COVER PAGE
COVER PAGE - shares | 6 Months Ended | |
Jan. 28, 2023 | Mar. 08, 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jan. 28, 2023 | |
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 | --07-29 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Class A | ||
Entity Common Stock, Shares Outstanding | 10,217,646 | |
Common Class B | ||
Entity Common Stock, Shares Outstanding | 4,293,748 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) shares in Thousands, $ in Thousands | Jan. 28, 2023 | Jul. 30, 2022 |
Current assets | ||
Cash and cash equivalents | $ 124,492 | $ 134,832 |
Merchandise inventories | 48,389 | 44,190 |
Patronage dividend receivable | 5,050 | 12,239 |
Notes receivable from Wakefern | 0 | 28,627 |
Income taxes receivable | 1,184 | 631 |
Other current assets | 18,660 | 17,446 |
Total current assets | 197,775 | 237,965 |
Property, equipment and fixtures, net | 274,879 | 265,333 |
Operating lease assets | 280,608 | 293,295 |
Notes receivable from Wakefern | 90,357 | 29,157 |
Investment in Wakefern | 33,107 | 33,004 |
Investments in Real Estate Partnerships | 10,481 | 7,162 |
Goodwill | 24,190 | 24,190 |
Other assets | 37,204 | 34,342 |
Total assets | 948,601 | 924,448 |
Current liabilities | ||
Operating lease obligations | 20,621 | 20,351 |
Finance lease obligations | 631 | 596 |
Notes payable to Wakefern | 1,187 | 1,134 |
Current portion of debt | 9,370 | 7,466 |
Accounts payable to Wakefern | 79,427 | 77,037 |
Accounts payable and accrued expenses | 25,398 | 24,266 |
Accrued wages and benefits | 26,514 | 27,221 |
Income taxes payable | 328 | 98 |
Total current liabilities | 163,476 | 158,169 |
Long-term debt | ||
Operating lease obligations | 272,297 | 284,300 |
Finance lease obligations | 21,076 | 21,510 |
Notes payable to Wakefern | 1,716 | 1,961 |
Long-term debt | 77,159 | 66,264 |
Total long-term debt | 372,248 | 374,035 |
Pension liabilities | 4,738 | 4,569 |
Other liabilities | 16,554 | 15,566 |
Commitments and Contingencies | ||
Shareholders' equity | ||
Preferred stock, no par value: Authorized 10,000 shares, none issued | 0 | 0 |
Retained earnings | 323,872 | 306,974 |
Accumulated other comprehensive income | 7,505 | 6,135 |
Total shareholders’ equity | 391,585 | 372,109 |
Total liabilities and shareholders’ equity | 948,601 | 924,448 |
Common Class A | ||
Shareholders' equity | ||
Common Stock | 74,099 | 72,891 |
Less treasury stock, Class A, at cost: 752 shares at January 28, 2023 and July 30, 2022 | $ (14,588) | $ (14,588) |
Common stock shares issued (in shares) | 10,970 | 10,971 |
Treasury shares (in shares) | 752 | 752 |
Common Class B | ||
Shareholders' equity | ||
Common Stock | $ 697 | $ 697 |
Common stock shares issued (in shares) | 4,294 | 4,294 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jan. 28, 2023 | Jul. 30, 2022 |
Preferred stock shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock shares issued (in shares) | 0 | 0 |
Investments in Real Estate Partnerships | $ 10,481 | $ 7,162 |
Common Class A | ||
Common stock shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock shares issued (in shares) | 10,970,000 | 10,971,000 |
Treasury shares (in shares) | 752,000 | 752,000 |
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. 28, 2023 | Jan. 29, 2022 | Jan. 28, 2023 | Jan. 29, 2022 | |
Sales | $ 563,866 | $ 537,408 | $ 1,083,555 | $ 1,031,619 |
Cost of sales | 408,987 | 387,797 | 779,391 | 741,829 |
Gross profit | 154,879 | 149,611 | 304,164 | 289,790 |
Operating and administrative expense | 130,103 | 126,487 | 255,665 | 247,770 |
Depreciation and amortization | 8,659 | 8,460 | 17,205 | 16,795 |
Operating income | 16,117 | 14,664 | 31,294 | 25,225 |
Interest expense | (966) | (963) | (2,052) | (1,932) |
Interest income | 2,679 | 905 | 4,647 | 1,881 |
Income before income taxes | 17,830 | 14,606 | 33,889 | 25,174 |
Income taxes | 5,508 | 4,477 | 10,484 | 7,717 |
Net income | $ 12,322 | $ 10,129 | $ 23,405 | $ 17,457 |
Common Class A | ||||
Net income per share: | ||||
Basic (in dollars per share) | $ 0.95 | $ 0.78 | $ 1.80 | $ 1.34 |
Diluted (in dollars per share) | 0.85 | 0.69 | 1.61 | 1.20 |
Common Class B | ||||
Net income per share: | ||||
Basic (in dollars per share) | 0.62 | 0.50 | 1.17 | 0.87 |
Diluted (in dollars per share) | $ 0.62 | $ 0.50 | $ 1.17 | $ 0.87 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 28, 2023 | Jan. 29, 2022 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||
Net income | $ 12,322 | $ 10,129 | $ 23,405 | $ 17,457 | |
Other comprehensive income: | |||||
Unrealized gains on interest rate swaps, net of tax | [1] | (1,203) | 759 | 1,562 | 1,550 |
Amortization of pension actuarial loss, net of tax | [2] | (96) | 88 | (192) | 176 |
Comprehensive income | $ 11,023 | $ 10,976 | $ 24,775 | $ 19,183 | |
[1]Amount is net of tax of $540 and $324 for the 13 weeks ended January 28, 2023 and January 29, 2022, respectively, and $702 and $663 for the 26 weeks ended January 28, 2023 and January 29, 2022, respectively.[2]Amounts are net of tax of $43 and $38 for the 13 weeks ended January 28, 2023 and January 29, 2022, respectively, and $86 and $76 for the 26 weeks ended January 28, 2023 and January 29, 2022, respectively. All amounts are reclassified from accumulated other comprehensive income to operating and administrative expense. |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 28, 2023 | Jan. 29, 2022 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||
Tax expense (benefit) on unrealized losses on interest rate swaps | $ (540) | $ (324) | $ (702) | $ (663) |
Tax of amortization of pension actuarial loss | $ (43) | $ (38) | $ (86) | $ (76) |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock Common Class A | Common Stock Common Class B | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Balance (in shares) at Jul. 31, 2021 | 10,978 | 4,294 | 726 | |||
Balance at Jul. 31, 2021 | $ 341,473 | $ 70,594 | $ 697 | $ 293,185 | $ (9,064) | $ (13,939) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 17,457 | 17,457 | ||||
Other comprehensive income, net of tax | 1,726 | 1,726 | ||||
Dividends | (6,525) | (6,525) | ||||
Restricted shares forfeited | (56) | $ (56) | ||||
Treasury stock purchases (in shares) | 4 | |||||
Treasury stock purchases | (89) | $ (89) | ||||
Restricted shares forfeited (in shares) | (6) | |||||
Share-based compensation expense (in shares) | 9 | |||||
Share-based compensation expense | 1,270 | $ 1,270 | ||||
Balance (in shares) at Jan. 29, 2022 | 10,981 | 4,294 | 730 | |||
Balance at Jan. 29, 2022 | 355,256 | $ 71,808 | $ 697 | 304,117 | (7,338) | $ (14,028) |
Balance (in shares) at Oct. 30, 2021 | 10,987 | 4,294 | 730 | |||
Balance at Oct. 30, 2021 | 346,971 | $ 71,238 | $ 697 | 297,249 | (8,185) | $ (14,028) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 10,129 | 10,129 | ||||
Other comprehensive income, net of tax | 847 | 847 | ||||
Dividends | (3,261) | (3,261) | ||||
Restricted shares forfeited | (56) | $ (56) | ||||
Restricted shares forfeited (in shares) | (6) | |||||
Share-based compensation expense (in shares) | 0 | |||||
Share-based compensation expense | 626 | $ 626 | ||||
Balance (in shares) at Jan. 29, 2022 | 10,981 | 4,294 | 730 | |||
Balance at Jan. 29, 2022 | 355,256 | $ 71,808 | $ 697 | 304,117 | (7,338) | $ (14,028) |
Balance (in shares) at Jul. 30, 2022 | 10,971 | 4,294 | 752 | |||
Balance at Jul. 30, 2022 | 372,109 | $ 72,891 | $ 697 | 306,974 | 6,135 | $ (14,588) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 23,405 | 23,405 | ||||
Other comprehensive income, net of tax | 1,370 | 1,370 | ||||
Dividends | (6,507) | (6,507) | ||||
Restricted shares forfeited | (41) | $ (41) | ||||
Restricted shares forfeited (in shares) | (1) | |||||
Share-based compensation expense (in shares) | 0 | |||||
Share-based compensation expense | 1,249 | $ 1,249 | ||||
Balance (in shares) at Jan. 28, 2023 | 10,970 | 4,294 | 752 | |||
Balance at Jan. 28, 2023 | 391,585 | $ 74,099 | $ 697 | 323,872 | 7,505 | $ (14,588) |
Balance (in shares) at Oct. 29, 2022 | 10,971 | 4,294 | 752 | |||
Balance at Oct. 29, 2022 | 383,215 | $ 73,499 | $ 697 | 314,803 | 8,804 | $ (14,588) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 12,322 | 12,322 | ||||
Other comprehensive income, net of tax | (1,299) | (1,299) | ||||
Dividends | (3,253) | (3,253) | ||||
Restricted shares forfeited | (41) | $ (41) | ||||
Restricted shares forfeited (in shares) | (1) | |||||
Share-based compensation expense (in shares) | 0 | |||||
Share-based compensation expense | 641 | $ 641 | ||||
Balance (in shares) at Jan. 28, 2023 | 10,970 | 4,294 | 752 | |||
Balance at Jan. 28, 2023 | $ 391,585 | $ 74,099 | $ 697 | $ 323,872 | $ 7,505 | $ (14,588) |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 28, 2023 | Jan. 29, 2022 | Jan. 28, 2023 | Jan. 29, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Tax expense (benefit) associated with other comprehensive loss and income | $ (583) | $ 362 | $ 616 | $ 739 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jan. 28, 2023 | Jan. 29, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 23,405 | $ 17,457 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 18,026 | 17,549 |
Non-cash share-based compensation | 1,208 | 1,214 |
Deferred taxes | 218 | (1,233) |
Provision to value inventories at LIFO | 1,288 | 521 |
Gain on sale of property, equipment and fixtures | (63) | (220) |
Changes in assets and liabilities: | ||
Merchandise inventories | (5,487) | (2,138) |
Patronage dividend receivable | 7,189 | 6,948 |
Accounts payable to Wakefern | 3,012 | 7,767 |
Accounts payable and accrued expenses | 1,488 | (2,129) |
Accrued wages and benefits | (707) | (831) |
Income taxes receivable / payable | (324) | (4,860) |
Other assets and liabilities | (896) | 229 |
Net cash provided by operating activities | 48,357 | 40,274 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (28,550) | (30,483) |
Proceeds from the sale of assets | 63 | 4,225 |
Investment in notes receivable from Wakefern | (61,423) | (1,190) |
Maturity of notes receivable from Wakefern | 28,850 | 0 |
Investment in real estate partnership | (3,319) | 0 |
Net cash used in investing activities | (64,379) | (27,448) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from issuance of long-term debt | 17,125 | 7,350 |
Principal payments of long-term debt | (4,903) | (3,975) |
Debt issuance costs | (33) | (4) |
Dividends | (6,507) | (6,525) |
Treasury stock purchases, including shares surrendered for withholding taxes | 0 | (89) |
Net cash provided by (used in) financing activities | 5,682 | (3,243) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (10,340) | 9,583 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 134,832 | 116,314 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 124,492 | 125,897 |
SUPPLEMENTAL DISCLOSURES OF CASH PAYMENTS MADE FOR: | ||
Interest | 2,052 | 1,932 |
Income taxes | 10,590 | 13,810 |
NONCASH SUPPLEMENTAL DISCLOSURES: | ||
Capital expenditures included in accounts payable and accrued expenses | $ 2,806 | $ 3,247 |
BASIS OF PRESENTATION and ACCOU
BASIS OF PRESENTATION and ACCOUNTING POLICIES | 6 Months Ended |
Jan. 28, 2023 | |
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 28, 2023 and the consolidated statements of operations, comprehensive income and cash flows for the 13 and 26 weeks ended January 28, 2023 and January 29, 2022 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 30, 2022 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 period ended January 28, 2023 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 28, 2023 January 29, 2022 January 28, 2023 January 29, 2022 Amount % Amount % Amount % Amount % Center Store (1) $ 343,818 61.0 % $ 324,362 60.3 % $ 655,642 60.6 % $ 620,336 60.1 % Fresh (2) 200,503 35.6 194,329 36.2 389,511 35.9 374,152 36.3 Pharmacy 17,621 3.1 16,756 3.1 34,790 3.2 33,604 3.3 Other (3) 1,924 0.3 1,961 0.4 3,612 0.3 3,527 0.3 Total Sales $ 563,866 100.0 % $ 537,408 100.0 % $ 1,083,555 100.0 % $ 1,031,619 100.0 % (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. 28, 2023 | |
Inventory Disclosure [Abstract] | |
MERCHANDISE INVENTORIES | MERCHANDISE INVENTORIES At both January 28, 2023 and July 30, 2022, approximately 61% 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 $19,904 and $18,616 higher than reported at January 28, 2023 and July 30, 2022, respectively. |
NET INCOME PER SHARE
NET INCOME PER SHARE | 6 Months Ended |
Jan. 28, 2023 | |
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 table below reconciles Net income to Net income available to Class A and Class B shareholders: 13 Weeks Ended 26 Weeks Ended January 28, January 29, January 28, January 29, Net income $ 12,322 $ 10,129 $ 23,405 $ 17,457 Distributed and allocated undistributed Net income to unvested restricted shareholders 339 298 644 521 Net income available to Class A and Class B shareholders $ 11,983 $ 9,831 $ 22,761 $ 16,936 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 28, 2023 January 28, 2023 Class A Class B Class A Class B Numerator: Net income allocated, basic $ 9,342 $ 2,642 $ 17,743 $ 5,017 Conversion of Class B to Class A shares 2,642 — 5,017 — Net income allocated, diluted $ 11,984 $ 2,642 $ 22,760 $ 5,017 Denominator: Weighted average shares outstanding, basic 9,863 4,294 9,863 4,294 Conversion of Class B to Class A shares 4,294 — 4,294 — Weighted average shares outstanding, diluted 14,157 4,294 14,157 4,294 13 Weeks Ended 26 Weeks Ended January 29, 2022 January 29, 2022 Class A Class B Class A Class B Numerator: Net income allocated, basic $ 7,666 $ 2,165 $ 13,204 $ 3,732 Conversion of Class B to Class A shares 2,165 — 3,732 — Net income allocated, diluted $ 9,831 $ 2,165 $ 16,936 $ 3,732 Denominator: Weighted average shares outstanding, basic 9,873 4,294 9,868 4,294 Conversion of Class B to Class A shares 4,294 — 4,294 — Weighted average shares outstanding, diluted 14,167 4,294 14,162 4,294 Outstanding stock options to purchase Class A shares of 90 and 102 were excluded from the calculation of diluted net income per share at January 28, 2023 and January 29, 2022, respectively, as a result of their anti-dilutive effect. In addition, 358 and 380 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 28, 2023 and January 29, 2022, respectively, due to their anti-dilutive effect. |
PENSION PLANS
PENSION PLANS | 6 Months Ended |
Jan. 28, 2023 | |
Compensation Related Costs [Abstract] | |
PENSION PLANS | PENSION PLANS Net periodic pension cost for the two defined benefit pension plans sponsored in fiscal 2023 and the three defined benefit pension plans sponsored in fiscal 2022 includes the following components: 13 Weeks Ended 26 Weeks Ended January 28, January 29, January 28, January 29, Service cost $ 34 $ 47 $ 68 $ 94 Interest cost on projected benefit obligations 70 420 139 840 Expected return on plan assets (19) (409) (38) (818) Amortization of net (gains) losses (139) 126 (278) 252 Net periodic pension cost $ (54) $ 184 $ (109) $ 368 In April 2022, the Company terminated the Village Super Market, Inc. Employees’ Retirement Plan. Prior to termination, the Company made a $1,485 contribution to fully fund the plan. Plan assets were liquidated to fund lump sum distributions to participants of $37,289 and purchase annuity contracts totaling $14,930 with an insurance company for all participants who did not elect a lump sum distribution. The Company recognized a $12,296 pre-tax settlement charge as a result of the termination, including a $10,856 non-cash charge for unrecognized losses within accumulated other comprehensive loss as of the termination date. No benefit obligation or plan assets related to the Village Super Market, Inc. Employees’ Retirement Plan remain as of January 28, 2023. |
RELATED PARTY INFORMATION
RELATED PARTY INFORMATION | 6 Months Ended |
Jan. 28, 2023 | |
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 30, 2022. On August 15, 2022, notes receivable due from Wakefern of $28,850 that earned interest at the prime rate plus 1.25% matured. The Company invested all of the proceeds received in variable rate notes receivable from Wakefern that earn interest at the prime rate plus .50% and mature on August 15, 2027. On September 28, 2022, the Company invested an additional $30,000 in variable rate notes receivable from Wakefern that earn interest at the prime rate plus .50% and mature on September 28, 2027. At January 28, 2023, the Company held variable rate notes receivable due from Wakefern of $30,171 that earn interest at the prime rate plus .75% and mature on February 15, 2024, $29,615 that earn interest at the prime rate plus .50% and mature on August 15, 2027 and $30,571 that earn interest at the prime rate plus .50% and mature on September 28, 2027. Wakefern has the right to prepay these notes at any time. Under certain conditions, the Company can require Wakefern to prepay the notes, although interest earned since inception would be reduced as if it was earned based on overnight money market rates as paid by Wakefern on demand deposits. Included in cash and cash equivalents at January 28, 2023 and July 30, 2022 are $99,636 and $110,739, respectively, of demand deposits invested at Wakefern at overnight money market rates. On April 28, 2022 the Company entered into a partnership agreement for 30% interest in the development of a retail center in Old Bridge, New Jersey, which includes a Village replacement store with future lease obligations of $9,280. Village's share of project costs are estimated to be $15,000 to $20,000. As of January 28, 2023, Village has invested $8,329 into the real estate partnership, which is accounted for as an equity method investment. |
COMMITMENTS and CONTINGENCIES
COMMITMENTS and CONTINGENCIES | 6 Months Ended |
Jan. 28, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS and CONTINGENCIES | COMMITMENTS and CONTINGENCIES The Company is involved in 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. 28, 2023 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Long-term debt consists of: January 28, July 30, Secured term loans $ 56,005 $ 50,796 Unsecured term loan 25,219 17,507 New Market Tax Credit Financing 5,305 5,427 Total debt, excluding obligations under leases 86,529 73,730 Less current portion 9,370 7,466 Total long-term debt, excluding obligations under leases $ 77,159 $ 66,264 Credit Facility The Company has a credit facility (the “Credit Facility”) with Wells Fargo National Bank, National Association (“Wells Fargo”). The principal purpose of the Credit Facility is to finance general corporate and working capital requirements, Village’s fiscal 2020 acquisition of certain Fairway assets and certain capital expenditures. Among other things, the Credit Facility provides for: • An unsecured revolving line of credit providing a maximum amount available for borrowing of $75,000. Indebtedness under this agreement bears interest at the applicable Secured Overnight Financing Rate ("SOFR") plus 1.10% and expires on May 6, 2025. • An unsecured $25,500 term loan issued on May 12, 2020, repayable in equal monthly installments based on a seven-year amortization schedule through May 4, 2027 and bearing interest at the applicable SOFR plus 1.46%. An interest rate swap with notional amounts equal to the term loan fixes the base SOFR at .26% per annum through May 4, 2027, resulting in a fixed effective interest rate of 1.72% on the term loan. • A secured $50,000 term loan issued on September 1, 2020 repayable in equal monthly installments based on a fifteen-year amortization schedule through September 1, 2035 and bearing interest at the applicable SOFR plus 1.61%. An interest rate swap with notional amounts equal to the term loan fixes the base SOFR at .57% per annum through September 1, 2035, resulting in a fixed effective interest rate of 2.18% on the 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. • A secured $7,350 term loan issued on January 28, 2022 repayable in equal monthly installments based on a fifteen-year amortization schedule through January 28, 2037 and bearing interest at the applicable SOFR plus 1.50%. An interest rate swap with notional amounts equal to the term loan fixes the base SOFR at 1.41% per annum through January 28, 2037, resulting in a fixed effective interest rate of 2.91% on the term loan. The term loan is secured by the Galloway store shopping center acquired for $9,800 in the first quarter of fiscal 2022. On September 1, 2022, the Company amended the Credit Facility due to the execution of a seven seven On January 27, 2023, the Company purchased the Vineland store shopping center for $9,500. As part of the purchase, the Company amended the Credit Facility due to the execution of a fifteen fifteen The Credit Facility also provides for up to $25,000 of letters of credit ($7,336 outstanding at January 28, 2023), 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 28, 2023. As of January 28, 2023, $67,664 remained available under the unsecured revolving line of credit. 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. 28, 2023 | |
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 SOFR 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. As of January 28, 2023, the Company had five interest rate swaps with an aggregate initial notional value of $99,975 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 the reference rate. The swaps replaced the applicable reference rate 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 income and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. Amounts reported in Accumulated other comprehensive |
BASIS OF PRESENTATION and ACC_2
BASIS OF PRESENTATION and ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jan. 28, 2023 | |
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 28, 2023 January 29, 2022 January 28, 2023 January 29, 2022 Amount % Amount % Amount % Amount % Center Store (1) $ 343,818 61.0 % $ 324,362 60.3 % $ 655,642 60.6 % $ 620,336 60.1 % Fresh (2) 200,503 35.6 194,329 36.2 389,511 35.9 374,152 36.3 Pharmacy 17,621 3.1 16,756 3.1 34,790 3.2 33,604 3.3 Other (3) 1,924 0.3 1,961 0.4 3,612 0.3 3,527 0.3 Total Sales $ 563,866 100.0 % $ 537,408 100.0 % $ 1,083,555 100.0 % $ 1,031,619 100.0 % (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. 28, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The table below reconciles Net income to Net income available to Class A and Class B shareholders: 13 Weeks Ended 26 Weeks Ended January 28, January 29, January 28, January 29, Net income $ 12,322 $ 10,129 $ 23,405 $ 17,457 Distributed and allocated undistributed Net income to unvested restricted shareholders 339 298 644 521 Net income available to Class A and Class B shareholders $ 11,983 $ 9,831 $ 22,761 $ 16,936 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 28, 2023 January 28, 2023 Class A Class B Class A Class B Numerator: Net income allocated, basic $ 9,342 $ 2,642 $ 17,743 $ 5,017 Conversion of Class B to Class A shares 2,642 — 5,017 — Net income allocated, diluted $ 11,984 $ 2,642 $ 22,760 $ 5,017 Denominator: Weighted average shares outstanding, basic 9,863 4,294 9,863 4,294 Conversion of Class B to Class A shares 4,294 — 4,294 — Weighted average shares outstanding, diluted 14,157 4,294 14,157 4,294 13 Weeks Ended 26 Weeks Ended January 29, 2022 January 29, 2022 Class A Class B Class A Class B Numerator: Net income allocated, basic $ 7,666 $ 2,165 $ 13,204 $ 3,732 Conversion of Class B to Class A shares 2,165 — 3,732 — Net income allocated, diluted $ 9,831 $ 2,165 $ 16,936 $ 3,732 Denominator: Weighted average shares outstanding, basic 9,873 4,294 9,868 4,294 Conversion of Class B to Class A shares 4,294 — 4,294 — Weighted average shares outstanding, diluted 14,167 4,294 14,162 4,294 |
PENSION PLANS (Tables)
PENSION PLANS (Tables) | 6 Months Ended |
Jan. 28, 2023 | |
Compensation Related Costs [Abstract] | |
Schedule of Net Benefit Costs | Net periodic pension cost for the two defined benefit pension plans sponsored in fiscal 2023 and the three defined benefit pension plans sponsored in fiscal 2022 includes the following components: 13 Weeks Ended 26 Weeks Ended January 28, January 29, January 28, January 29, Service cost $ 34 $ 47 $ 68 $ 94 Interest cost on projected benefit obligations 70 420 139 840 Expected return on plan assets (19) (409) (38) (818) Amortization of net (gains) losses (139) 126 (278) 252 Net periodic pension cost $ (54) $ 184 $ (109) $ 368 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jan. 28, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt consists of: January 28, July 30, Secured term loans $ 56,005 $ 50,796 Unsecured term loan 25,219 17,507 New Market Tax Credit Financing 5,305 5,427 Total debt, excluding obligations under leases 86,529 73,730 Less current portion 9,370 7,466 Total long-term debt, excluding obligations under leases $ 77,159 $ 66,264 |
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. 28, 2023 | Jan. 29, 2022 | Jan. 28, 2023 | Jan. 29, 2022 | |
Revenue from External Customer [Line Items] | ||||
Sales | $ 563,866 | $ 537,408 | $ 1,083,555 | $ 1,031,619 |
Percentage of total sales | 100% | 100% | 100% | 100% |
Center Store | ||||
Revenue from External Customer [Line Items] | ||||
Sales | $ 343,818 | $ 324,362 | $ 655,642 | $ 620,336 |
Percentage of total sales | 61% | 60.30% | 60.60% | 60.10% |
Fresh | ||||
Revenue from External Customer [Line Items] | ||||
Sales | $ 200,503 | $ 194,329 | $ 389,511 | $ 374,152 |
Percentage of total sales | 35.60% | 36.20% | 35.90% | 36.30% |
Pharmacy | ||||
Revenue from External Customer [Line Items] | ||||
Sales | $ 17,621 | $ 16,756 | $ 34,790 | $ 33,604 |
Percentage of total sales | 3.10% | 3.10% | 3.20% | 3.30% |
Other | ||||
Revenue from External Customer [Line Items] | ||||
Sales | $ 1,924 | $ 1,961 | $ 3,612 | $ 3,527 |
Percentage of total sales | 0.30% | 0.40% | 0.30% | 0.30% |
MERCHANDISE INVENTORIES (Detail
MERCHANDISE INVENTORIES (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jul. 30, 2022 |
Inventory Disclosure [Abstract] | ||
Percentage of LIFO inventory | 61% | 61% |
Inventory, LIFO reserve | $ 19,904 | $ 18,616 |
NET INCOME PER SHARE - Addition
NET INCOME PER SHARE - Additional Information (Details) shares in Thousands | 3 Months Ended | 6 Months Ended | |
Jan. 28, 2023 shares | Jan. 29, 2022 shares | Jan. 28, 2023 class | |
Earnings Per Share [Abstract] | |||
Number of common stock classes | class | 2 | ||
Common stock cash dividends, percent Class A is entitled greater than Class B | 54% | ||
Restricted Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Class A shares excluded from computation of earnings per share (shares) | 358 | 380 | |
Common Class A | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Class A shares excluded from computation of earnings per share (shares) | 90 | 102 |
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. 28, 2023 | Jan. 29, 2022 | Jan. 28, 2023 | Jan. 29, 2022 | |
Class of Stock [Line Items] | ||||
Net income | $ 12,322 | $ 10,129 | $ 23,405 | $ 17,457 |
Distributed and allocated undistributed Net income to unvested restricted shareholders | 339 | 298 | 644 | 521 |
Net income available to Class A and Class B shareholders | 11,983 | 9,831 | 22,761 | 16,936 |
Numerator: | ||||
Net income allocated, basic | 11,983 | 9,831 | 22,761 | 16,936 |
Common Class A | ||||
Class of Stock [Line Items] | ||||
Net income available to Class A and Class B shareholders | 9,342 | 7,666 | 17,743 | 13,204 |
Numerator: | ||||
Net income allocated, basic | 9,342 | 7,666 | 17,743 | 13,204 |
Conversion of Class B to Class A shares | 2,642 | 2,165 | 5,017 | 3,732 |
Net income allocated, diluted | $ 11,984 | $ 9,831 | $ 22,760 | $ 16,936 |
Denominator: | ||||
Weighted average shares outstanding, basic (in shares) | 9,863 | 9,873 | 9,863 | 9,868 |
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) | 14,157 | 14,167 | 14,157 | 14,162 |
Common Class B | ||||
Class of Stock [Line Items] | ||||
Net income available to Class A and Class B shareholders | $ 2,642 | $ 2,165 | $ 5,017 | $ 3,732 |
Numerator: | ||||
Net income allocated, basic | 2,642 | 2,165 | 5,017 | 3,732 |
Conversion of Class B to Class A shares | 0 | 0 | 0 | 0 |
Net income allocated, diluted | $ 2,642 | $ 2,165 | $ 5,017 | $ 3,732 |
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. 28, 2023 | Jan. 29, 2022 | Jan. 28, 2023 | Jan. 29, 2022 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | $ 34 | $ 47 | $ 68 | $ 94 |
Interest cost on projected benefit obligations | 70 | 420 | 139 | 840 |
Expected return on plan assets | (19) | (409) | (38) | (818) |
Loss on settlement | 12,296 | |||
Amortization of net (gains) losses | (139) | 126 | (278) | 252 |
Net periodic pension cost | $ (54) | $ 184 | $ (109) | $ 368 |
PENSION PLANS - Additional Info
PENSION PLANS - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Apr. 30, 2022 USD ($) | Jan. 28, 2023 USD ($) | Jan. 28, 2023 USD ($) defined_benefit_pension_plan | Jan. 29, 2022 defined_benefit_pension_plan | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of defined benefit pension plans | defined_benefit_pension_plan | 2 | 3 | ||
Employer contributions in current fiscal year | $ 1,485 | |||
Loss on settlement | $ 12,296 | |||
Non-cash pension settlement charges | $ 10,856 | |||
Village Super Market, Inc. Employees’ Retirement Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Lump sum distributions related to the termination of retirement plan | $ 37,289 | |||
Annuity contract | $ 14,930 | $ 14,930 |
RELATED PARTY INFORMATION (Deta
RELATED PARTY INFORMATION (Details) | 6 Months Ended | |||||
Sep. 28, 2022 USD ($) | Aug. 15, 2022 | Apr. 28, 2022 USD ($) | Jan. 28, 2023 USD ($) swap | Jan. 29, 2022 USD ($) | Jul. 30, 2022 USD ($) | |
Related Party Transaction [Line Items] | ||||||
Number of derivative instruments held | swap | 5 | |||||
Maturity of notes receivable from Wakefern | $ 28,850,000 | $ 0 | ||||
Wakefern | ||||||
Related Party Transaction [Line Items] | ||||||
Demand deposits at Wakefern | 99,636,000 | $ 110,739,000 | ||||
Wakefern | Related Party Note Receivable Maturing September 2027 | ||||||
Related Party Transaction [Line Items] | ||||||
Investment in notes receivable related to New Markets Tax Credit financing | $ 30,000,000 | |||||
Wakefern | Related Party Note Receivable Maturing August 2027 | ||||||
Related Party Transaction [Line Items] | ||||||
Related party basis spread | 0.50% | |||||
Due from Related Parties | $ 30,571,000 | |||||
Wakefern | Related Party Note Receivable Maturing February 2024 | ||||||
Related Party Transaction [Line Items] | ||||||
Related party basis spread | 0.75% | |||||
Due from Related Parties | $ 30,171,000 | |||||
Wakefern | Related Party Note Receivable Maturing August 2022 | ||||||
Related Party Transaction [Line Items] | ||||||
Related party basis spread | 1.25% | 0.50% | ||||
Due from Related Parties | $ 29,615,000 | |||||
Partnership Agreement | ||||||
Related Party Transaction [Line Items] | ||||||
Percent interest within party agreement | 0.30 | |||||
Future lease obligation | $ 9,280,000 | |||||
Amount invested in partnership | $ 8,329,000 | |||||
Partnership Agreement | Minimum [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Estimated project costs | 15,000,000 | |||||
Partnership Agreement | Maximum [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Estimated project costs | $ 20,000,000 |
DEBT - Schedule of Long-term De
DEBT - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Jan. 28, 2023 | Jul. 30, 2022 |
Debt Instrument [Line Items] | ||
Total debt, excluding obligations under leases | $ 86,529 | $ 73,730 |
Less current portion | 9,370 | 7,466 |
Total long-term debt, excluding obligations under leases | 77,159 | 66,264 |
Line of Credit | Secured Debt | ||
Debt Instrument [Line Items] | ||
Total debt, excluding obligations under leases | 56,005 | 50,796 |
Line of Credit | Medium-term Notes | ||
Debt Instrument [Line Items] | ||
Total debt, excluding obligations under leases | 25,219 | 17,507 |
Notes Payable to Banks | ||
Debt Instrument [Line Items] | ||
Total debt, excluding obligations under leases | $ 5,305 | $ 5,427 |
DEBT - Additional Information (
DEBT - Additional Information (Details) - USD ($) | 63 Months Ended | 84 Months Ended | 163 Months Ended | 180 Months Ended | ||||||||||
Jan. 27, 2023 | Sep. 01, 2022 | Jan. 28, 2022 | Sep. 01, 2020 | May 12, 2020 | Dec. 29, 2017 | May 04, 2027 | Dec. 29, 2024 | Sep. 01, 2035 | Jan. 28, 2037 | Jan. 28, 2023 | Jul. 30, 2022 | Feb. 28, 2022 | May 06, 2020 | |
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 | $ 77,159,000 | $ 66,264,000 | |||||||||||
Interest rate, stated percentage | 1% | |||||||||||||
Total debt, excluding obligations under leases | 86,529,000 | 73,730,000 | ||||||||||||
Scenario, Forecast | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Benefit over recapture period | $ 1,728,000 | |||||||||||||
Line of Credit | Medium-term Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt, excluding obligations under leases | 25,219,000 | $ 17,507,000 | ||||||||||||
Secured Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt term | 15 years | |||||||||||||
Payments to acquire shopping center | $ 9,500,000 | |||||||||||||
Effective interest rate | 0.0534% | |||||||||||||
Total debt, excluding obligations under leases | $ 7,125,000 | |||||||||||||
Unsecured Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Derivative, fixed rate | 0.043% | |||||||||||||
Long-term Debt, Term | 7 years | |||||||||||||
Total debt, excluding obligations under leases | $ 10,000,000 | |||||||||||||
Interest rate after subsidy program | 2.30% | |||||||||||||
Amended and Restated Credit Agreement | Line of Credit | Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum borrowing capacity | $ 75,000,000 | |||||||||||||
Term loan | $ 50,000,000 | |||||||||||||
Amended and Restated Credit Agreement | Line of Credit | Medium-term Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt term | 7 years | |||||||||||||
Term loan | $ 25,500,000 | |||||||||||||
Effective interest rate | 1.72% | |||||||||||||
Amended and Restated Credit Agreement | Line of Credit | Letter of Credit | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum borrowing capacity | $ 25,000,000 | |||||||||||||
Debt outstanding | 7,336,000 | |||||||||||||
Remaining borrowing capacity | $ 67,664,000 | |||||||||||||
Amended and Restated Credit Agreement | Secured Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt term | 15 years | 15 years | ||||||||||||
Term loan | $ 7,350,000 | |||||||||||||
Effective interest rate | 2.91% | 2.18% | ||||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Secured Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt, basis spread on variable rate | 1.75% | |||||||||||||
Derivative, fixed rate | 0.0359% | |||||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Unsecured Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt, basis spread on variable rate | 1.35% | |||||||||||||
Derivative Instrument, Fixed Base Rate | 0.0295% | |||||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Amended and Restated Credit Agreement | Line of Credit | Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt, basis spread on variable rate | 1.10% | |||||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Amended and Restated Credit Agreement | Line of Credit | Medium-term Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Derivative, fixed rate | 0.26% | |||||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Amended and Restated Credit Agreement | Line of Credit | Medium-term Notes | Scenario, Forecast | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt, basis spread on variable rate | 1.46% | |||||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Amended and Restated Credit Agreement | Secured Debt | Scenario, Forecast | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt, basis spread on variable rate | 1.61% | 1.50% | ||||||||||||
Interest Rate Swap | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Amended and Restated Credit Agreement | Secured Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Derivative, fixed rate | 0.0141% | 0.57% |
DERIVATIVES AND HEDGING ACTIV_2
DERIVATIVES AND HEDGING ACTIVITIES - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jan. 28, 2023 USD ($) swap | Jan. 29, 2022 USD ($) | Jan. 28, 2023 USD ($) swap | Jan. 29, 2022 USD ($) | Jul. 31, 2021 USD ($) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Number of derivative instruments held | swap | 5 | 5 | |||
Interest Rate Swap | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative notional amount | $ 81,558 | $ 81,558 | $ 99,975 | ||
Fair of interest rate swaps recorded in other assets | 8,284 | 8,284 | |||
Interest Rate Swap | Interest Expense | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Reclassification of accumulated other comprehensive loss to interest expense | $ 506 | $ 85 | $ 748 | $ (173) |