | $ 1,646 | $ 993 | $ 3,007 |
Conversion of Class B to Class A shares | 0 | 0 | 0 | 0 |
Effect of share-based compensation on allocated net income | (1) | (2) | ||
Net income allocated, diluted | $ 434 | $ 1,646 | $ 991 | $ 3,007 |
Denominator: | ||||
Weighted average shares outstanding, basic (in shares) | shares | 4,294 | 4,304 | 4,294 | 4,304 |
Conversion of Class B to Class A shares (in shares) | shares | 0 | 0 | 0 | 0 |
Weighted average shares outstanding, diluted (in shares) | shares | 4,294 | 4,304 | 4,294 | 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. 25, 2020 | Jan. 26, 2019 | Jan. 25, 2020 | Jan. 26, 2019 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | $ 50 | $ 53 | $ 101 | $ 106 |
Interest cost on projected benefit obligations | 566 | 655 | 1,131 | 1,310 |
Expected return on plan assets | (625) | (721) | (1,328) | (1,442) |
Loss on settlement | 1,246 | 0 | 1,246 | 0 |
Amortization of net losses | 146 | 145 | 291 | 290 |
Net periodic pension cost | $ 1,383 | $ 132 | $ 1,441 | $ 264 |
PENSION PLANS - Additional Info
PENSION PLANS - Additional Information (Details) | Dec. 23, 2019USD ($) | Jan. 25, 2020USD ($) | Jan. 26, 2019USD ($) | Jan. 25, 2020USD ($)pension_plan | Jan. 26, 2019USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |||||
Number of defined benefit pension plans | pension_plan | 4 | ||||
Employer contributions in current fiscal year | $ 0 | ||||
Loss on settlement | $ 1,246,000 | $ 0 | 1,246,000 | $ 0 | |
Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Loss on settlement | $ 577,000 | ||||
Discount rate | 3.00% | ||||
Long term expected rate of return on plan assets | 5.00% | ||||
Village Super Market, Inc. Retail Clerks Employees’ Retirement Plan [Member] | Supplemental Employee Retirement Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Annuity contract | $ 1,302,000 | ||||
Lump sum distributions related to the termination of retirement plan | $ 451,000 | ||||
Benefit obligation | $ 0 | 0 | |||
Plan assets | 0 | $ 0 | |||
Non-cash pre-tax settlement charge | $ 669,000 |
RELATED PARTY INFORMATION - W_2
RELATED PARTY INFORMATION - WAKEFERN (Details) - USD ($) $ in Thousands | Jan. 25, 2020 | Jul. 27, 2019 |
Investee [Member] | ||
Related Party Transaction [Line Items] | ||
Demand deposits at Wakefern | $ 51,141 | $ 73,879 |
COMMITMENTS and CONTINGENCIES (
COMMITMENTS and CONTINGENCIES (Details) - USD ($) $ in Thousands | 1 Months Ended | 87 Months Ended |
Nov. 30, 2018 | Jan. 25, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Insurance Recoveries | $ 415 | $ 3,998 |
LEASES - Additional Information
LEASES - Additional Information (Details) $ in Thousands | 6 Months Ended |
Jan. 25, 2020USD ($)contract | |
Lessee, Lease, Description [Line Items] | |
Number of retail stores leased | contract | 27 |
Finance lease, right-of-use asset | $ 14,227 |
Future lease payment obligations that have not yet commenced but have been executed | $ 16,671 |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Initial lease terms | 20 years |
Lease renewal terms | 5 years |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Initial lease terms | 30 years |
Lease renewal terms | 10 years |
LEASES - Total Lease Cost (Deta
LEASES - Total Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jan. 25, 2020 | Jan. 25, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 4,425 | $ 9,204 |
Finance lease cost | ||
Amortization of leased assets | 237 | 474 |
Interest on lease liabilities | 515 | 1,032 |
Variable lease cost | 3,968 | 7,662 |
Total lease cost | $ 9,145 | $ 18,372 |
LEASES - Lease Maturity (Detail
LEASES - Lease Maturity (Details) $ in Thousands | Jan. 25, 2020USD ($) |
Operating leases | |
Remainder of 2020 | $ 9,352 |
2021 | 16,621 |
2022 | 15,739 |
2023 | 15,412 |
2024 | 13,276 |
Thereafter | 79,385 |
Total lease payments | 149,785 |
Less amount representing interest | 39,621 |
Present value of lease liabilities | 110,164 |
Finance leases | |
Remainder of 2020 | 1,345 |
2021 | 2,689 |
2022 | 2,689 |
2023 | 2,689 |
2024 | 2,689 |
Thereafter | 24,428 |
Total lease payments | 12,673 |
Less amount representing interest | 36,529 |
Present value of lease liabilities | 23,856 |
Total | |
Remainder of 2020 | 10,697 |
2021 | 19,310 |
2022 | 18,428 |
2023 | 18,101 |
2024 | 15,965 |
Thereafter | 103,813 |
Total lease payments | 186,314 |
Less amount representing interest | 52,294 |
Present value of lease liabilities | $ 134,020 |
LEASES - Lease Terms and Discou
LEASES - Lease Terms and Discount Rates (Details) | Jan. 25, 2020 |
Weighted-average remaining lease term (years) | |
Operating leases | 11 years 9 months 18 days |
Finance leases | 16 years 1 month 6 days |
Weighted-average discount rate | |
Operating leases | 5.30% |
Finance leases | 8.50% |
LEASES - Supplemental Cash Flow
LEASES - Supplemental Cash Flow Information (Details) $ in Thousands | 6 Months Ended |
Jan. 25, 2020USD ($) | |
Cash paid for amounts in the measurement of lease liabilities | |
Operating cash flows from operating leases | $ 8,695 |
Operating cash flows from finance leases | 1,032 |
Financing cash flows from finance leases | $ 268 |
LEASES - Future Minimum Lease P
LEASES - Future Minimum Lease Payments for all Non-Cancelable Leases Before Adoption of ASU 2016-02 (Details) - USD ($) $ in Thousands | Jan. 25, 2020 | Jul. 27, 2019 |
Capital and financing leases | ||
2020 | $ 5,173 | |
2021 | 5,240 | |
2022 | 5,240 | |
2023 | 5,305 | |
2024 | 5,342 | |
Thereafter | 43,708 | |
Minimum lease payments | 70,008 | |
Less amount representing interest | 28,233 | |
Present value of minimum lease payments | 41,775 | |
Less current portion | $ 425 | 1,022 |
Capital and financing lease obligations | $ 23,431 | 40,753 |
Operating leases | ||
2020 | 13,573 | |
2021 | 12,972 | |
2022 | 10,348 | |
2023 | 9,747 | |
2024 | 7,457 | |
Thereafter | 61,043 | |
Minimum lease payments | $ 115,140 |
BUSINESS ACQUISITION (Details)
BUSINESS ACQUISITION (Details) $ in Thousands | Jun. 24, 2019USD ($) | Mar. 31, 2020USD ($)store | Jan. 25, 2020USD ($) | Jan. 26, 2019USD ($) | Jan. 23, 2020USD ($) | Jul. 27, 2019USD ($) |
Business Acquisition [Line Items] | ||||||
Payment for acquisition, net of cash acquired | $ (64) | $ 0 | ||||
Goodwill acquired in acquisition | $ 12,586 | $ 12,650 | ||||
Fairway Group Holdings Corp. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Escrow deposit | $ 6,860 | |||||
Gourmet Garage Specialty Markets [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payment for acquisition, net of cash acquired | $ 5,203 | |||||
Goodwill acquired in acquisition | $ 529 | |||||
Scenario, Forecast [Member] | Subsequent Event [Member] | Fairway Group Holdings Corp. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of stores acquired (up to) | store | 5 | |||||
Cash purchase price | $ 68,600 | |||||
Break-up fee | 3.00% | |||||
Number of stores allowable to remove from acquisition | store | 2 | |||||
Reduction in cash purchase price (up to) | $ 5,500 | |||||
Maximum [Member] | Scenario, Forecast [Member] | Subsequent Event [Member] | Fairway Group Holdings Corp. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Given period to remove number of stores acquired | 45 days | |||||
Minimum [Member] | Scenario, Forecast [Member] | Subsequent Event [Member] | Fairway Group Holdings Corp. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Given period to remove number of stores acquired | 2 days |
Uncategorized Items - vlgea-202
Label | Element | Value |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 3,514,000 |