Village Super Market (VLGEA) 10-Q 4 Mar 21 2021 Q2 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	6 Months Ended
	Jan. 23, 2021	Mar. 04, 2021
Document Type	10-Q
Document Period End Date	Jan. 23, 2021
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	0-2633
Entity Registrant Name	VILLAGE SUPER MARKET, INC.
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	22-1576170
Entity Address, Address Line One	733 Mountain Avenue
Entity Address, City or Town	Springfield
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07081
City Area Code	973
Local Phone Number	467-2200
Title of 12(b) Security	Class A common stock, no par value
Trading Symbol	VLGEA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000103595
Current Fiscal Year End Date	--07-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus (Q1,Q2,Q3,FY)	Q2
Amendment Flag	false
Common Class A
Entity Common Stock, Shares Outstanding		10,259,088
Common Class B
Entity Common Stock, Shares Outstanding		4,293,748

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jan. 23, 2021	Jul. 25, 2020
Current assets
Cash and cash equivalents	$ 114,764	$ 111,681
Merchandise inventories	47,108	42,135
Patronage dividend receivable	4,396	11,204
Income Taxes Receivable, Current	9,078	12,801
Other current assets	23,612	19,499
Total current assets	198,958	197,320
Property, equipment and fixtures, net	261,542	269,741
Operating lease assets	303,440	309,756
Notes receivable from Wakefern	54,149	53,008
Investment in Wakefern	30,202	29,462
Goodwill	24,190	24,190
Other assets	33,124	32,069
Total assets	905,605	915,546
Current liabilities
Operating lease obligations	20,462	19,121
Capital and financing lease obligations	500	466
Notes payable to Wakefern	369	303
Current portion of debt	6,976	6,421
Accounts payable to Wakefern	81,083	83,045
Accounts payable and accrued expenses	28,562	29,793
Accrued wages and benefits	22,692	23,649
Income taxes payable	112	0
Total current liabilities	160,756	162,798
Long-term debt
Operating lease obligations	292,151	298,027
Finance lease obligations	22,707	23,078
Notes payable to Wakefern	734	882
Long-term debt	70,401	74,194
Total long-term debt	385,993	396,181
Pension liabilities	6,152	6,166
Other liabilities	16,442	18,081
Commitments and contingencies
Shareholders' equity
Preferred stock, no par value: Authorized 10,000 shares, none issued	0	0
Retained earnings	287,634	286,241
Accumulated other comprehensive loss	(7,454)	(8,751)
Total shareholders’ equity	336,262	332,320
Total liabilities and shareholders’ equity	905,605	915,546
Common Class A
Shareholders' equity
Common Stock	69,324	68,072
Less treasury stock, Class A, at cost: 496 shares at July 28, 2018 and 477 shares at July 29, 2017	(13,939)	(13,939)
Common Class B
Shareholders' equity
Common Stock	$ 697	$ 697

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Jan. 23, 2021	Jul. 25, 2020
Preferred stock shares authorized (in shares)	10,000,000	10,000,000
Preferred stock shares issued (in shares)	0	0
Common Class A
Common stock shares authorized (in shares)	20,000,000	20,000,000
Common stock shares issued (in shares)	10,985,000	10,985,000
Treasury shares	726,000	726,000
Common Class B
Common stock shares authorized (in shares)	20,000,000	20,000,000
Common stock shares issued (in shares)	4,294,000	4,294,000
Common stock shares outstanding (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. 23, 2021	Jan. 25, 2020	Jan. 23, 2021	Jan. 25, 2020
Sales	$ 522,818	$ 437,422	$ 1,012,954	$ 844,824
Cost of sales	380,973	319,475	733,146	613,331
Gross profit	141,845	117,947	279,808	231,493
Operating and administrative expense	126,449	107,734	250,812	210,874
Depreciation and amortization	8,793	7,798	17,507	15,237
Operating income	6,603	2,415	11,489	5,382
Interest expense	(982)	(568)	(1,969)	(1,135)
Interest income	874	1,030	1,766	2,289
Income before income taxes	6,495	2,877	11,286	6,536
Income taxes	1,940	872	3,370	1,964
Net income	$ 4,555	$ 2,005	$ 7,916	$ 4,572
Common Class A
Net income per share:
Basic (in dollars per share)	$ 0.35	$ 0.16	$ 0.61	$ 0.35
Diluted (in dollars per share)	0.31	0.14	0.54	0.32
Common Class B
Net income per share:
Basic (in dollars per share)	0.23	0.10	0.39	0.23
Diluted (in dollars per share)	$ 0.23	$ 0.10	$ 0.39	$ 0.23

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 23, 2021	Jan. 25, 2020	Jan. 23, 2021	Jan. 25, 2020
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net income	$ 4,555	$ 2,005	$ 7,916	$ 4,572
Other comprehensive income:
Unrealized gains on interest rate swaps, net of tax	501	0	1,094	0
Amortization of pension actuarial loss, net of tax	101	102	203	203
Pension settlement loss, net of tax	0	871	0	871
Pension remeasurement, net of tax	0	(704)	0	(704)
Comprehensive income	$ 5,157	$ 2,274	$ 9,213	$ 4,942

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 23, 2021	Jan. 25, 2020	Jan. 23, 2021	Jan. 25, 2020
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Tax expense (benefit) on unrealized losses on interest rate swaps	$ 218		$ 479
Tax of amortization of pension actuarial loss	$ 45	$ 44	$ 91	$ 88
Tax on pension settlement loss		375		375
Tax (expense) benefit on pension remeasurement		$ 303		$ 303

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Stock [Member]Common Class A	Common Stock [Member]Common Class B	Retained Earnings [Member]	Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]
Balance (in shares) at Jul. 27, 2019			10,593	4,294				502
Balance at Jul. 27, 2019	$ 318,672	$ 3,514	$ 65,114	$ 697	$ 270,753	$ 3,514	$ (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)
Balance (in shares) at Jul. 25, 2020			10,985	4,294				726
Balance at Jul. 25, 2020	332,320		$ 68,072	$ 697	286,241		(8,751)	$ (13,939)
Net income	7,916				7,916
Other comprehensive income, net of tax	1,297						1,297
Dividends	(6,523)				(6,523)
Restricted shares forfeited (in shares)			(8)
Restricted shares forfeited	(24)		$ (24)
Share-based compensation expense (in shares)			8
Share-based compensation expense	1,276		$ 1,276
Balance (in shares) at Jan. 23, 2021			10,985	4,294				726
Balance at Jan. 23, 2021	336,262		$ 69,324	$ 697	287,634		(7,454)	$ (13,939)
Balance (in shares) at Oct. 24, 2020			10,988	4,294				726
Balance at Oct. 24, 2020	333,741		$ 68,695	$ 697	286,344		(8,056)	$ (13,939)
Net income	4,555				4,555
Other comprehensive income, net of tax	602						602
Dividends	(3,265)				(3,265)
Restricted shares forfeited (in shares)			(3)
Restricted shares forfeited	(12)		$ (12)
Share-based compensation expense (in shares)			0
Share-based compensation expense	641		$ 641
Balance (in shares) at Jan. 23, 2021			10,985	4,294				726
Balance at Jan. 23, 2021	$ 336,262		$ 69,324	$ 697	$ 287,634		$ (7,454)	$ (13,939)

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 23, 2021	Jan. 25, 2020	Jan. 23, 2021	Jan. 25, 2020	Jul. 27, 2019
Statement of Stockholders' Equity [Abstract]
Tax of amortization of pension actuarial loss	$ (45)	$ (44)	$ (91)	$ (88)
Tax expense (benefit) associated with other comprehensive loss and income	$ 263	$ 116	$ 570	$ 160
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. 23, 2021	Jan. 25, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 7,916	$ 4,572
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	18,222	15,237
Non-cash share-based compensation	1,252	1,541
Loss on pension settlements	0	1,246
Deferred taxes	(1,456)	(291)
Gain on sale of property, equipment and fixtures	(84)	0
Changes in assets and liabilities:
Merchandise inventories	(4,973)	(2,810)
Patronage dividend receivable	6,808	7,467
Accounts payable to Wakefern	(2,124)	10,109
Accounts payable and accrued expenses	(1,158)	(3,957)
Accrued wages and benefits	(957)	(1,043)
Income taxes receivable / payable	3,835	(1,880)
Other assets and liabilities	(2,370)	(2,430)
Net cash provided by operating activities	24,911	27,761
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(9,958)	(38,121)
Proceeds from the sale of assets	107	0
Investment in notes receivable from Wakefern	(1,141)	(1,546)
Acquisition deposit in escrow	0	(6,860)
Acquisition of Gourmet Garage, net of cash acquired	0	64
Net cash used in investing activities	(10,992)	(46,463)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of long-term debt	50,000	0
Principal payments of long-term debt	(4,091)	(336)
Payments on revolving line of credit	(50,000)	0
Debt issuance costs	(222)	0
Dividends	(6,523)	(6,438)
Treasury stock purchases	0	(249)
Net cash used in financing activities	(10,836)	(7,023)
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	3,083	(25,725)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	111,681	101,121
CASH AND CASH EQUIVALENTS, END OF PERIOD	114,764	75,396
SUPPLEMENTAL DISCLOSURES OF CASH PAYMENTS MADE FOR:
Interest	1,969	1,135
Income taxes	985	4,132
NONCASH SUPPLEMENTAL DISCLOSURES:
Investment in Wakefern and increase in notes payable to Wakefern	66	93
Capital expenditures included in accounts payable and accrued expenses	$ 5,138	$ 5,453

BASIS OF PRESENTATION and ACCOU

BASIS OF PRESENTATION and ACCOUNTING POLICIES	6 Months Ended
	Jan. 23, 2021
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 23, 2021 and the consolidated statements of operations, comprehensive income and cash flows for the 13 and 26 weeks ended January 23, 2021 and January 25, 2020 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 25, 2020 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 23, 2021 are not necessarily indicative of the results to be expected for the full year. 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 23, 2021 January 25, 2020 January 23, 2021 January 25, 2020 Amount % Amount % Amount % Amount % Center Store (1) $ 321,829 61.5 % $ 272,775 62.4 % $ 617,769 61.0 % $ 520,832 61.6 % Fresh (2) 181,965 34.8 145,500 33.3 357,609 35.3 286,180 33.9 Pharmacy 16,671 3.2 17,710 4.0 33,103 3.3 35,234 4.2 Other (3) 2,353 0.5 1,437 0.3 4,473 0.4 2,578 0.3 Total Sales $ 522,818 100.0 % $ 437,422 100.0 % $ 1,012,954 100.0 % $ 844,824 100.0 % (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.

MERCHANDISE INVENTORIES

MERCHANDISE INVENTORIES	6 Months Ended
	Jan. 23, 2021
Inventory Disclosure [Abstract]
MERCHANDISE INVENTORIES	MERCHANDISE INVENTORIES At both January 23, 2021 and July 25, 2020, approximately 63% 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 $15,101 higher than reported at both January 23, 2021 and July 25, 2020.

NET INCOME PER SHARE

NET INCOME PER SHARE	6 Months Ended
	Jan. 23, 2021
Earnings Per Share [Abstract]
NET INCOME 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 23, 2021 January 23, 2021 Class A Class B Class A Class B Numerator: Net income allocated, basic $ 3,437 $ 974 $ 5,971 $ 1,692 Conversion of Class B to Class A shares 974 — 1,692 — Net income allocated, diluted $ 4,411 $ 974 $ 7,663 $ 1,692 Denominator: Weighted average shares outstanding, basic 9,850 4,294 9,850 4,294 Conversion of Class B to Class A shares 4,294 — 4,294 — Weighted average shares outstanding, diluted 14,144 4,294 14,144 4,294 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 Outstanding stock options to purchase Class A shares of 156 and 157 were excluded from the calculation of diluted net income per share at January 23, 2021 and January 25, 2020, respectively, as a result of their anti-dilutive effect. In addition, 413 and 316 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 23, 2021 and January 25, 2020, respectively, due to their anti-dilutive effect.

PENSION PLANS

PENSION PLANS	6 Months Ended
	Jan. 23, 2021
Compensation Related Costs [Abstract]
PENSION PLANS	PENSION PLANS Net periodic pension cost for the three defined benefit pension plans sponsored in fiscal 2021 and the four defined benefit pension plans sponsored in fiscal 2020 includes the following components: 13 Weeks Ended 26 Weeks Ended January 23, January 25, January 23, January 25, Service cost $ 54 $ 50 $ 108 $ 101 Interest cost on projected benefit obligations 422 566 844 1,131 Expected return on plan assets (483) (625) (966) (1,328) Loss on settlement — 1,246 — 1,246 Amortization of net losses 147 146 294 291 Net periodic pension cost $ 140 $ 1,383 $ 280 $ 1,441 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. An 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 remained as of the termination date. 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%. As of January 23, 2021, the Company has not made any contributions to its pension plans in fiscal 2021. The Company expects contributions to its defined benefit pension plans to be immaterial in fiscal 2021.

RELATED PARTY INFORMATION

RELATED PARTY INFORMATION	6 Months Ended
	Jan. 23, 2021
Related Party Transactions [Abstract]
RELATED PARTY INFORMATION	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 25, 2020. Included in cash and cash equivalents at January 23, 2021 and July 25, 2020 are $82,042 and $76,259, respectively, of demand deposits invested at Wakefern at overnight money market rates.

COMMITMENTS and CONTINGENCIES

COMMITMENTS and CONTINGENCIES	6 Months Ended
	Jan. 23, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS and CONTINGENCIES	COMMITMENTS and CONTINGENCIES    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.

DEBT

DEBT	6 Months Ended
	Jan. 23, 2021
Debt Disclosure [Abstract]
DEBT	DEBT Long-term debt consists of: January 23, July 25, Unsecured revolving line of credit $ — $ 50,000 Secured term loan 48,679 — Unsecured term loan 22,900 24,694 New Market Tax Credit Financing 5,798 5,921 Total debt, excluding obligations under leases 77,377 80,615 Less current portion 6,976 6,421 Total long-term debt, excluding obligations under leases $ 70,401 $ 74,194 Credit Facility On May 6, 2020, Village entered into a credit agreement (the “Credit Facility”) with Wells Fargo National Bank, National Association (“Wells Fargo”) that supersedes in its entirety the prior credit agreement with Wells Fargo dated November 9, 2017. The principal purpose of the Credit Facility is to finance general corporate and working capital requirements and Village’s acquisition of certain Fairway assets. Among other things, the Credit Facility provides for a maximum loan amount of $150,500 as further set forth below: • An unsecured revolving line of credit providing a maximum amount available for borrowing of $125,000. Indebtedness under this agreement bears interest at the applicable LIBOR rate plus 1.10% and expires on May 6, 2025. • An unsecured term loan with a maximum loan amount of $25,500. On May 12, 2020, Village executed a $25,500 term note, repayable in equal monthly installments based on a seven-year amortization schedule through May 4, 2027 and bearing interest at the applicable LIBOR rate plus 1.35%. Additionally, Village executed an interest rate swap for a notional amount equal to the term loan amount that fixes the base LIBOR rate at .41% per annum through May 4, 2027, resulting in a fixed effective interest rate of 1.76% on the term note. • On September 1, 2020, Village converted $50,000 of its revolving line of credit to a secured converted term loan. The conversion reduced the maximum amount available for borrowing under the revolving line of credit from $125,000 to $75,000. The term loan bears interest at the applicable LIBOR rate plus 1.50% and is repayable in equal monthly installments based on a fifteen-year amortization schedule beginning on the conversion date. Additionally, Village previously executed a forward interest rate swap, effective on the conversion date, for a notional amount equal to the term loan amount that fixes the base LIBOR rate at .69% per annum for 15 years, resulting in a fixed effective interest rate of 2.19% on the converted term loan. The term loan is secured by real properties of Village Super Market, Inc. and its subsidiaries, including the sites of three Village stores. The Credit Facility also provides for up to $25,000 of letters of credit ($7,336 outstanding at January 23, 2021), which secure obligations for store leases and construction performance guarantees to municipalities. The Credit Facility contains covenants that, among other conditions, require a minimum tangible net worth, a minimum fixed charge coverage ratio and a maximum adjusted debt to EBITDAR ratio. The Company was in compliance with all covenants of the credit agreement at January 23, 2021. New Markets Tax Credit Financing 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.

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	6 Months Ended
	Jan. 23, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND HEDGING ACTIVITIES	DERIVATIVES AND HEDGING ACTIVITIES The Company is exposed to interest rate risk arising from fluctuations in LIBOR related to the Company’s Credit Facility. The Company manages exposure to this risk and the variability of related cash flows primarily by the use of derivative financial instruments, specifically, interest rate swaps. The Company’s objectives in using interest rate swaps are to add stability to interest expense and to manage its exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. In 2020, the Company executed two interest rate swaps with an aggregate notional value of $75,500 to hedge the variable cash flows associated with variable-rate loans under the Company's Credit Facility. The interest rate swaps were executed for risk management and are not held for trading purposes. The objective of the interest rate swaps is to hedge the variability of cash flows resulting from fluctuations in LIBOR. The swaps replaced the applicable LIBOR with fixed interest rates and payments are settled monthly when payments are made on the variable-rate loans. The Company's derivatives qualify and have been designated as cash flow hedges of interest rate risk. The gain or loss on the derivative is recorded in Accumulated other comprehensive loss and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. Amounts reported in Accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are made on the variable-rate loans. The Company reclassified $82 and $148 during the 13 and 26 weeks ended January 23, 2021, respectively, from Accumulated other comprehensive loss to Interest expense.

BUSINESS ACQUISITION

BUSINESS ACQUISITION	6 Months Ended
	Jan. 23, 2021
Business Combinations [Abstract]
BUSINESS ACQUISITION	BUSINESS ACQUISITIONOn May 14, 2020, Village completed its acquisition of certain assets, including five supermarkets averaging 52,000 sq. ft. (30,000 selling sq. ft.), a production distribution center (the “PDC”) and the intellectual property of Fairway Group Holdings Corp. and certain of its subsidiaries (“Fairway”), including the names “Fairway” and “Fairway Markets.” Four of the supermarkets are in Manhattan, specifically the Upper West Side, Upper East Side, Kips Bay and Chelsea locations, and a fifth store is located in Pelham, NY. The acquisition was effectuated pursuant to the Asset Purchase Agreement (the "APA"), entered into on January 20, 2020, revised on March 25, 2020 and approved by the United States Bankruptcy Court for the Southern District of New York through a Sale Order entered on April 20, 2020. Village paid $73,622 for the Fairway assets, net of cash acquired, and assumed certain liabilities, consisting primarily of those arising from acquired leases. Additionally, at the time of closing Village received a $2,035 credit arising from the breakup of Village’s initial “stalking horse” bid under the January 20, 2020 Asset Purchase Agreement. The credit was recognized as a reduction in operating and administrative expense in the fourth quarter of fiscal 2020. The Fairway acquisition expands our presence in New York City under an iconic city brand and provides Village the ability to expand centralized food production to support stores under all of our banners. Village 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 $11,540 of goodwill attributable to the assembled workforce and cost synergies. The goodwill related to this acquisition is deductible for tax purposes. Additionally, the Company recorded a $14,200 indefinite-lived intangible asset related to the trade name. The fair value of the intangible asset was determined based on the discounted cash flow model using the relief from royalty method. The fair value of the property, equipment and fixtures were determined based on the indirect cost approach in which current costs that were not new were adjusted for all forms of depreciation. The Company also evaluated the fair value of the leases assumed in the acquisition, which evaluated comparable rents in the areas of the locations. Leases were determined to be at market apart from one location. For this location, the Company recorded a favorable lease of $4,360 within operating lease assets. The favorable lease is being amortized over the remaining duration of the lease. Transaction costs were expensed as incurred. The allocation of the purchase price consideration to the assets acquired and the liabilities assumed will be completed upon the finalization of working capital adjustments.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jan. 23, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSOn February 22, 2021, Village closed the ShopRite store located in Silver Spring, Maryland. Despite continued investment in marketing and promotional programs, the store was unable to generate sales at a level sufficient to maintain profitability, resulting in its closure. The impacts associated with this closure will not be material to the consolidated financial statements.

BASIS OF PRESENTATION and ACC_2

BASIS OF PRESENTATION and ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jan. 23, 2021
Accounting Policies [Abstract]
Disaggregation of Revenue	The following table presents the Company's sales by product categories during each of the periods indicated: 13 Weeks Ended 26 Weeks Ended January 23, 2021 January 25, 2020 January 23, 2021 January 25, 2020 Amount % Amount % Amount % Amount % Center Store (1) $ 321,829 61.5 % $ 272,775 62.4 % $ 617,769 61.0 % $ 520,832 61.6 % Fresh (2) 181,965 34.8 145,500 33.3 357,609 35.3 286,180 33.9 Pharmacy 16,671 3.2 17,710 4.0 33,103 3.3 35,234 4.2 Other (3) 2,353 0.5 1,437 0.3 4,473 0.4 2,578 0.3 Total Sales $ 522,818 100.0 % $ 437,422 100.0 % $ 1,012,954 100.0 % $ 844,824 100.0 % (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.

NET INCOME PER SHARE (Tables)

NET INCOME PER SHARE (Tables)	6 Months Ended
	Jan. 23, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	13 Weeks Ended 26 Weeks Ended January 23, 2021 January 23, 2021 Class A Class B Class A Class B Numerator: Net income allocated, basic $ 3,437 $ 974 $ 5,971 $ 1,692 Conversion of Class B to Class A shares 974 — 1,692 — Net income allocated, diluted $ 4,411 $ 974 $ 7,663 $ 1,692 Denominator: Weighted average shares outstanding, basic 9,850 4,294 9,850 4,294 Conversion of Class B to Class A shares 4,294 — 4,294 — Weighted average shares outstanding, diluted 14,144 4,294 14,144 4,294 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

PENSION PLANS (Tables)

PENSION PLANS (Tables)	6 Months Ended
	Jan. 23, 2021
Compensation Related Costs [Abstract]
Schedule of Net Benefit Costs	Net periodic pension cost for the three defined benefit pension plans sponsored in fiscal 2021 and the four defined benefit pension plans sponsored in fiscal 2020 includes the following components: 13 Weeks Ended 26 Weeks Ended January 23, January 25, January 23, January 25, Service cost $ 54 $ 50 $ 108 $ 101 Interest cost on projected benefit obligations 422 566 844 1,131 Expected return on plan assets (483) (625) (966) (1,328) Loss on settlement — 1,246 — 1,246 Amortization of net losses 147 146 294 291 Net periodic pension cost $ 140 $ 1,383 $ 280 $ 1,441

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jan. 23, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consists of: January 23, July 25, Unsecured revolving line of credit $ — $ 50,000 Secured term loan 48,679 — Unsecured term loan 22,900 24,694 New Market Tax Credit Financing 5,798 5,921 Total debt, excluding obligations under leases 77,377 80,615 Less current portion 6,976 6,421 Total long-term debt, excluding obligations under leases $ 70,401 $ 74,194

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. 23, 2021	Jan. 25, 2020	Jan. 23, 2021	Jan. 25, 2020
Revenue from External Customer [Line Items]
Sales	$ 522,818	$ 437,422	$ 1,012,954	$ 844,824
Percentage of total sales	100.00%	100.00%	100.00%	100.00%
Center Store
Revenue from External Customer [Line Items]
Sales	$ 321,829	$ 272,775	$ 617,769	$ 520,832
Percentage of total sales	61.50%	62.40%	61.00%	61.60%
Fresh
Revenue from External Customer [Line Items]
Sales	$ 181,965	$ 145,500	$ 357,609	$ 286,180
Percentage of total sales	34.80%	33.30%	35.30%	33.90%
Pharmacy
Revenue from External Customer [Line Items]
Sales	$ 16,671	$ 17,710	$ 33,103	$ 35,234
Percentage of total sales	3.20%	4.00%	3.30%	4.20%
Other
Revenue from External Customer [Line Items]
Sales	$ 2,353	$ 1,437	$ 4,473	$ 2,578
Percentage of total sales	0.50%	0.30%	0.40%	0.30%

MERCHANDISE INVENTORIES (Detail

MERCHANDISE INVENTORIES (Details) - USD ($) $ in Thousands	Jan. 23, 2021	Jul. 25, 2020
Inventory Disclosure [Abstract]
Percentage of LIFO inventory	63.00%	63.00%
Inventory, LIFO reserve	$ 15,101	$ 15,101

NET INCOME PER SHARE - Addition

NET INCOME PER SHARE - Additional Information (Details) shares in Thousands	6 Months Ended
	Jan. 23, 2021class_common_stockshares	Jan. 25, 2020shares
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%
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Class A shares excluded from computation of earnings per share	413	316
Common Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Class A shares excluded from computation of earnings per share	156	157

NET INCOME PER SHARE - Schedule

NET INCOME PER SHARE - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 23, 2021	Jan. 25, 2020	Jan. 23, 2021	Jan. 25, 2020
Common Class A
Numerator:
Net income allocated, basic	$ 3,437	$ 1,521	$ 5,971	$ 3,461
Conversion of Class B to Class A shares	974	435	1,692	993
Effect of share-based compensation on allocated net income		(3)		(5)
Net income allocated, diluted	$ 4,411	$ 1,953	$ 7,663	$ 4,449
Denominator:
Weighted average shares outstanding, basic (in shares)	9,850	9,768	9,850	9,769
Conversion of Class B to Class A shares (in shares)	4,294	4,294	4,294	4,294
Weighted average shares outstanding, diluted (in shares)	14,144	14,062	14,144	14,063
Common Class B
Numerator:
Net income allocated, basic	$ 974	$ 435	$ 1,692	$ 993
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	$ 974	$ 434	$ 1,692	$ 991
Denominator:
Weighted average shares outstanding, basic (in shares)	4,294	4,294	4,294	4,294
Conversion of Class B to Class A shares (in shares)	0	0	0	0
Weighted average shares outstanding, diluted (in shares)	4,294	4,294	4,294	4,294

PENSION PLANS - Schedule of Net

PENSION PLANS - Schedule of Net Benefit Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 23, 2021	Jan. 25, 2020	Jan. 23, 2021	Jan. 25, 2020
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 54	$ 50	$ 108	$ 101
Interest cost on projected benefit obligations	422	566	844	1,131
Expected return on plan assets	(483)	(625)	(966)	(1,328)
Loss on settlement	0	1,246	0	1,246
Amortization of net losses	147	146	294	291
Net periodic pension cost	$ 140	$ 1,383	$ 280	$ 1,441

PENSION PLANS - Additional Info

PENSION PLANS - Additional Information (Details)	Dec. 23, 2019USD ($)	Jan. 23, 2021USD ($)	Jan. 25, 2020USD ($)	Jan. 23, 2021USD ($)defined_benefit_pension_plan	Jan. 25, 2020USD ($)defined_benefit_pension_plan
Defined Benefit Plan Disclosure [Line Items]
Number of defined benefit pension plans | defined_benefit_pension_plan				3	4
Loss on settlement		$ 0	$ 1,246,000	$ 0	$ 1,246,000
Discount rate			3.00%
Long term expected rate of return on plan assets			5.00%
Employer contributions in current fiscal year				$ 0
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Loss on settlement			$ 577,000
Village Super Market, Inc. Retail Clerks Employees’ Retirement Plan | Supplemental Employee Retirement Plan
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
Non-cash pre-tax settlement charge			$ 669,000

RELATED PARTY INFORMATION (Deta

RELATED PARTY INFORMATION (Details) - USD ($) $ in Thousands	Jan. 23, 2021	Jul. 25, 2020
Investee
Related Party Transaction [Line Items]
Demand deposits at Wakefern	$ 82,042	$ 76,259

DEBT - Schedule of Long-term De

DEBT - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Jan. 23, 2021	Jul. 25, 2020
Debt Instrument [Line Items]
Total debt, excluding obligations under leases	$ 77,377	$ 80,615
Less current portion	6,976	6,421
Total long-term debt, excluding obligations under leases	70,401	74,194
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Total debt, excluding obligations under leases	0	50,000
Line of Credit | Secured Debt
Debt Instrument [Line Items]
Total debt, excluding obligations under leases	48,679	0
Line of Credit | Medium-term Notes
Debt Instrument [Line Items]
Total debt, excluding obligations under leases	22,900	24,694
Notes Payable to Banks
Debt Instrument [Line Items]
Total debt, excluding obligations under leases	$ 5,798	$ 5,921

DEBT - Additional Information (

DEBT - Additional Information (Details)	Sep. 01, 2020USD ($)store	May 12, 2020	May 06, 2020USD ($)	Dec. 29, 2017USD ($)	Dec. 29, 2024USD ($)	Jan. 23, 2021USD ($)	Jul. 25, 2020USD ($)
Debt Instrument [Line Items]
Loans receivable				$ 4,835,000
Interest on unrelated party note receivable percentage				1.403%
Third party contribution to investment fund				$ 2,375,000
Notes payable related to New Markets Tax Credit				$ 6,563,000		$ 70,401,000	$ 74,194,000
Interest rate, stated percentage				1.00%
Scenario, Forecast
Debt Instrument [Line Items]
Benefit over recapture period					$ 1,728,000
Credit Agreement with Wells Fargo National Bank, National Association | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 150,500,000
Credit Agreement with Wells Fargo National Bank, National Association | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 75,000,000		125,000,000
Revolving credit conversion to secured term loan	$ 50,000,000
Credit Agreement with Wells Fargo National Bank, National Association | Line of Credit | Medium-term Notes
Debt Instrument [Line Items]
Maximum borrowing capacity			25,500,000
Debt term		7 years
Effective interest rate		1.76%
Credit Agreement with Wells Fargo National Bank, National Association | Line of Credit | Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 25,000,000
Debt outstanding						$ 7,336,000
Credit Agreement with Wells Fargo National Bank, National Association | Secured Debt
Debt Instrument [Line Items]
Debt term	15 years
Effective interest rate	2.19%
Number of stores used as collateral for debt | store	3
London Interbank Offered Rate (LIBOR) | Credit Agreement with Wells Fargo National Bank, National Association | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Debt, basis spread on variable rate			1.10%
London Interbank Offered Rate (LIBOR) | Credit Agreement with Wells Fargo National Bank, National Association | Line of Credit | Medium-term Notes
Debt Instrument [Line Items]
Debt, basis spread on variable rate		1.35%
Derivative, fixed rate		0.41%
London Interbank Offered Rate (LIBOR) | Credit Agreement with Wells Fargo National Bank, National Association | Secured Debt
Debt Instrument [Line Items]
Debt, basis spread on variable rate	1.50%
Interest Rate Swap | Credit Agreement with Wells Fargo National Bank, National Association | Secured Debt
Debt Instrument [Line Items]
Derivative term	15 years
Interest Rate Swap | London Interbank Offered Rate (LIBOR) | Credit Agreement with Wells Fargo National Bank, National Association | Secured Debt
Debt Instrument [Line Items]
Derivative, fixed rate	0.69%

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITIES - Additional Information (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jan. 23, 2021USD ($)	Jan. 23, 2021USD ($)	Jul. 25, 2020USD ($)derivative_instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair of interest rate swaps recorded in other liabilities	$ 652	$ 652
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of derivative instruments held | derivative_instrument			2
Derivative notional amount	71,960	71,960	$ 75,500
Interest Rate Swap | Interest Expense [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification of accumulated other comprehensive loss to interest expense	$ 82	$ 148

BUSINESS ACQUISITION (Details)

BUSINESS ACQUISITION (Details) $ in Thousands	May 14, 2020USD ($)ft²store	Jan. 23, 2021USD ($)	Jan. 25, 2020USD ($)	Jul. 25, 2020USD ($)
Business Acquisition [Line Items]
Payment for acquisition, net of cash acquired		$ 0	$ (64)
Goodwill acquired in acquisition		$ 24,190		$ 24,190
Fairway Markets
Business Acquisition [Line Items]
Number of stores acquired | store	5
Average area of each supermarket acquired (in sq ft) | ft²	52,000
Average selling area of each supermarket acquired (in sq ft) | ft²	30,000
Payment for acquisition, net of cash acquired	$ 73,622
Acquisition credit	2,035
Goodwill acquired in acquisition	11,540
Trade name intangible asset	14,200
Fairway Markets | Off-Market Favorable Lease
Business Acquisition [Line Items]
Finite-lived intangible asset acquired	$ 4,360

Uncategorized Items - vlgea-202

Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	us-gaap:AccountingStandardsUpdate201602Member