Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Sep. 14, 2013 | Oct. 21, 2013 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 14-Sep-13 | |
Document Fiscal Year Focus | 2014 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | SPTN | |
Entity Registrant Name | SPARTAN STORES INC | |
Entity Central Index Key | 877422 | |
Current Fiscal Year End Date | -26 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 21,874,509 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 14, 2013 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $5,545 | $6,097 |
Accounts receivable, net | 59,207 | 60,979 |
Inventories, net | 141,358 | 124,657 |
Prepaid expenses | 9,588 | 10,822 |
Other current assets | 1,325 | 1,304 |
Deferred taxes on income | 1,900 | 2,310 |
Total current assets | 218,923 | 206,169 |
Goodwill | 246,437 | 246,840 |
Other, net | 63,992 | 64,532 |
Property and equipment, net | 268,337 | 272,126 |
Total assets | 797,689 | 789,667 |
Current liabilities | ||
Accounts payable | 137,899 | 120,651 |
Accrued payroll and benefits | 31,543 | 38,356 |
Accrued income taxes | 4,059 | 6,132 |
Other accrued expenses | 21,392 | 23,784 |
Current maturities of long-term debt and capital lease obligations | 3,983 | 4,067 |
Total current liabilities | 198,876 | 192,990 |
Long-term liabilities | ||
Deferred income taxes | 80,833 | 80,578 |
Postretirement benefits | 14,598 | 14,092 |
Other long-term liabilities | 17,853 | 20,476 |
Long-term debt and capital lease obligations | 137,981 | 145,876 |
Total long-term liabilities | 251,265 | 261,022 |
Commitments and contingencies (Note 6) | ||
Shareholders' equity | ||
Common stock, voting, no par value; 50,000 shares authorized; 21,875 and 21,751 shares outstanding | 147,251 | 146,564 |
Preferred stock, no par value, 10,000 shares authorized; no shares outstanding | ||
Accumulated other comprehensive loss | -13,275 | -13,687 |
Retained earnings | 213,572 | 202,778 |
Total shareholders' equity | 347,548 | 335,655 |
Total liabilities and shareholders' equity | $797,689 | $789,667 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 14, 2013 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ||
Common stock, par value | ||
Common stock, shares authorized | 50,000 | 50,000 |
Common stock, shares outstanding | 21,875 | 21,751 |
Preferred stock, par value | ||
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares outstanding |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 14, 2013 | Sep. 15, 2012 | Sep. 14, 2013 | Sep. 15, 2012 | ||
Income Statement [Abstract] | ||||||
Net sales | $649,471 | $621,559 | $1,261,876 | $1,225,471 | ||
Cost of sales | 513,175 | 491,333 | 1,000,304 | 973,525 | ||
Gross profit | 136,296 | 130,226 | 261,572 | 251,946 | ||
Operating expenses | ||||||
Selling, general and administrative | 118,232 | 110,922 | 232,585 | 220,929 | ||
Restructuring and asset impairment | 356 | 987 | 356 | |||
Total operating expenses | 118,232 | 111,278 | 233,572 | 221,285 | ||
Operating earnings | 18,064 | 18,948 | 28,000 | 30,661 | ||
Other income and expenses | ||||||
Interest expense | 2,197 | 3,071 | 4,462 | 6,227 | ||
Other, net | -3 | -681 | -12 | -729 | ||
Total other income and expenses | 2,194 | 2,390 | 4,450 | 5,498 | ||
Earnings before income taxes and discontinued operations | 15,870 | 16,558 | 23,550 | 25,163 | ||
Income taxes | 5,755 | 6,203 | 8,651 | 8,732 | ||
Earnings from continuing operations | 10,115 | 10,355 | 14,899 | 16,431 | ||
Loss from discontinued operations, net of taxes | -65 | -50 | -166 | -123 | ||
Net earnings | $10,050 | $10,305 | $14,733 | $16,308 | ||
Basic earnings per share: | ||||||
Earnings from continuing operations | $0.46 | $0.48 | $0.68 | $0.75 | ||
Loss from discontinued operations | ($0.01) | [1] | ($0.01) | [1] | ||
Net earnings | $0.46 | $0.47 | $0.67 | $0.75 | ||
Diluted earnings per share: | ||||||
Earnings from continuing operations | $0.46 | $0.47 | $0.68 | $0.75 | ||
Loss from discontinued operations | ($0.01) | [1] | ||||
Net earnings | $0.46 | $0.47 | $0.67 | $0.75 | ||
Weighted average shares outstanding: | ||||||
Basic | 21,884 | 21,747 | 21,847 | 21,800 | ||
Diluted | 21,977 | 21,824 | 21,935 | 21,880 | ||
[1] | Includes Rounding |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 14, 2013 | Sep. 15, 2012 | Sep. 14, 2013 | Sep. 15, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net earnings | $10,050 | $10,305 | $14,733 | $16,308 |
Other comprehensive income, before tax | ||||
Recognition of pension and postretirement benefits actuarial loss | 335 | 671 | ||
Total other comprehensive income, before tax | 335 | 671 | ||
Income tax related to items of other comprehensive income | -129 | -259 | ||
Comprehensive income | $10,256 | $10,305 | $15,145 | $16,308 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Retained Earnings [Member] |
In Thousands | ||||
Balance, value at Mar. 30, 2013 | $335,655 | $146,564 | ($13,687) | $202,778 |
Balance, shares at Mar. 30, 2013 | 21,751 | 21,751 | ||
Net earnings | 14,733 | 14,733 | ||
Other comprehensive income | 412 | 412 | ||
Dividends | -3,939 | -3,939 | ||
Stock-based employee compensation | 1,790 | 1,790 | ||
Issuances of common stock and related tax benefit on stock option exercises and bonus plan, value | 95 | 95 | ||
Issuances of common stock and related tax benefit on stock option exercises and bonus plan, shares | 13 | |||
Issuances of restricted stock and related income tax benefits, value | -32 | -32 | ||
Issuances of restricted stock and related income tax benefits, shares | 212 | |||
Cancellations of restricted stock, value | -1,166 | -1,166 | ||
Cancellations of restricted stock, shares | -101 | |||
Balance, value at Sep. 14, 2013 | $347,548 | $147,251 | ($13,275) | $213,572 |
Balance, shares at Sep. 14, 2013 | 21,875 | 21,875 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical) (USD $) | 6 Months Ended |
Sep. 14, 2013 | |
Statement Of Stockholders Equity [Abstract] | |
Dividends per share | $0.18 |
CONDENSED_CONSOLIDATED_STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Sep. 14, 2013 | Sep. 15, 2012 |
Cash flows from operating activities | ||
Net earnings | $14,733 | $16,308 |
Loss from discontinued operations | 166 | 123 |
Earnings from continuing operations | 14,899 | 16,431 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Restructuring and asset impairment charges | 987 | 356 |
Convertible debt interest | 1,794 | |
Depreciation and amortization | 18,930 | 17,564 |
LIFO expense | 953 | 1,380 |
Postretirement benefits expense | 264 | 348 |
Deferred taxes on income | 323 | 6,443 |
Stock-based compensation expense | 1,790 | 2,282 |
Excess tax benefit on stock compensation | -107 | -240 |
Other, net | -13 | -632 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,771 | -1,188 |
Inventories | -17,654 | -37,634 |
Prepaid expenses | 1,855 | -4,124 |
Other assets | -45 | 2,790 |
Accounts payable | 16,989 | 21,573 |
Accrued payroll and benefits | -8,276 | -10,210 |
Postretirement benefits | -139 | -508 |
Accrued income taxes | -2,328 | -9,763 |
Other accrued expenses and other liabilities | -3,258 | -5,767 |
Net cash provided by operating activities | 26,941 | 895 |
Cash flows from investing activities | ||
Purchases of property and equipment | -16,694 | -21,006 |
Net proceeds from the sale of assets | 115 | 2,376 |
Other | -830 | 276 |
Net cash used in investing activities | -17,409 | -18,354 |
Cash flows from financing activities | ||
Proceeds from revolving credit facility | 235,647 | 181,975 |
Payments on revolving credit facility | -241,599 | -167,817 |
Share repurchase | -11,381 | |
Repayment of other long-term debt | -2,028 | -1,815 |
Financing fees paid | -27 | -1,260 |
Excess tax benefit on stock compensation | 107 | 240 |
Proceeds from exercise of stock options | 151 | 177 |
Dividends paid | -1,970 | -1,680 |
Net cash used in financing activities | -9,719 | -1,561 |
Cash flows from discontinued operations | ||
Net cash (used in) provided by operating activities | -365 | 35 |
Net cash (used in) provided by discontinued operations | -365 | 35 |
Net decrease in cash and cash equivalents | -552 | -18,985 |
Cash and cash equivalents at beginning of period | 6,097 | 26,476 |
Cash and cash equivalents at end of period | $5,545 | $7,491 |
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Sep. 14, 2013 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Note 1 |
Basis of Presentation and Significant Accounting Policies | |
The accompanying unaudited Condensed Consolidated Financial Statements (the “financial statements”) include the accounts of Spartan Stores, Inc. and its subsidiaries (“Spartan Stores”). All significant intercompany accounts and transactions have been eliminated. | |
In the opinion of management, the accompanying financial statements, taken as a whole, contain all adjustments, which are of a normal recurring nature, necessary to present fairly the financial position of Spartan Stores as of September 14, 2013, and the results of its operations and cash flows for the interim periods presented. Interim results are not necessarily indicative of results for a full year. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 6 Months Ended |
Sep. 14, 2013 | |
Accounting Changes And Error Corrections [Abstract] | |
Recently Issued Accounting Standards | Note 2 |
Recently Issued Accounting Standards | |
In July 2012, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2012-02, “Intangibles-Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment.” ASU No. 2012-02 permits an entity to first assess qualitative factors to determine whether certain events and circumstances exist that indicate it is more likely than not that an indefinite-lived intangible asset is impaired. The more likely than not threshold is defined as having a likelihood of more than 50 percent. If as a result of the qualitative assessment it is determined that it is not more likely than not that the indefinite-lived intangible asset is impaired, then Spartan Stores is not required to take further action and calculate the fair value of a reporting unit. ASU No. 2012-02 was effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. The adoption did not have an impact on the financial statements. | |
In February 2013, the FASB issued ASU No. 2013-02, “Reporting Amounts Reclassified out of Accumulated Other Comprehensive Income”. ASU No. 2013-02 requires companies to provide additional information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, companies are required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective lines of net income. The amendments are effective prospectively for reporting periods beginning after December 15, 2012. This ASU did not change the requirements for reporting net income or other comprehensive income. Because the standard only affects the presentation of comprehensive income and does not affect what is included in comprehensive income, this standard did not have a material effect on Spartan Stores’ consolidated financial statements. |
Merger
Merger | 6 Months Ended |
Sep. 14, 2013 | |
Business Combinations [Abstract] | |
Merger | Note 3 |
Merger | |
On July 21, 2013, Spartan Stores entered into an Agreement and Plan of Merger providing for the merger of Nash-Finch Company with and into a wholly-owned subsidiary of Spartan Stores. At July 22, 2013, the date of the public announcement, the all-stock merger transaction had a preliminary value of approximately $1.3 billion, including existing net debt at each company. Under the terms of the transaction, which has been unanimously approved by the boards of directors of both companies, the merger is expected to be a tax-free exchange. Nash-Finch shareholders will receive a fixed ratio of 1.20 shares of Spartan Stores common stock for each share of Nash-Finch common stock they own. Consummation of the Agreement and Plan of Merger is subject to various conditions, including, among other things, the approval by Spartan Stores shareholders and Nash-Finch Company stockholders which will be submitted for consideration by proxy vote on November 18, 2013. Upon closing, which is expected shortly after the shareholder vote, Spartan Stores shareholders will own approximately 57.7% of the equity of the combined company and the former Nash-Finch shareholders will own approximately 42.3%. Additional information regarding this merger can be found in Spartan Stores’ Registration Statement on Form S-4 filed on August 20, 2013, as amended through October 10, 2013. | |
On or about July 24, 2013, a putative class action complaint was filed in the District Court for the Fourth Judicial District, State of Minnesota, County of Hennepin, by a stockholder of Nash-Finch in connection with the pending transaction. The action is styled Greenblatt v. Nash-Finch Co. et al., Case No. 27-cv-13-13710. That complaint was amended on August 28, 2013 after Spartan Stores’ registration statement was filed with the SEC. On September 9, 2013, the defendants filed motions to dismiss the complaint, which are currently pending before the court. On or about September 19, 2013, a second putative class action complaint was filed in the United States District Court for the District of Minnesota, by a stockholder of Nash-Finch. The action is styled Benson v. Covington et al., Case No. 0:13-cv-02574. The lawsuits allege that the directors of Nash-Finch breached their fiduciary duties by, among other things, approving a merger that provides for inadequate consideration under circumstances involving certain alleged conflicts of interest; that the merger agreement includes allegedly preclusive deal protection provisions; and that Nash-Finch and Spartan Stores allegedly aided and abetted the directors in breaching their duties to Nash-Finch’s stockholders. Both complaints also allege that the preliminary joint proxy statement/prospectus was false and misleading due to the omission of a variety of allegedly material information. The complaint in the Benson action also asserts additional claims individually on behalf of the plaintiff under the federal securities laws. The actions seek, on behalf of their putative classes, various remedies, including enjoining the merger from being consummated in accordance with its agreed-upon terms, damages, and costs and disbursements relating to the lawsuit. |
Restructuring_and_Asset_Impair
Restructuring and Asset Impairment | 6 Months Ended | ||||
Sep. 14, 2013 | |||||
Restructuring And Related Activities [Abstract] | |||||
Restructuring and Asset Impairment | Note 4 | ||||
Restructuring and Asset Impairment | |||||
Restructuring and asset impairment charges included in the Condensed Consolidated Statements of Earnings consisted of an asset impairment charge of approximately $1.0 million incurred in the first quarter of fiscal 2014 and $0.4 million incurred in the second quarter of fiscal 2013 for underperforming stores and a fuel center in the Retail segment. | |||||
The following table provides the activity of restructuring costs for the 24 weeks ended September 14, 2013. Accrued restructuring costs recorded in the Condensed Consolidated Balance Sheets are included in “Other accrued expenses” in Current liabilities and “Other long-term liabilities” in Long-term liabilities based on when the obligations are expected to be paid. | |||||
(In thousands) | |||||
Balance at March 30, 2013 | $ | 7,975 | |||
Changes in estimates | (433 | )(a) | |||
Accretion expense | 135 | ||||
Payments | (1,188 | ) | |||
Balance at September 14, 2013 | $ | 6,489 | |||
(a) | Goodwill was reduced by $0.4 million as a result of these changes in estimates as the initial charges for certain stores were established in the purchase price allocations for previous acquisitions. | ||||
Included in the liability are lease obligations recorded at the present value of future minimum lease payments, calculated using a risk-free interest rate, and related ancillary costs from the date of closure to the end of the remaining lease term, net of estimated sublease income. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||
Sep. 14, 2013 | |||||||||
Fair Value Disclosures [Abstract] | |||||||||
Fair Value Measurements | Note 5 | ||||||||
Fair Value Measurements | |||||||||
Financial instruments include cash and cash equivalents, accounts and notes receivable, accounts payable and long-term debt. The carrying amounts of cash and cash equivalents, accounts and notes receivable, and accounts payable approximate fair value because of the short-term nature of these financial instruments. At September 14, 2013 and March 30, 2013 the estimated fair value and the book value of our debt instruments were as follows: | |||||||||
(In thousands) | September 14, | March 30, | |||||||
2013 | 2013 | ||||||||
Book value of debt instruments: | |||||||||
Current maturities of long-term debt and capital lease obligations | $ | 3,983 | $ | 4,067 | |||||
Long-term debt and capital lease obligations | 137,981 | 145,876 | |||||||
Total book value of debt instruments | 141,964 | 149,943 | |||||||
Fair value of debt instruments | 144,061 | 152,758 | |||||||
Excess of fair value over book value | $ | 2,097 | $ | 2,815 | |||||
The estimated fair value of debt is based on market quotes for instruments with similar terms and remaining maturities (level 2 valuation techniques described below). | |||||||||
ASC 820 prioritizes the inputs to valuation techniques used to measure fair value into the following hierarchy: | |||||||||
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. | |||||||||
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. | |||||||||
Level 3: Unobservable inputs for the asset or liability, reflecting the reporting entities own assumptions about the assumptions that market participants would use in pricing. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Sep. 14, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6 |
Commitments and Contingencies | |
Various lawsuits and claims, arising in the ordinary course of business, are pending or have been asserted against Spartan Stores. While the ultimate effect of such actions cannot be predicted with certainty, management believes that their outcome will not result in a material effect on the consolidated financial position, operating results or liquidity of Spartan Stores. See Note 3 regarding a class action claim related to the merger with Nash-Finch Company. | |
Spartan Stores contributes to the Teamsters Central States multi-employer pension plan based on obligations arising from its collective bargaining agreement covering its warehouse union associates. This plan provides retirement benefits to participants based on their service to contributing employers. The benefits are paid from assets held in trust for that purpose. Trustees are appointed by employers and unions; however, Spartan Stores is not a trustee. The trustees typically are responsible for determining the level of benefits to be provided to participants as well as for such matters as the investment of the assets and the administration of the plan. Spartan Stores will continue contributions to the Central States, Southeast and Southwest Areas Pension Fund under the terms outlined in the “Primary Schedule” of Central States’ Rehabilitation Plan. This schedule requires an increase in employer contributions of 4% over the previous year’s contribution in fiscal years 2014—2016. | |
Based on the most recent information available to Spartan Stores, we believe that the present value of actuarial accrued liabilities in this multi-employer plan significantly exceeds the value of the assets held in trust to pay benefits. Because we are one of a number of employers contributing to this plan, it is difficult to ascertain what the exact amount of the underfunding would be, although we anticipate that our contributions to this plan will continue to increase each year. Spartan believes that funding levels have not changed significantly since the end of fiscal year 2013. To reduce this under funding we expect meaningful increases in expense as a result of required incremental multi-employer pension plan contributions in the future. Any adjustment for withdrawal liability will be recorded if it becomes probable that a liability exists and can be reasonably determined. |
Associate_Retirement_Plans
Associate Retirement Plans | 6 Months Ended | ||||||||||||||||||||||||
Sep. 14, 2013 | |||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | |||||||||||||||||||||||||
Associate Retirement Plans | Note 7 | ||||||||||||||||||||||||
Associate Retirement Plans | |||||||||||||||||||||||||
The following table provides the components of net periodic pension and postretirement benefit costs for the second quarters ended September 14, 2013 and September 15, 2012: | |||||||||||||||||||||||||
Pension Benefits | SERP Benefits | Postretirement Benefits | |||||||||||||||||||||||
(In thousands) | Sept. 14, | Sept. 15, | Sept. 14, | Sept. 15, | Sept. 14, | Sept. 15, | |||||||||||||||||||
12 Weeks Ended | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | — | $ | 59 | $ | 45 | |||||||||||||
Interest cost | 518 | 597 | 8 | 10 | 90 | 93 | |||||||||||||||||||
Expected return on plan assets | (945 | ) | (1,038 | ) | — | — | — | — | |||||||||||||||||
Amortization of prior service cost | — | — | — | — | (14 | ) | (12 | ) | |||||||||||||||||
Recognized actuarial net loss | 301 | 295 | 7 | 7 | 41 | 31 | |||||||||||||||||||
Net periodic (benefit) cost | $ | (126 | ) | $ | (146 | ) | $ | 15 | $ | 17 | $ | 176 | $ | 157 | |||||||||||
Pension Benefits | SERP Benefits | Postretirement Benefits | |||||||||||||||||||||||
(In thousands) | Sept. 14, | Sept. 15, | Sept. 14, | Sept. 15, | Sept. 14, | Sept. 15, | |||||||||||||||||||
24 Weeks Ended | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | — | $ | 119 | $ | 90 | |||||||||||||
Interest cost | 1,035 | 1,194 | 15 | 20 | 177 | 186 | |||||||||||||||||||
Expected return on plan assets | (1,889 | ) | (2,076 | ) | — | — | — | — | |||||||||||||||||
Amortization of prior service cost | — | — | — | — | (26 | ) | (25 | ) | |||||||||||||||||
Recognized actuarial net loss | 601 | 590 | 14 | 15 | 82 | 63 | |||||||||||||||||||
Net periodic (benefit) cost | $ | (253 | ) | $ | (292 | ) | $ | 29 | $ | 35 | $ | 352 | $ | 314 | |||||||||||
No contributions have been made to the pension plan in fiscal 2014. No further contribution payments are required to be made in fiscal 2014 to meet the minimum pension funding requirements. | |||||||||||||||||||||||||
As previously stated in Note 6, Spartan Stores contributes to the Central States, Southeast and Southwest Areas Pension Fund (“Fund”) (EIN 7456500) at a pro rata fraction of 1% of total contributions. Spartan Stores’ employer contributions during fiscal 2013 totaled $8.2 million, which Fund administrators represent is less than 5% of total employer contributions to the Fund. Spartan Stores’ employer contributions for the twenty-four weeks ended September 14, 2013 and September 15, 2012 were $4.0 million and $3.7 million, respectively. |
Comprehensive_Income_or_Loss
Comprehensive Income or Loss | 6 Months Ended |
Sep. 14, 2013 | |
Equity [Abstract] | |
Comprehensive Income or Loss | Note 8 |
Comprehensive Income or Loss | |
Spartan Stores reports comprehensive income or loss in accordance with ASU 2012-13, “Comprehensive Income,” in the financial statements. Total comprehensive income is defined as all changes in shareholders’ equity during a period, other than those resulting from investments by and distributions to shareholders. Generally, for Spartan Stores, total comprehensive income equals net earnings plus or minus adjustments for pension and other postretirement benefits. | |
While total comprehensive income is the activity in a period and is largely driven by net earnings in that period, accumulated other comprehensive income or loss (“AOCI”) represents the cumulative balance of other comprehensive income, net of tax, as of the balance sheet date. For Spartan Stores, AOCI is the cumulative balance related to pension and other postretirement benefits. | |
During the second quarter of fiscal 2014, $0.2 million was reclassified from AOCI to the Condensed Consolidated Statement of Earnings, of which $0.3 million increased selling, general and administrative expenses and $0.1 million reduced income taxes. For the year-to-date period ended September 14, 2013 $0.4 million was reclassified from AOCI to the Condensed Consolidated Statement of Earnings, of which $0.7 million increased selling, general and administrative expenses and $0.3 million reduced income taxes. |
Income_Taxes
Income Taxes | 6 Months Ended |
Sep. 14, 2013 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 |
Income Taxes | |
The effective income tax rate was 36.3% and 37.5% for the second quarter of fiscal 2014 and 2013, respectively. For the year-to-date period and prior year-to-date period the effective income tax rate was 36.7% and 34.7%, respectively. The difference from the second quarter of fiscal 2014 and 2013 and the fiscal 2014 year-to-date Federal statutory rate was due primarily to state income taxes , partially offset by tax credits. The difference from the fiscal 2013 year-to-date Federal statutory rate was primarily the result of changes to the state of Michigan tax laws. Income tax expense in the first quarter of fiscal 2013 includes a $0.7 million after-tax benefit due to these changes. Excluding this item the effective tax rate was 37.6%. The fiscal 2014 effective income tax rate could be adversely affected pending the final determination of the tax deductibility of merger related expenses. |
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended | ||||||||||||||||
Sep. 14, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||
Stock-Based Compensation | Note 10 | ||||||||||||||||
Stock-Based Compensation | |||||||||||||||||
Spartan Stores has two shareholder-approved stock incentive plans that provide for the granting of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, stock awards, and other stock-based awards to directors, officers and other key associates. | |||||||||||||||||
Spartan Stores accounts for stock-based compensation awards in accordance with the provisions of ASC Topic 718 which requires that share-based payment transactions be accounted for using a fair value method and the related compensation cost recognized in the condensed consolidated financial statements over the period that an employee is required to provide services in exchange for the award. Spartan Stores recognized stock-based compensation expense (net of tax) of $0.5 million ($0.02 per diluted share) and $0.6 million ($0.03 per diluted share) for the second quarters of fiscal 2014 and 2013, respectively, as a component of Operating expenses and Income taxes in the Condensed Consolidated Statements of Earnings. Stock-based compensation expense (net of tax) was $1.1 million ($0.05 per diluted share) and $1.4 million ($0.06 per diluted share) for the year-to-date period ended September 14, 2013 and September 15, 2012, respectively. | |||||||||||||||||
The following table summarizes activity in the share-based compensation plans for the year-to-date period ended September 14, 2013: | |||||||||||||||||
Shares | Weighted | Restricted | Weighted | ||||||||||||||
Under | Average | Stock | Average | ||||||||||||||
Options | Exercise Price | Awards | Grant-Date | ||||||||||||||
Fair Value | |||||||||||||||||
Outstanding at March 30, 2013 | 653,471 | $ | 18.82 | 546,182 | $ | 16.59 | |||||||||||
Granted | — | — | 211,239 | 17.66 | |||||||||||||
Exercised/Vested | (8,833 | ) | 8.84 | (225,600 | ) | 16.94 | |||||||||||
Cancelled/Forfeited | (36,943 | ) | 16.89 | (28,954 | ) | 16.94 | |||||||||||
Outstanding at September 14, 2013 | 607,695 | $ | 19.08 | 502,867 | $ | 16.86 | |||||||||||
Vested and expected to vest in the future at September 14, 2013 | 607,695 | $ | 19.08 | ||||||||||||||
Exercisable at September 14, 2013 | 607,695 | $ | 19.08 | ||||||||||||||
There were no stock options granted during the year-to-date periods ended September 14, 2013 and September 15, 2012. | |||||||||||||||||
As of September 14, 2013, total unrecognized compensation cost related to non-vested share-based awards granted under our stock incentive plans was $6.9 million for restricted stock. The remaining compensation costs not yet recognized are expected to be recognized over a weighted average period of 2.6 years for restricted stock. All compensation costs related to stock options have been recognized. |
Discontinued_Operations
Discontinued Operations | 6 Months Ended |
Sep. 14, 2013 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | Note 11 |
Discontinued Operations | |
Results of the discontinued operations are excluded from the accompanying notes to the condensed consolidated financial statements for all periods presented, unless otherwise noted. There were no operations that were reclassified to discontinued operations during the second quarter of fiscal 2014. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 6 Months Ended |
Sep. 14, 2013 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Note 12 |
Supplemental Cash Flow Information | |
Non-cash financing activities include the issuance of restricted stock to employees and directors of $3.7 million and $3.8 million for the year-to-date periods ended September 14, 2013 and September 15, 2012, respectively. Non-cash investing activities include capital expenditures recorded in current liabilities of $1.9 million and $1.3 million for the year-to-date periods ended September 14, 2013 and September 15, 2012, respectively. In the first quarter of fiscal 2013 the Company entered into capital lease agreements totaling $2.8 million. |
Operating_Segment_Information
Operating Segment Information | 6 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 14, 2013 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||
Operating Segment Information | Note 13 | ||||||||||||||||||||||||||||||||
Operating Segment Information | |||||||||||||||||||||||||||||||||
The following tables set forth information about Spartan Stores by operating segment: | |||||||||||||||||||||||||||||||||
(In thousands) | Distribution | Retail | Total | ||||||||||||||||||||||||||||||
12 Weeks Ended September 14, 2013 | |||||||||||||||||||||||||||||||||
Net sales | $ | 271,385 | $ | 378,086 | $ | 649,471 | |||||||||||||||||||||||||||
Inter-segment sales | 160,998 | — | 160,998 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 2,107 | 7,466 | 9,573 | ||||||||||||||||||||||||||||||
Operating earnings | 8,000 | 10,064 | 18,064 | ||||||||||||||||||||||||||||||
Capital expenditures | 2,519 | 4,934 | 7,453 | ||||||||||||||||||||||||||||||
12 Weeks Ended September 15, 2012 | |||||||||||||||||||||||||||||||||
Net sales | $ | 259,242 | $ | 362,317 | $ | 621,559 | |||||||||||||||||||||||||||
Inter-segment sales | 155,658 | — | 155,658 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 1,972 | 6,833 | 8,805 | ||||||||||||||||||||||||||||||
Operating earnings | 10,849 | 8,099 | 18,948 | ||||||||||||||||||||||||||||||
Capital expenditures | 2,052 | 12,410 | 14,462 | ||||||||||||||||||||||||||||||
24 Weeks Ended September 14, 2013 | |||||||||||||||||||||||||||||||||
Net sales | $ | 529,959 | $ | 731,917 | $ | 1,261,876 | |||||||||||||||||||||||||||
Inter-segment sales | 311,758 | — | 311,758 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 4,201 | 14,863 | 19,064 | ||||||||||||||||||||||||||||||
Operating earnings | 13,693 | 14,307 | 28,000 | ||||||||||||||||||||||||||||||
Capital expenditures | 5,261 | 11,433 | 16,694 | ||||||||||||||||||||||||||||||
24 Weeks Ended September 15, 2012 | |||||||||||||||||||||||||||||||||
Net sales | $ | 517,590 | $ | 707,881 | $ | 1,225,471 | |||||||||||||||||||||||||||
Inter-segment sales | 305,282 | — | 305,282 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 3,931 | 13,544 | 17,475 | ||||||||||||||||||||||||||||||
Operating earnings | 18,671 | 11,990 | 30,661 | ||||||||||||||||||||||||||||||
Capital expenditures | 3,482 | 17,524 | 21,006 | ||||||||||||||||||||||||||||||
September 14, | March 30, | ||||||||||||||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||||||||||||
Total assets | |||||||||||||||||||||||||||||||||
Distribution | $ | 270,938 | $ | 254,326 | |||||||||||||||||||||||||||||
Retail | 521,251 | 529,840 | |||||||||||||||||||||||||||||||
Discontinued operations | 5,500 | 5,501 | |||||||||||||||||||||||||||||||
Total | $ | 797,689 | $ | 789,667 | |||||||||||||||||||||||||||||
The following table presents sales by type of similar product and services: | |||||||||||||||||||||||||||||||||
12 Weeks Ended | 24 Weeks Ended | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | September 14, | September 15, | September 14, | September 15, | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Non-perishables (1) | $ | 318,204 | 49 | % | $ | 306,425 | 49.3 | % | $ | 614,645 | 48.7 | % | $ | 599,121 | 48.9 | % | |||||||||||||||||
Perishables (2) | 236,934 | 36.5 | 224,095 | 36.1 | 459,825 | 36.5 | 443,751 | 36.2 | |||||||||||||||||||||||||
Pharmacy | 49,674 | 7.6 | 47,866 | 7.7 | 97,540 | 7.7 | 97,627 | 8 | |||||||||||||||||||||||||
Fuel | 44,659 | 6.9 | 43,173 | 6.9 | 89,866 | 7.1 | 84,972 | 6.9 | |||||||||||||||||||||||||
Consolidated net sales | $ | 649,471 | 100 | % | $ | 621,559 | 100 | % | $ | 1,261,876 | 100 | % | $ | 1,225,471 | 100 | % | |||||||||||||||||
(1) | Consists primarily of general merchandise, grocery, beverages, snacks and frozen foods. | ||||||||||||||||||||||||||||||||
(2) | Consists primarily of produce, dairy, meat, bakery, deli, floral and seafood. |
CompanyOwned_Life_Insurance
Company-Owned Life Insurance | 6 Months Ended |
Sep. 14, 2013 | |
Investments All Other Investments [Abstract] | |
Company-Owned Life Insurance | Note 14 |
Company-Owned Life Insurance | |
Spartan Stores holds variable universal life insurance policies on certain key associates. The company-owned policies have annual premium payments of $0.8 million. The net cash surrender value of approximately $3.3 million and $2.5 million at September 14, 2013 and September 15, 2012, respectively, is recorded on the balance sheet in Other Long-term Assets. These policies have an aggregate amount of life insurance coverage of approximately $15 million. |
Restructuring_and_Asset_Impair1
Restructuring and Asset Impairment (Tables) | 6 Months Ended | ||||
Sep. 14, 2013 | |||||
Restructuring And Related Activities [Abstract] | |||||
Schedule of Activity of Restructuring Costs | The following table provides the activity of restructuring costs for the 24 weeks ended September 14, 2013. Accrued restructuring costs recorded in the Condensed Consolidated Balance Sheets are included in “Other accrued expenses” in Current liabilities and “Other long-term liabilities” in Long-term liabilities based on when the obligations are expected to be paid. | ||||
(In thousands) | |||||
Balance at March 30, 2013 | $ | 7,975 | |||
Changes in estimates | (433 | )(a) | |||
Accretion expense | 135 | ||||
Payments | (1,188 | ) | |||
Balance at September 14, 2013 | $ | 6,489 | |||
(a) | Goodwill was reduced by $0.4 million as a result of these changes in estimates as the initial charges for certain stores were established in the purchase price allocations for previous acquisitions. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||
Sep. 14, 2013 | |||||||||
Fair Value Disclosures [Abstract] | |||||||||
Schedule of Estimated Fair Value and Book Value of Debt Instruments | At September 14, 2013 and March 30, 2013 the estimated fair value and the book value of our debt instruments were as follows: | ||||||||
(In thousands) | September 14, | March 30, | |||||||
2013 | 2013 | ||||||||
Book value of debt instruments: | |||||||||
Current maturities of long-term debt and capital lease obligations | $ | 3,983 | $ | 4,067 | |||||
Long-term debt and capital lease obligations | 137,981 | 145,876 | |||||||
Total book value of debt instruments | 141,964 | 149,943 | |||||||
Fair value of debt instruments | 144,061 | 152,758 | |||||||
Excess of fair value over book value | $ | 2,097 | $ | 2,815 | |||||
Associate_Retirement_Plans_Tab
Associate Retirement Plans (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Sep. 14, 2013 | |||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | |||||||||||||||||||||||||
Components of Net Periodic Pension and Postretirement Benefit Costs | The following table provides the components of net periodic pension and postretirement benefit costs for the second quarters ended September 14, 2013 and September 15, 2012: | ||||||||||||||||||||||||
Pension Benefits | SERP Benefits | Postretirement Benefits | |||||||||||||||||||||||
(In thousands) | Sept. 14, | Sept. 15, | Sept. 14, | Sept. 15, | Sept. 14, | Sept. 15, | |||||||||||||||||||
12 Weeks Ended | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | — | $ | 59 | $ | 45 | |||||||||||||
Interest cost | 518 | 597 | 8 | 10 | 90 | 93 | |||||||||||||||||||
Expected return on plan assets | (945 | ) | (1,038 | ) | — | — | — | — | |||||||||||||||||
Amortization of prior service cost | — | — | — | — | (14 | ) | (12 | ) | |||||||||||||||||
Recognized actuarial net loss | 301 | 295 | 7 | 7 | 41 | 31 | |||||||||||||||||||
Net periodic (benefit) cost | $ | (126 | ) | $ | (146 | ) | $ | 15 | $ | 17 | $ | 176 | $ | 157 | |||||||||||
Pension Benefits | SERP Benefits | Postretirement Benefits | |||||||||||||||||||||||
(In thousands) | Sept. 14, | Sept. 15, | Sept. 14, | Sept. 15, | Sept. 14, | Sept. 15, | |||||||||||||||||||
24 Weeks Ended | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | — | $ | 119 | $ | 90 | |||||||||||||
Interest cost | 1,035 | 1,194 | 15 | 20 | 177 | 186 | |||||||||||||||||||
Expected return on plan assets | (1,889 | ) | (2,076 | ) | — | — | — | — | |||||||||||||||||
Amortization of prior service cost | — | — | — | — | (26 | ) | (25 | ) | |||||||||||||||||
Recognized actuarial net loss | 601 | 590 | 14 | 15 | 82 | 63 | |||||||||||||||||||
Net periodic (benefit) cost | $ | (253 | ) | $ | (292 | ) | $ | 29 | $ | 35 | $ | 352 | $ | 314 | |||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||
Sep. 14, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||
Summary of Share-Based Compensation Activity | The following table summarizes activity in the share-based compensation plans for the year-to-date period ended September 14, 2013: | ||||||||||||||||
Shares | Weighted | Restricted | Weighted | ||||||||||||||
Under | Average | Stock | Average | ||||||||||||||
Options | Exercise Price | Awards | Grant-Date | ||||||||||||||
Fair Value | |||||||||||||||||
Outstanding at March 30, 2013 | 653,471 | $ | 18.82 | 546,182 | $ | 16.59 | |||||||||||
Granted | — | — | 211,239 | 17.66 | |||||||||||||
Exercised/Vested | (8,833 | ) | 8.84 | (225,600 | ) | 16.94 | |||||||||||
Cancelled/Forfeited | (36,943 | ) | 16.89 | (28,954 | ) | 16.94 | |||||||||||
Outstanding at September 14, 2013 | 607,695 | $ | 19.08 | 502,867 | $ | 16.86 | |||||||||||
Vested and expected to vest in the future at September 14, 2013 | 607,695 | $ | 19.08 | ||||||||||||||
Exercisable at September 14, 2013 | 607,695 | $ | 19.08 | ||||||||||||||
Operating_Segment_Information_
Operating Segment Information (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 14, 2013 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Operating Segment | The following tables set forth information about Spartan Stores by operating segment: | ||||||||||||||||||||||||||||||||
(In thousands) | Distribution | Retail | Total | ||||||||||||||||||||||||||||||
12 Weeks Ended September 14, 2013 | |||||||||||||||||||||||||||||||||
Net sales | $ | 271,385 | $ | 378,086 | $ | 649,471 | |||||||||||||||||||||||||||
Inter-segment sales | 160,998 | — | 160,998 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 2,107 | 7,466 | 9,573 | ||||||||||||||||||||||||||||||
Operating earnings | 8,000 | 10,064 | 18,064 | ||||||||||||||||||||||||||||||
Capital expenditures | 2,519 | 4,934 | 7,453 | ||||||||||||||||||||||||||||||
12 Weeks Ended September 15, 2012 | |||||||||||||||||||||||||||||||||
Net sales | $ | 259,242 | $ | 362,317 | $ | 621,559 | |||||||||||||||||||||||||||
Inter-segment sales | 155,658 | — | 155,658 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 1,972 | 6,833 | 8,805 | ||||||||||||||||||||||||||||||
Operating earnings | 10,849 | 8,099 | 18,948 | ||||||||||||||||||||||||||||||
Capital expenditures | 2,052 | 12,410 | 14,462 | ||||||||||||||||||||||||||||||
24 Weeks Ended September 14, 2013 | |||||||||||||||||||||||||||||||||
Net sales | $ | 529,959 | $ | 731,917 | $ | 1,261,876 | |||||||||||||||||||||||||||
Inter-segment sales | 311,758 | — | 311,758 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 4,201 | 14,863 | 19,064 | ||||||||||||||||||||||||||||||
Operating earnings | 13,693 | 14,307 | 28,000 | ||||||||||||||||||||||||||||||
Capital expenditures | 5,261 | 11,433 | 16,694 | ||||||||||||||||||||||||||||||
24 Weeks Ended September 15, 2012 | |||||||||||||||||||||||||||||||||
Net sales | $ | 517,590 | $ | 707,881 | $ | 1,225,471 | |||||||||||||||||||||||||||
Inter-segment sales | 305,282 | — | 305,282 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 3,931 | 13,544 | 17,475 | ||||||||||||||||||||||||||||||
Operating earnings | 18,671 | 11,990 | 30,661 | ||||||||||||||||||||||||||||||
Capital expenditures | 3,482 | 17,524 | 21,006 | ||||||||||||||||||||||||||||||
September 14, | March 30, | ||||||||||||||||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||||||||||||
Total assets | |||||||||||||||||||||||||||||||||
Distribution | $ | 270,938 | $ | 254,326 | |||||||||||||||||||||||||||||
Retail | 521,251 | 529,840 | |||||||||||||||||||||||||||||||
Discontinued operations | 5,500 | 5,501 | |||||||||||||||||||||||||||||||
Total | $ | 797,689 | $ | 789,667 | |||||||||||||||||||||||||||||
Summary of Sales by Type of Similar Products and Services | The following table presents sales by type of similar product and services: | ||||||||||||||||||||||||||||||||
12 Weeks Ended | 24 Weeks Ended | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | September 14, | September 15, | September 14, | September 15, | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Non-perishables (1) | $ | 318,204 | 49 | % | $ | 306,425 | 49.3 | % | $ | 614,645 | 48.7 | % | $ | 599,121 | 48.9 | % | |||||||||||||||||
Perishables (2) | 236,934 | 36.5 | 224,095 | 36.1 | 459,825 | 36.5 | 443,751 | 36.2 | |||||||||||||||||||||||||
Pharmacy | 49,674 | 7.6 | 47,866 | 7.7 | 97,540 | 7.7 | 97,627 | 8 | |||||||||||||||||||||||||
Fuel | 44,659 | 6.9 | 43,173 | 6.9 | 89,866 | 7.1 | 84,972 | 6.9 | |||||||||||||||||||||||||
Consolidated net sales | $ | 649,471 | 100 | % | $ | 621,559 | 100 | % | $ | 1,261,876 | 100 | % | $ | 1,225,471 | 100 | % | |||||||||||||||||
(1) | Consists primarily of general merchandise, grocery, beverages, snacks and frozen foods. | ||||||||||||||||||||||||||||||||
(2) | Consists primarily of produce, dairy, meat, bakery, deli, floral and seafood. |
Recently_Issued_Accounting_Sta1
Recently Issued Accounting Standards - Additional Information (Detail) | 1 Months Ended |
Jul. 31, 2012 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Indefinite-lived intangible asset, more likely than not, threshold likelihood percentage | 50.00% |
Merger_Additional_Information_
Merger - Additional Information (Detail) (USD $) | 6 Months Ended | |
In Billions, unless otherwise specified | Sep. 14, 2013 | Jul. 22, 2013 |
Business Acquisition [Line Items] | ||
Merger agreement aggregate transaction value | $1.30 | |
Common stock exchange ratio per share | 1.2 | |
Ownership percentage, combined company | 57.70% | |
Nash-Finch Company [Member] | ||
Business Acquisition [Line Items] | ||
Ownership percentage, combined company | 42.30% |
Restructuring_and_Asset_Impair2
Restructuring and Asset Impairment - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 14, 2013 | Jun. 22, 2013 | Sep. 15, 2012 | Sep. 14, 2013 | Sep. 15, 2012 |
Restructuring Costs And Asset Impairment Charges [Abstract] | |||||
Restructuring and asset impairment charges | $1,000 | $356 | $987 | $356 |
Restructuring_and_Asset_Impair3
Restructuring and Asset Impairment - Schedule of Activity of Restructuring Costs (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Sep. 14, 2013 |
Restructuring Reserve [Roll Forward] | |
Beginning balance | $7,975 |
Changes in estimates | -433 |
Accretion expense | 135 |
Payments | -1,188 |
Ending balance | $6,489 |
Restructuring_and_Asset_Impair4
Restructuring and Asset Impairment - Schedule of Activity of Restructuring Costs (Parenthetical) (Detail) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Sep. 14, 2013 |
Restructuring Reserve [Roll Forward] | |
Reduction in goodwill | $0.40 |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Estimated Fair Value and Book Value of Debt Instruments (Detail) (USD $) | Sep. 14, 2013 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Book value of debt instruments: | ||
Current maturities of long-term debt and capital lease obligations | $3,983 | $4,067 |
Long-term debt and capital lease obligations | 137,981 | 145,876 |
Total book value of debt instruments | 141,964 | 149,943 |
Fair value of debt instruments | 144,061 | 152,758 |
Excess of fair value over book value | $2,097 | $2,815 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) | 6 Months Ended |
Sep. 14, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contribution by the employer to the Rehabilitation Plan | 4.00% |
Associate_Retirement_Plans_Com
Associate Retirement Plans - Components of Net Periodic Pension and Postretirement Benefit Costs (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 14, 2013 | Sep. 15, 2012 | Sep. 14, 2013 | Sep. 15, 2012 |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | ||||
Interest cost | 518 | 597 | 1,035 | 1,194 |
Expected return on plan assets | -945 | -1,038 | -1,889 | -2,076 |
Amortization of prior service cost | ||||
Recognized actuarial net loss | 301 | 295 | 601 | 590 |
Net periodic (benefit) cost | -126 | -146 | -253 | -292 |
SERP Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | ||||
Interest cost | 8 | 10 | 15 | 20 |
Expected return on plan assets | ||||
Amortization of prior service cost | ||||
Recognized actuarial net loss | 7 | 7 | 14 | 15 |
Net periodic (benefit) cost | 15 | 17 | 29 | 35 |
Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 59 | 45 | 119 | 90 |
Interest cost | 90 | 93 | 177 | 186 |
Expected return on plan assets | ||||
Amortization of prior service cost | -14 | -12 | -26 | -25 |
Recognized actuarial net loss | 41 | 31 | 82 | 63 |
Net periodic (benefit) cost | $176 | $157 | $352 | $314 |
Associate_Retirement_Plans_Add
Associate Retirement Plans - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended | ||
Sep. 14, 2013 | Sep. 14, 2013 | Sep. 15, 2012 | Mar. 30, 2013 | |
Central States, Southeast and Southwest Areas Pension Fund [Member] | Central States, Southeast and Southwest Areas Pension Fund [Member] | Central States, Southeast and Southwest Areas Pension Fund [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Contributions to pension plan | $0 | |||
Contribution as a percentage of total contributions | 1.00% | |||
Pension contributions during plan year | $4,000,000 | $3,700,000 | $8,200,000 | |
Maximum company contribution as percentage of total employer contributions | 5.00% |
Comprehensive_Income_or_Loss_A
Comprehensive Income or Loss - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Sep. 14, 2013 | Sep. 14, 2013 |
Text Block [Abstract] | ||
Income loss reclassified from AOCI | $0.20 | $0.40 |
Increase in selling general and administrative expenses | 0.3 | 0.7 |
Decrease in income taxes | $0.10 | $0.30 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Sep. 14, 2013 | Sep. 15, 2012 | Jun. 23, 2012 | Sep. 14, 2013 | Sep. 15, 2012 |
Income Tax Disclosure [Abstract] | |||||
Effective income tax rate | 36.30% | 37.50% | 36.70% | 34.70% | |
Non-cash income tax charge | $0.70 | ||||
Effective income tax rate excluding the effective tax rate on one-time benefit | 37.60% |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 14, 2013 | Sep. 15, 2012 | Sep. 14, 2013 | Sep. 15, 2012 |
OptionPlan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of approved stock incentive plans | 2 | |||
Stock based compensation expense, Net of Tax | $0.50 | $0.60 | $1.10 | $1.40 |
Stock based compensation expense Per diluted share, Net of Tax | $0.02 | $0.03 | $0.05 | $0.06 |
Stock option granted | ||||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option granted | 0 | 0 | ||
Restricted Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | $6.90 | $6.90 | ||
Unrecognized compensation cost, weighted average period of recognition | 2 years 7 months 6 days |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Share-Based Compensation Activity (Detail) (USD $) | 6 Months Ended |
Sep. 14, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Shares Under Options, Outstanding, Beginning balance | 653,471 |
Shares Under Options, Granted | |
Shares Under Options, Exercised/Vested | -8,833 |
Shares Under Options, Cancelled/Forfeited | -36,943 |
Shares Under Options, Outstanding, Ending balance | 607,695 |
Shares Under Options, Vested and expected to vest in the future at September 14, 2013 | 607,695 |
Shares Under Options, Exercisable at September 14, 2013 | 607,695 |
Shares Under Options, Outstanding, Weighted Average Exercise Price, Option outstanding, Beginning balance | $18.82 |
Shares Under Options, Granted, Weighted Average Exercise Price | |
Shares Under Options, Exercised/Vested, Weighted Average Exercise Price | $8.84 |
Shares Under Options, Cancelled/Forfeited, Weighted Average Exercise Price | $16.89 |
Shares Under Options, Outstanding, Weighted Average Exercise Price, Ending balance | $19.08 |
Shares Under Options, Weighted Average Exercise Price, Vested and expected to vest in the future at September 14, 2013 | $19.08 |
Shares Under Options, Weighted Average Exercise Price, Options exercisable | $19.08 |
Restricted Stock Awards, Outstanding, Beginning balance | 546,182 |
Restricted Stock Awards, Granted | 211,239 |
Restricted Stock Awards, Exercised/Vested | -225,600 |
Restricted Stock Awards, Cancelled/Forfeited | -28,954 |
Restricted Stock Awards, Outstanding, Ending balance | 502,867 |
Restricted Stock Awards, Outstanding, Weighted Average Grant-Date Fair Value, Beginning balance | $16.59 |
Restricted Stock Awards, Granted, Weighted Average Grant-Date Fair Value | $17.66 |
Restricted Stock Awards, Exercised/ Vested, Weighted Average Grant-Date Fair Value | $16.94 |
Restricted Stock Awards, Cancelled/Forfeited, Weighted Average Grant-Date Fair Value | $16.94 |
Restricted Stock Awards, Outstanding, Weighted Average Grant-Date Fair Value, Ending balance | $16.86 |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 23, 2012 | Sep. 14, 2013 | Sep. 15, 2012 |
Supplemental Cash Flow Elements [Abstract] | |||
Restricted stock issuance | $3.70 | $3.80 | |
Capital expenditures recorded in current liabilities | 1.9 | 1.3 | |
Capital lease agreements totaling | $2.80 |
Operating_Segment_Information_1
Operating Segment Information - Schedule of Segment Reporting Information, by Operating Segment (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 14, 2013 | Sep. 15, 2012 | Sep. 14, 2013 | Sep. 15, 2012 | Sep. 14, 2013 | Sep. 15, 2012 | Mar. 30, 2013 |
Segment Reporting Information [Line Items] | |||||||
Net sales | $649,471 | $621,559 | $1,261,876 | $1,225,471 | $1,261,876 | $1,225,471 | |
Inter-segment sales | 160,998 | 155,658 | 311,758 | 305,282 | |||
Depreciation and amortization | 9,573 | 8,805 | 19,064 | 17,475 | |||
Operating earnings | 18,064 | 18,948 | 28,000 | 30,661 | 28,000 | 30,661 | |
Capital expenditures | 7,453 | 14,462 | 16,694 | 21,006 | 16,694 | 21,006 | |
Total assets | 797,689 | 797,689 | 797,689 | 789,667 | |||
Distribution [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 271,385 | 259,242 | 529,959 | 517,590 | |||
Inter-segment sales | 160,998 | 155,658 | 311,758 | 305,282 | |||
Depreciation and amortization | 2,107 | 1,972 | 4,201 | 3,931 | |||
Operating earnings | 8,000 | 10,849 | 13,693 | 18,671 | |||
Capital expenditures | 2,519 | 2,052 | 5,261 | 3,482 | |||
Total assets | 270,938 | 270,938 | 270,938 | 254,326 | |||
Retail [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 378,086 | 362,317 | 731,917 | 707,881 | |||
Inter-segment sales | |||||||
Depreciation and amortization | 7,466 | 6,833 | 14,863 | 13,544 | |||
Operating earnings | 10,064 | 8,099 | 14,307 | 11,990 | |||
Capital expenditures | 4,934 | 12,410 | 11,433 | 17,524 | |||
Total assets | 521,251 | 521,251 | 521,251 | 529,840 | |||
Discontinued Operations [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Total assets | $5,500 | $5,500 | $5,500 | $5,501 |
Operating_Segment_Information_2
Operating Segment Information - Summary of Sales by Type of Similar Products and Services (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 14, 2013 | Sep. 15, 2012 | Sep. 14, 2013 | Sep. 15, 2012 | Sep. 14, 2013 | Sep. 15, 2012 |
Revenue from External Customer [Line Items] | ||||||
Consolidated net sales | $649,471 | $621,559 | $1,261,876 | $1,225,471 | $1,261,876 | $1,225,471 |
Percentage Consolidated Net Sale | 100.00% | 100.00% | 100.00% | 100.00% | ||
Non Perishables [Member] | ||||||
Revenue from External Customer [Line Items] | ||||||
Consolidated net sales | 318,204 | 306,425 | 614,645 | 599,121 | ||
Percentage Consolidated Net Sale | 49.00% | 49.30% | 48.70% | 48.90% | ||
Perishables [Member] | ||||||
Revenue from External Customer [Line Items] | ||||||
Consolidated net sales | 236,934 | 224,095 | 459,825 | 443,751 | ||
Percentage Consolidated Net Sale | 36.50% | 36.10% | 36.50% | 36.20% | ||
Pharmacy [Member] | ||||||
Revenue from External Customer [Line Items] | ||||||
Consolidated net sales | 49,674 | 47,866 | 97,540 | 97,627 | ||
Percentage Consolidated Net Sale | 7.60% | 7.70% | 7.70% | 8.00% | ||
Fuel [Member] | ||||||
Revenue from External Customer [Line Items] | ||||||
Consolidated net sales | $44,659 | $43,173 | $89,866 | $84,972 | ||
Percentage Consolidated Net Sale | 6.90% | 6.90% | 7.10% | 6.90% |
CompanyOwned_Life_Insurance_Ad
Company-Owned Life Insurance - Additional Information (Detail) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Sep. 14, 2013 | Sep. 15, 2012 |
Company Owned Life Insurance [Abstract] | ||
Annual premium payment | $0.80 | |
Cash surrender value of life insurance | 3.3 | 2.5 |
Aggregate amount of life insurance coverage | $15 |