Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | ||
Apr. 26, 2014 | Jun. 03, 2014 | Jun. 03, 2014 | |
Common Class A | Common Class B | ||
Entity Registrant Name | 'VILLAGE SUPER MARKET INC | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 26-Apr-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000103595 | ' | ' |
Current Fiscal Year End Date | '--07-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 9,692,698 | 4,360,998 |
CONSOLIDATED_CONDENSED_BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (USD $) | Apr. 26, 2014 | Jul. 27, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $73,394 | $109,571 |
Merchandise inventories | 44,879 | 41,515 |
Patronage dividend receivable | 9,133 | 11,810 |
Note receivable from Wakefern | ' | 22,421 |
Other current assets | 25,911 | 20,047 |
Total current assets | 153,317 | 205,364 |
Property, equipment and fixtures, net | 201,517 | 176,981 |
Notes receivable from Wakefern | 40,197 | ' |
Investment in Wakefern | 25,012 | 24,355 |
Goodwill | 12,057 | 12,057 |
Other assets | 8,758 | 8,655 |
TOTAL ASSETS | 440,858 | 427,412 |
Current liabilities | ' | ' |
Current portion of capital and financing lease obligations | 170 | 10 |
Current portion of notes payable to Wakefern | 660 | 600 |
Accounts payable to Wakefern | 59,449 | 59,465 |
Accounts payable and accrued expenses | 31,868 | 31,709 |
Income taxes payable | 39,248 | 19,281 |
Total current liabilities | 131,395 | 111,065 |
Capital and financing lease obligations | 40,887 | 41,019 |
Notes payable to Wakefern | 1,254 | 1,719 |
Other liabilities | 32,395 | 29,049 |
Commitments and contingencies | ' | ' |
Shareholders' Equity | ' | ' |
Retained earnings | 200,984 | 211,109 |
Accumulated other comprehensive loss | -8,111 | -8,467 |
Total shareholders' equity | 234,927 | 244,560 |
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | 440,858 | 427,412 |
Class A Common Stock | ' | ' |
Shareholders' Equity | ' | ' |
Common Stock | 47,231 | 44,543 |
Treasury Stock | -5,885 | -3,401 |
Class B Common Stock | ' | ' |
Shareholders' Equity | ' | ' |
Common Stock | $708 | $776 |
CONSOLIDATED_CONDENSED_BALANCE1
CONSOLIDATED CONDENSED BALANCE SHEETS PARENTHETICAL (USD $) | Apr. 26, 2014 | Jul. 27, 2013 |
In Thousands, unless otherwise specified | ||
Preferred stock shares authorized | 10,000 | 10,000 |
Preferred stock shares issued | ' | ' |
Class A Common Stock | ' | ' |
Common stock shares issued | 10,147 | 9,440 |
Common stock shares authorized | 20,000 | 20,000 |
Treasury shares | 454 | 375 |
Common stock par value | ' | ' |
Class B Common Stock | ' | ' |
Common stock shares issued | 4,361 | 4,780 |
Common stock shares authorized | 20,000 | 20,000 |
Common stock shares outstanding | 4,361 | 4,780 |
Common stock par value | ' | ' |
CONSOLIDATED_CONDENSED_STATEME
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Apr. 26, 2014 | Apr. 27, 2013 | Apr. 26, 2014 | Apr. 27, 2013 |
Sales | $372,511 | $359,808 | $1,121,798 | $1,100,134 |
Cost of sales | 272,074 | 262,494 | 822,297 | 804,262 |
Gross profit | 100,437 | 97,314 | 299,501 | 295,872 |
Operating and administrative expense | 88,524 | 84,101 | 264,960 | 247,797 |
Depreciation and amortization | 5,516 | 5,063 | 16,038 | 15,005 |
Operating income | 6,397 | 8,150 | 18,503 | 33,070 |
Income from partnerships | ' | ' | ' | 1,450 |
Interest expense | -916 | -944 | -2,673 | -2,886 |
Interest income | 659 | 704 | 2,008 | 2,068 |
Income before income taxes | 6,140 | 7,910 | 17,838 | 33,702 |
Income taxes | 2,952 | 3,288 | 18,663 | 14,121 |
Net income (loss) | $3,188 | $4,622 | ($825) | $19,581 |
Class A Common Stock | ' | ' | ' | ' |
Diluted net income per share | $0.23 | $0.33 | ($0.06) | $1.40 |
Basic net income per share | $0.26 | $0.38 | ($0.06) | $1.68 |
Class B Common Stock | ' | ' | ' | ' |
Diluted net income per share | $0.17 | $0.25 | ($0.05) | $1.01 |
Basic net income per share | $0.17 | $0.25 | ($0.05) | $1.01 |
CONSOLIDATED_CONDENSED_STATEME1
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 26, 2014 | Apr. 27, 2013 | Apr. 26, 2014 | Apr. 27, 2013 |
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME | ' | ' | ' | ' |
Net income (loss) | $3,188 | $4,622 | ($825) | $19,581 |
Other comprehensive income: | ' | ' | ' | ' |
Amortization of pension actuarial loss, net of tax (1) | 119 | 313 | 356 | 940 |
Comprehensive income (loss) | $3,307 | $4,935 | ($469) | $20,521 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Apr. 26, 2014 | Apr. 27, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net income (loss) | ($825) | $19,581 |
Depreciation and amortization | 16,038 | 15,005 |
Deferred taxes | -6,969 | -4,338 |
Provision to value inventories at LIFO | 250 | 300 |
Non-cash share-based compensation | 2,442 | 2,422 |
Income from partnerships | ' | -1,450 |
Change in merchandise inventories | -3,614 | -1,392 |
Change in patronage dividend receivable | 2,677 | 2,500 |
Change in accounts payable to Wakefern | -16 | -2,138 |
Change in accounts payable and accrued expenses | 1,176 | -1,228 |
Change in income taxes payable | 19,967 | 4,156 |
Change in other assets and liabilities | 4,719 | 1,613 |
Net cash provided by operating activities | 35,845 | 35,031 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -41,435 | -14,533 |
Investment in notes receivable from Wakefern | -41,196 | -1,119 |
Maturity of notes receivable from Wakefern | 23,420 | ' |
Proceeds from partnerships | ' | 1,980 |
Net cash used in investing activities | -59,211 | -13,672 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Proceeds from exercise of stock options | 217 | 1,062 |
Excess tax benefit related to share-based compensation | 46 | 369 |
Principal payments of long-term debt | -1,204 | -1,451 |
Treasury stock purchases | -2,569 | ' |
Dividends | -9,301 | -21,006 |
Net cash used in financing activities | -12,811 | -21,026 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -36,177 | 333 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 109,571 | 103,103 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 73,394 | 103,436 |
SUPPLEMENTAL DISCLOSURES OF CASH PAYMENTS MADE FOR: | ' | ' |
Cash payments for interest | 3,189 | 3,010 |
Cash payments for income taxes | $5,620 | $13,934 |
1_Significant_Accounting_Polic
1. Significant Accounting Policies | 9 Months Ended |
Apr. 26, 2014 | |
Notes | ' |
1. Significant Accounting Policies | ' |
1. BASIS OF PRESENTATION and ACCOUNTING POLICIES | |
In the opinion of management, the accompanying unaudited consolidated condensed financial statements contain all adjustments (consisting of normal and recurring accruals) necessary to present fairly the consolidated financial position as of April 26, 2014 and the consolidated statements of operations, comprehensive income (loss) and cash flows for the thirteen and thirty-nine week periods ended April 26, 2014 and April 27, 2013 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 27, 2013 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 April 26, 2014 are not necessarily indicative of the results to be expected for the full year. |
2_Inventory_Disclosure
2. Inventory Disclosure | 9 Months Ended |
Apr. 26, 2014 | |
Notes | ' |
2. Inventory Disclosure | ' |
2. MERCHANDISE INVENTORIES | |
At both April 26, 2014 and July 27, 2013, approximately 65% of merchandise inventories are valued by the LIFO method while the balance is valued by FIFO. If the FIFO method had been used for the entire inventory, inventories would have been $15,036 and $14,786 higher than reported at April 26, 2014 and July 27, 2013, respectively. |
3_Net_Income_loss_Per_Share
3. Net Income (loss) Per Share | 9 Months Ended | |||||||
Apr. 26, 2014 | ||||||||
Notes | ' | |||||||
3. Net Income (loss) Per Share | ' | |||||||
3. NET INCOME (LOSS) PER SHARE | ||||||||
The Company computes net income (loss) per share using the two-class method, an earnings allocation formula that calculates basic and diluted net income (loss) per share for each class of common stock separately based on dividends declared and participation rights in undistributed earnings. Under the two-class method, our Class A common stock is assumed to receive a 54% greater participation in undistributed earnings (losses) than our Class B common stock, in accordance with the classes’ respective dividend rights. | ||||||||
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 shares of Class A common stock on a share-for-share basis, as this method is more dilutive than the two-class method. Diluted net loss per share for Class A common stock is calculated utilizing the two-class method and does not assume conversion of Class B common stock to shares of Class A common stock as a result of its anti-dilutive effect. Diluted net income (loss) 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 (loss) per share for all periods presented. | ||||||||
13 Weeks Ended | 39 Weeks Ended | |||||||
26-Apr-14 | ||||||||
Class A | Class B | Class A | Class B | |||||
Numerator: | ||||||||
Net income (loss) allocated, basic | $2,395 | $720 | ($595) | ($205) | ||||
Conversion of Class B to Class A shares | 720 | - | - | - | ||||
Effect of share-based compensation on allocated net income (loss) | - | - | - | - | ||||
Net income (loss) allocated, diluted | $3,115 | $720 | ($595) | ($205) | ||||
Denominator: | ||||||||
Weighted average shares outstanding, basic | 9,288 | 4,361 | 9,207 | 4,378 | ||||
Conversion of Class B to Class A shares | 4,361 | - | - | - | ||||
Dilutive effect of share-based compensation | 30 | - | - | - | ||||
Weighted average shares outstanding, diluted | 13,679 | 4,361 | 9,207 | 4,378 | ||||
13 Weeks Ended | 39 Weeks Ended | |||||||
27-Apr-13 | ||||||||
Class A | Class B | Class A | Class B | |||||
Numerator: | ||||||||
Net income allocated, basic | $3,245 | $1,262 | $13,698 | $5,394 | ||||
Conversion of Class B to Class A shares | 1,262 | - | 5,394 | - | ||||
Effect of share-based compensation on allocated net income | 5 | -3 | - | - | ||||
Net income allocated, diluted | $4,512 | $1,259 | $19,092 | $5,394 | ||||
Denominator: | ||||||||
Weighted average shares outstanding, basic | 8,492 | 5,007 | 8,146 | 5,336 | ||||
Conversion of Class B to Class A shares | 5,007 | - | 5,336 | - | ||||
Dilutive effect of share-based compensation | 96 | - | 110 | - | ||||
Weighted average shares outstanding, diluted | 13,595 | 5,007 | 13,592 | 5,336 | ||||
Outstanding stock options to purchase Class A shares of 443 and 3 were excluded from the calculation of diluted net income per share at April 26, 2014 and April 27, 2013, respectively, as a result of their anti-dilutive effect. In addition, 288 and 299 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 April 26, 2014 and April 27, 2013, respectively, due to their anti-dilutive effect. | ||||||||
As a result of the net loss in the nine-month period ended April 26, 2014, all outstanding stock options and restricted Class A shares were excluded from the diluted net loss per share calculation for the nine-month period ended April 26, 2014 due to their anti-dilutive effect. | ||||||||
On March 14, 2014 the Board of Directors of the Company granted 225 incentive stock options and 288 restricted stock awards to employees and directors under the Village Super Market, Inc. 2010 Stock Plan. Incentive stock options, which were granted at the fair value of the Company’s stock, vest primarily over a three-year service period and are exercisable up to ten years from the date of grant. Restricted stock awards vest over a three-year service period. The Company is recording compensation expense for these grants over the vesting period. | ||||||||
The Company recorded compensation expense in the quarter ended April 26, 2014 for these grants in the amount of $372. The grant date fair value of the restricted shares was $8,291. The fair value of the options was estimated at $6.41 per share using the Black-Scholes option pricing model with the following assumptions: expected life – 6six years; expected volatility – 32.2%; expected dividend yield – 3.5%; and risk free interest rate- 1.85%. In addition, the total fair value of restricted shares vested in the third quarter of fiscal 2014 was $8,663. |
4_Pension_Plans
4. Pension Plans | 9 Months Ended | ||||||||
Apr. 26, 2014 | |||||||||
Notes | ' | ||||||||
4. Pension Plans | ' | ||||||||
4. PENSION PLANS | |||||||||
The Company sponsors four defined benefit pension plans. Net periodic pension costs for the four plans includes the following components: | |||||||||
13 Weeks Ended | 13 Weeks Ended | 39 Weeks Ended | 39 Weeks Ended | ||||||
26-Apr-14 | 27-Apr-13 | 26-Apr-14 | 27-Apr-13 | ||||||
Service cost | $730 | $818 | $2,190 | $2,454 | |||||
Interest cost on projected benefit obligations | 694 | 618 | 2,082 | 1,854 | |||||
Expected return on plan assets | (797) | (694) | (2,391) | (2,082) | |||||
Amortization of gains and losses | 201 | 529 | 603 | 1,587 | |||||
Amortization of prior service costs | - | 2 | - | 6 | |||||
Net periodic pension cost | $828 | $1,273 | $2,484 | $3,819 | |||||
As of April 26, 2014, the Company has contributed $178 to its pension plans in fiscal 2014. The Company expects to contribute approximately $3,000 during fiscal 2014 to fund its pension plans. |
5_Income_Taxes
5. Income Taxes | 9 Months Ended | ||
Apr. 26, 2014 | |||
Notes | ' | ||
5. Income Taxes | ' | ||
5. INCOME TAXES | |||
In prior years, the state of New Jersey issued two separate tax assessments related to nexus beginning in fiscal 2000 and the deductibility of certain payments between subsidiaries beginning in fiscal 2002. Village contested both of these assessments through the state’s conference and appeals process and was subsequently denied. The Company then filed two complaints in Tax Court against the New Jersey Division of Taxation contesting these assessments and a trial limited to the nexus dispute was conducted in June 2013. On October 23, 2013, the Tax Court issued their opinion on the matter in favor of the New Jersey Division of Taxation. The Company is currently in the process of appealing the court’s decision. No payments with respect to these matters are required until the dispute is definitively resolved. | |||
The Company recorded a $10,052 charge to income tax expense in the fiscal quarter ended October 26, 2013, which includes a $4,933 (net of federal benefit of $2,656) increase in unrecognized tax benefits and $5,119 (net of federal benefit of $2,078) of related interest and penalties for tax positions taken in prior years. This charge increased our accrued tax liability to reflect the estimated total tax, interest and penalties due if the Company is unable to overturn the Court’s decision upon appeal. It is reasonably possible that this matter will be resolved within the next twelve months. A favorable resolution could result in a reduction in gross unrecognized tax benefits of up to0 $26,790. | |||
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: | |||
Balance as of July 27, 2013 | $17,640 | ||
Additions based on tax positions related to the prior periods | 7,589 | ||
Additions based on tax positions related to the current period | 1,561 | ||
Balance as of April 26, 2014 | $26,790 | ||
Unrecognized tax benefits at April 26, 2014 and July 27, 2013 include tax positions of $17,414 and $11,466 (net of federal benefit), respectively, that would reduce the Company’s effective income tax rate, if recognized in future periods. | |||
The Company recognizes interest and penalties on income taxes in income tax expense. The Company recognized $680 and $9,653 related to interest and penalties on income taxes in the fiscal quarter and nine-month period ended April 26, 2014, respectively. The amount of accrued interest and penalties included in the consolidated balance sheet was $15,473 and $5,820 at April 26, 2014 and July 27, 2013, respectively. |
6_Lease_Obligations_On_Closed_
6. Lease Obligations On Closed Stores | 9 Months Ended |
Apr. 26, 2014 | |
Notes | ' |
6. Lease Obligations On Closed Stores | ' |
6. LEASE OBLIGATIONS ON CLOSED STORES | |
On November 6, 2013, the Company closed the Morris Plains, New Jersey store and opened a 77,000 sq. ft. replacement store in Hanover Township, New Jersey. The Company recorded a $3,481 charge to Operating and administrative expense in the fiscal quarter ended January 25, 2014 for the remaining lease obligations, net of estimated sublease rentals, on the Morris Plains store. As of April 26, 2014, $493 of these costs has been paid, with a remaining liability of $2,988. | |
On April 30, 2014, Village opened a 59,000 sq. ft. store in Union, New Jersey and closed our existing 40,000 sq. ft. store. The Company has additional lease obligations remaining on the replaced Union store of approximately $800 as of the closing date. We expect to record a charge to Operating and administrative expense for these remaining lease obligations on the closed Union store, net of estimated sublease income, in the fourth quarter of fiscal 2014. |
7_Commitments_and_Contingencie
7. Commitments and Contingencies | 9 Months Ended |
Apr. 26, 2014 | |
Notes | ' |
7. Commitments and Contingencies | ' |
7. COMMITMENTS and CONTINGENCIES | |
Superstorm Sandy devastated our area on October 29, 2012 and resulted in the closure of almost all of our stores for periods of time ranging from a few hours to eight days. Village disposed of substantial amounts of perishable product and also incurred repair, labor and other costs as a result of the storm. The Company has property, casualty and business interruption insurance, subject to deductibles and coverage limits. During the second quarter of fiscal 2013, Wakefern began the process of working with our insurers to recover the damages and Village has recorded estimated insurance recoveries. Net of payments received, the related insurance receivable was $2,290 at April 26, 2014. In October 2013, Wakefern, as the policy holder, filed suit against the carrier seeking payment of remaining claims due for all Wakefern members. The suit is the result of different interpretations of policy terms. Final resolution of our insurance claim related to the storm could have a material impact on our results of operations. | |
The Company is involved in other litigation incidental to the normal course of business. Excluding the tax litigation with the State of New Jersey as described in Note 5, 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. |
8_Notes_Receivable_From_Wakefe
8. Notes Receivable From Wakefern | 9 Months Ended |
Apr. 26, 2014 | |
Notes | ' |
8. Notes Receivable From Wakefern | ' |
8. NOTES RECEIVABLE FROM WAKEFERN | |
On February 15, 2014, Village received $23,420 as prepayment of notes receivable due from Wakefern. These notes earned interest at a fixed rate of 7%. The Company invested the proceeds received and additional funds previously invested in demand deposits at Wakefern in variable rate notes receivable from Wakefern of $40,000 on February 15, 2014. Half of these notes earn interest at the prime rate plus .25% and mature in 3.5 years and half earn interest at the prime rate plus 1.25% and mature in 5 years. 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. |
3_Net_Income_loss_Per_Share_Sc
3. Net Income (loss) Per Share: Schedule of Earnings Per Share, Basic and Diluted (Tables) | 9 Months Ended | |||||||
Apr. 26, 2014 | ||||||||
Tables/Schedules | ' | |||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||
13 Weeks Ended | 39 Weeks Ended | |||||||
26-Apr-14 | ||||||||
Class A | Class B | Class A | Class B | |||||
Numerator: | ||||||||
Net income (loss) allocated, basic | $2,395 | $720 | ($595) | ($205) | ||||
Conversion of Class B to Class A shares | 720 | - | - | - | ||||
Effect of share-based compensation on allocated net income (loss) | - | - | - | - | ||||
Net income (loss) allocated, diluted | $3,115 | $720 | ($595) | ($205) | ||||
Denominator: | ||||||||
Weighted average shares outstanding, basic | 9,288 | 4,361 | 9,207 | 4,378 | ||||
Conversion of Class B to Class A shares | 4,361 | - | - | - | ||||
Dilutive effect of share-based compensation | 30 | - | - | - | ||||
Weighted average shares outstanding, diluted | 13,679 | 4,361 | 9,207 | 4,378 | ||||
13 Weeks Ended | 39 Weeks Ended | |||||||
27-Apr-13 | ||||||||
Class A | Class B | Class A | Class B | |||||
Numerator: | ||||||||
Net income allocated, basic | $3,245 | $1,262 | $13,698 | $5,394 | ||||
Conversion of Class B to Class A shares | 1,262 | - | 5,394 | - | ||||
Effect of share-based compensation on allocated net income | 5 | -3 | - | - | ||||
Net income allocated, diluted | $4,512 | $1,259 | $19,092 | $5,394 | ||||
Denominator: | ||||||||
Weighted average shares outstanding, basic | 8,492 | 5,007 | 8,146 | 5,336 | ||||
Conversion of Class B to Class A shares | 5,007 | - | 5,336 | - | ||||
Dilutive effect of share-based compensation | 96 | - | 110 | - | ||||
Weighted average shares outstanding, diluted | 13,595 | 5,007 | 13,592 | 5,336 |
4_Pension_Plans_Schedule_of_Ne
4. Pension Plans: Schedule of Net Benefit Costs (Tables) | 9 Months Ended | ||||||||
Apr. 26, 2014 | |||||||||
Tables/Schedules | ' | ||||||||
Schedule of Net Benefit Costs | ' | ||||||||
13 Weeks Ended | 13 Weeks Ended | 39 Weeks Ended | 39 Weeks Ended | ||||||
26-Apr-14 | 27-Apr-13 | 26-Apr-14 | 27-Apr-13 | ||||||
Service cost | $730 | $818 | $2,190 | $2,454 | |||||
Interest cost on projected benefit obligations | 694 | 618 | 2,082 | 1,854 | |||||
Expected return on plan assets | (797) | (694) | (2,391) | (2,082) | |||||
Amortization of gains and losses | 201 | 529 | 603 | 1,587 | |||||
Amortization of prior service costs | - | 2 | - | 6 | |||||
Net periodic pension cost | $828 | $1,273 | $2,484 | $3,819 |
5_Income_Taxes_Schedule_of_Unr
5. Income Taxes: Schedule of Unrecognized Tax Benefits Roll Forward (Tables) | 9 Months Ended | ||
Apr. 26, 2014 | |||
Tables/Schedules | ' | ||
Schedule of Unrecognized Tax Benefits Roll Forward | ' | ||
Balance as of July 27, 2013 | $17,640 | ||
Additions based on tax positions related to the prior periods | 7,589 | ||
Additions based on tax positions related to the current period | 1,561 | ||
Balance as of April 26, 2014 | $26,790 |
2_Inventory_Disclosure_Details
2. Inventory Disclosure (Details) (USD $) | Apr. 26, 2014 | Jul. 27, 2013 |
In Thousands, unless otherwise specified | ||
Details | ' | ' |
Percentage of LIFO Inventory | 65.00% | 65.00% |
Inventory, LIFO Reserve | $15,036 | $14,786 |
3_Net_Income_loss_Per_Share_Sc1
3. Net Income (loss) Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 26, 2014 | Apr. 27, 2013 | Apr. 26, 2014 | Apr. 27, 2013 |
Class A Common Stock | ' | ' | ' | ' |
Net Income (Loss) Available to Common Stockholders, Basic | $2,395 | $3,245 | ($595) | $13,698 |
Two Class Income Allocation Class B Conversion to Class A | 720 | 1,262 | ' | 5,394 |
Two Class Income Distribution Share Based Compensation | ' | 5 | ' | ' |
Net Income (Loss) Available to Common Stockholders, Diluted | 3,115 | 4,512 | -595 | 19,092 |
Weighted Average Number of Shares Outstanding, Basic | 9,288 | 8,492 | 9,207 | 8,146 |
Two Class Share Allocation Class B Conversion to Class A | 4,361 | 5,007 | ' | 5,336 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 30 | 96 | ' | 110 |
Weighted Average Number of Shares Outstanding, Diluted | 13,679 | 13,595 | 9,207 | 13,592 |
Class B Common Stock | ' | ' | ' | ' |
Net Income (Loss) Available to Common Stockholders, Basic | 720 | 1,262 | -205 | 5,394 |
Two Class Income Distribution Share Based Compensation | ' | -3 | ' | ' |
Net Income (Loss) Available to Common Stockholders, Diluted | $720 | $1,259 | ($205) | $5,394 |
Weighted Average Number of Shares Outstanding, Basic | 4,361 | 5,007 | 4,378 | 5,336 |
Weighted Average Number of Shares Outstanding, Diluted | 4,361 | 5,007 | 4,378 | 5,336 |
3_Net_Income_loss_Per_Share_De
3. Net Income (loss) Per Share (Details) | 9 Months Ended | |
In Thousands, unless otherwise specified | Apr. 26, 2014 | Apr. 27, 2013 |
Non-vested Restricted Shares Excluded From Diluted Net Income Per Share | 288 | 299 |
Class A Common Stock | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 443 | 3 |
3_Net_Income_loss_Per_Share_In
3. Net Income (loss) Per Share: Incentive Stock Options and Restricts Stock Awards (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Apr. 26, 2014 | Mar. 14, 2014 |
Details | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 225 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 288 | ' |
Stock option expense current year grants | $372 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | ' | 8,291 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $6.41 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '6 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 32.20% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 3.50% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.85% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $8,663 | ' |
4_Pension_Plans_Schedule_of_Ne1
4. Pension Plans: Schedule of Net Benefit Costs (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 26, 2014 | Apr. 27, 2013 | Apr. 26, 2014 | Apr. 27, 2013 |
Details | ' | ' | ' | ' |
Defined Benefit Plan, Service Cost | $730 | $818 | $2,190 | $2,454 |
Defined Benefit Plan, Interest Cost | 694 | 618 | 2,082 | 1,854 |
Defined Benefit Plan, Expected Return on Plan Assets | -797 | -694 | -2,391 | -2,082 |
Defined Benefit Plan Amortization Of (Gains) Losses | 201 | 529 | 603 | 1,587 |
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | ' | 2 | ' | 6 |
Defined Benefit Plan, Net Periodic Benefit Cost | $828 | $1,273 | $2,484 | $3,819 |
4_Pension_Plans_Details
4. Pension Plans (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Apr. 26, 2014 |
Details | ' |
Defined Benefit Plan, Contributions by Employer | $178 |
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | $3,000 |
5_Income_Taxes_Details
5. Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 26, 2014 | Oct. 26, 2013 | Apr. 26, 2014 | Jul. 27, 2013 |
Details | ' | ' | ' | ' |
Total Income Tax Expense On Unrecognized Tax Benefits and Interest and Penalties For Prior Year | ' | $10,052 | ' | ' |
Income Tax Expense Related To Unrecognized Tax Benefit For Prior Year | ' | 4,933 | ' | ' |
Federal Benefit on Unrecognized Tax Benefit For Prior Year | ' | 2,656 | ' | ' |
Income Tax Expense Related To Interest and Penalties For Prior Year | ' | 5,119 | ' | ' |
Federal Benefit on Tax Interest and Penalties For Prior Year | ' | 2,078 | ' | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound | 0 | ' | 0 | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | 26,790 | ' | 26,790 | ' |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 680 | ' | 9,653 | ' |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $15,473 | ' | $15,473 | $5,820 |
5_Income_Taxes_Schedule_of_Unr1
5. Income Taxes: Schedule of Unrecognized Tax Benefits Roll Forward (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Apr. 26, 2014 |
Details | ' |
Unrecognized Tax Benefits, Beginning Balance | $17,640 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 7,589 |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 1,561 |
Unrecognized Tax Benefits, Ending Balance | $26,790 |
5_Income_Taxes_Tax_positions_i
5. Income Taxes: Tax positions included in Unrecognized tax benefits (Details) (USD $) | Apr. 26, 2014 | Jul. 27, 2013 |
In Thousands, unless otherwise specified | ||
Details | ' | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $17,414 | $11,466 |
6_Lease_Obligations_On_Closed_1
6. Lease Obligations On Closed Stores (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Apr. 26, 2014 |
Business Exit Costs | $3,481 |
Paid | ' |
Business Exit Costs | 493 |
Remaining Accrued | ' |
Business Exit Costs | 2,988 |
Future Expense | ' |
Business Exit Costs | $800 |
7_Commitments_and_Contingencie1
7. Commitments and Contingencies (Details) (USD $) | Apr. 26, 2014 |
In Thousands, unless otherwise specified | |
Details | ' |
Insurance Settlements Receivable | $2,290 |
8_Notes_Receivable_From_Wakefe1
8. Notes Receivable From Wakefern (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Apr. 26, 2014 | Feb. 15, 2014 |
Details | ' | ' |
Maturity of notes receivable from Wakefern | $23,420 | ' |
Notes receivable from Wakefern | $40,197 | $40,000 |