DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - shares | 6 Months Ended | |
Jan. 27, 2018 | Mar. 07, 2018 | |
Entity Registrant Name | VILLAGE SUPER MARKET INC | |
Entity Central Index Key | 103,595 | |
Current Fiscal Year End Date | --07-28 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus (Q1,Q2,Q3,FY) | Q2 | |
Amendment Flag | false | |
Common Class A [Member] | ||
Entity Common Stock, Shares Outstanding | 10,065,045 | |
Common Class B [Member] | ||
Entity Common Stock, Shares Outstanding | 4,303,748 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 27, 2018 | Jul. 29, 2017 |
Current assets | ||
Cash and cash equivalents | $ 89,738 | $ 87,435 |
Merchandise inventories | 42,346 | 41,852 |
Patronage dividend receivable | 4,850 | 12,655 |
Notes receivable from Wakefern, Current | 0 | 22,118 |
Income Taxes Receivable, Current | 2,673 | 1,742 |
Other current assets | 18,424 | 15,670 |
Total current assets | 158,031 | 181,472 |
Property, equipment and fixtures, net | 205,401 | 204,440 |
Notes receivable from Wakefern | 45,731 | 22,562 |
Investment in Wakefern | 27,093 | 27,093 |
Goodwill | 12,057 | 12,057 |
Other assets | 19,574 | 7,601 |
Total assets | 467,887 | 455,225 |
Current liabilities | ||
Capital and financing lease obligations | 714 | 652 |
Notes payable to Wakefern | 254 | 292 |
Accounts payable to Wakefern | 63,332 | 59,556 |
Accounts payable and accrued expenses | 16,401 | 17,279 |
Accrued wages and benefits | 16,620 | 17,810 |
Income taxes payable | 822 | 604 |
Total current liabilities | 98,143 | 96,193 |
Long-term debt | ||
Capital and financing lease obligations | 42,167 | 42,532 |
Notes payable to Wakefern | 6 | 114 |
Notes Payable, Noncurrent | 6,563 | 0 |
Total long-term debt | 48,736 | 42,646 |
Pension liabilities | 14,431 | 15,194 |
Other liabilities | 12,393 | 14,372 |
Commitments and contingencies | ||
Shareholders' equity | ||
Preferred stock, no par value: Authorized 10,000 shares, none issued | 0 | 0 |
Retained earnings | 250,397 | 244,308 |
Accumulated other comprehensive loss | (7,220) | (7,406) |
Total shareholders’ equity | 294,184 | 286,820 |
Total liabilities and shareholders’ equity | 467,887 | 455,225 |
Common Class A [Member] | ||
Shareholders' equity | ||
Common Stock | 59,573 | 57,852 |
Less treasury stock, Class A, at cost: 504 shares at January 27, 2018 and 477 shares at July 29, 2017 | (9,265) | (8,633) |
Common Class B [Member] | ||
Shareholders' equity | ||
Common Stock | $ 699 | $ 699 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares | Jan. 27, 2018 | Jul. 29, 2017 |
Preferred stock shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock shares issued (in shares) | 0 | 0 |
Common Class A [Member] | ||
Common stock shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock shares issued (in shares) | 10,569,000 | 10,562,000 |
Treasury shares | 504,000 | 477,000 |
Common Class B [Member] | ||
Common stock shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock shares issued (in shares) | 4,304,000 | 4,304,000 |
CONSOLIDATED STATMENTS OF OPERA
CONSOLIDATED STATMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 27, 2018 | Jan. 28, 2017 | Jan. 27, 2018 | Jan. 28, 2017 | |
Sales | $ 417,382 | $ 412,215 | $ 803,856 | $ 801,907 |
Cost of sales | 305,097 | 300,977 | 587,691 | 586,021 |
Gross profit | 112,285 | 111,238 | 216,165 | 215,886 |
Operating and administrative expense | 96,066 | 94,393 | 188,358 | 185,524 |
Depreciation and amortization | 6,386 | 6,233 | 12,621 | 12,296 |
Operating income | 9,833 | 10,612 | 15,186 | 18,066 |
Interest expense | (1,102) | (1,114) | (2,207) | (2,230) |
Interest income | 864 | 648 | 1,764 | 1,335 |
Income before income taxes | 9,595 | 10,146 | 14,743 | 17,171 |
Income taxes | 84 | 4,154 | 2,215 | 7,070 |
Net income | $ 9,511 | $ 5,992 | $ 12,528 | $ 10,101 |
Common Class A [Member] | ||||
Net income per share: | ||||
Basic (in dollars per share) | $ 0.74 | $ 0.47 | $ 0.97 | $ 0.80 |
Diluted (in dollars per share) | 0.66 | 0.42 | 0.87 | 0.71 |
Common Class B [Member] | ||||
Net income per share: | ||||
Basic (in dollars per share) | 0.48 | 0.31 | 0.63 | 0.52 |
Diluted (in dollars per share) | $ 0.48 | $ 0.31 | $ 0.63 | $ 0.52 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 27, 2018 | Jan. 28, 2017 | Jan. 27, 2018 | Jan. 28, 2017 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||
Net income | $ 9,511 | $ 5,992 | $ 12,528 | $ 10,101 |
Other comprehensive income: | ||||
Amortization of pension actuarial loss, net of tax | 102 | 224 | 186 | 491 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | 0 | (372) | 0 | (372) |
Comprehensive income | $ 9,613 | $ 6,588 | $ 12,714 | $ 10,964 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 27, 2018 | Jan. 28, 2017 | Jan. 27, 2018 | Jan. 28, 2017 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||
Tax of amortization of pension actuarial loss | $ (41) | $ (154) | $ (98) | $ (264) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, before Reclassification Adjustments, Tax | $ 257 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands | 6 Months Ended | |
Jan. 27, 2018USD ($) | Jan. 28, 2017USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 12,528 | $ 10,101 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 12,621 | 12,296 |
Non-cash share-based compensation | 1,721 | 1,484 |
Deferred taxes | (2,221) | (90) |
Changes in assets and liabilities: | ||
Merchandise inventories | (494) | (1,420) |
Patronage dividend receivable | 7,805 | 7,907 |
Accounts payable to Wakefern | 3,776 | 1,001 |
Accounts payable and accrued expenses | (1,692) | (1,712) |
Accrued wages and benefits | (1,190) | (664) |
Income taxes receivable / payable | (713) | (11,502) |
Other assets and liabilities | (3,717) | (2,255) |
Net cash provided by operating activities | 28,424 | 15,146 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (12,731) | (13,013) |
Proceeds from Sale of Property, Plant, and Equipment | 16 | 0 |
Investment in notes receivable from Wakefern | (23,223) | (927) |
Proceeds from Sale, Maturity and Collection of Long-term Investments | 22,172 | 0 |
Investment in New Market Tax Credit Financing | (4,835) | 0 |
Notes, Loans and Financing Receivable, Gross, Noncurrent | 4,835 | |
Net Cash Provided by (Used in) Investing Activities | (18,601) | (13,940) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from exercise of stock options | 0 | 812 |
Excess tax benefit related to share-based compensation | 0 | 83 |
Proceeds from Notes Payable | 6,860 | 0 |
Payments of Debt Issuance Costs | 297 | 0 |
Principal payments of long-term debt | (449) | (1,043) |
Dividends | (6,439) | (6,330) |
Payments for Repurchase of Common Stock | $ (632) | 0 |
Document Period End Date | Jan. 27, 2018 | |
Net cash used in financing activities | $ (957) | (6,478) |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 8,866 | (5,272) |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | 87,435 | 88,379 |
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | 96,301 | 83,107 |
SUPPLEMENTAL DISCLOSURES OF CASH PAYMENTS MADE FOR: | ||
Interest | 2,207 | 2,230 |
Income taxes | $ 5,140 | $ 18,559 |
BASIS OF PRESENTATION and ACCOU
BASIS OF PRESENTATION and ACCOUNTING POLICIES | 6 Months Ended |
Jan. 27, 2018 | |
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 27, 2018 and the consolidated statements of operations, comprehensive income and cash flows for the 13 and 26 week periods ended January 27, 2018 and January 28, 2017 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 29, 2017 Village Super Market, Inc. Annual Report on Form 10-K, which should be read in conjunction with these financial statements. The results of operations for the periods ended January 27, 2018 are not necessarily indicative of the results to be expected for the full year. |
MERCHANDISE INVENTORIES
MERCHANDISE INVENTORIES | 6 Months Ended |
Jan. 27, 2018 | |
Inventory Disclosure [Abstract] | |
MERCHANDISE INVENTORIES | MERCHANDISE INVENTORIES At both January 27, 2018 and July 29, 2017 , 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 $14,410 higher than reported at both January 27, 2018 and July 29, 2017 . |
NET INCOME (LOSS) PER SHARE
NET INCOME (LOSS) PER SHARE | 6 Months Ended |
Jan. 27, 2018 | |
Earnings Per Share [Abstract] | |
NET INCOME (LOSS) PER SHARE | NET INCOME PER SHARE The Company has two classes of common stock. Class A common stock is entitled to cash dividends as declared 54% greater than those paid on Class B common stock. Shares of Class B common stock are convertible on a share-for-share basis for Class A common stock at any time. The Company utilizes the two-class method of computing and presenting net income per share. The two-class method is an earnings allocation formula that calculates basic and diluted net income per share for each class of common stock separately based on dividends declared and participation rights in undistributed earnings. Under the two-class method, Class A common stock is assumed to receive a 54% greater participation in undistributed earnings than Class B common stock, in accordance with the classes' respective dividend rights. Unvested share-based payment awards that contain nonforfeitable rights to dividends are treated as participating securities and therefore included in computing net income per share using the two-class method. Diluted net income per share for Class A common stock is calculated utilizing the if-converted method, which assumes the conversion of all shares of Class B common stock to Class A common stock on a share-for-share basis, as this method is more dilutive than the two-class method. Diluted net income per share for Class B common stock does not assume conversion of Class B common stock to shares of Class A common stock. The tables below reconcile the numerators and denominators of basic and diluted net income per share for all periods presented. 13 Weeks Ended 26 Weeks Ended January 27, 2018 January 27, 2018 Class A Class B Class A Class B Numerator: Net income allocated, basic $ 7,174 $ 2,065 $ 9,452 $ 2,721 Conversion of Class B to Class A shares 2,065 — 2,721 — Effect of share-based compensation on allocated net income — — — — Net income allocated, diluted $ 9,239 $ 2,065 $ 12,173 $ 2,721 Denominator: Weighted average shares outstanding, basic 9,714 4,304 9,718 4,304 Conversion of Class B to Class A shares 4,304 — 4,304 — Dilutive effect of share-based compensation — — — — Weighted average shares outstanding, diluted 14,018 4,304 14,022 4,304 13 Weeks Ended 26 Weeks Ended January 28, 2017 January 28, 2017 Class A Class B Class A Class B Numerator: Net income allocated, basic $ 4,548 $ 1,327 $ 7,664 $ 2,239 Conversion of Class B to Class A shares 1,327 — 2,239 — Effect of share-based compensation on allocated net income 6 (3 ) 8 (3 ) Net income allocated, diluted $ 5,881 $ 1,324 $ 9,911 $ 2,236 Denominator: Weighted average shares outstanding, basic 9,613 4,319 9,603 4,319 Conversion of Class B to Class A shares 4,319 — 4,319 — Dilutive effect of share-based compensation 52 — 50 — Weighted average shares outstanding, diluted 13,984 4,319 13,972 4,319 Outstanding stock options to purchase Class A shares of 384 and 52 were excluded from the calculation of diluted net income per share at January 27, 2018 and January 28, 2017 , respectively, as a result of their anti-dilutive effect. In addition, 369 and 246 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 27, 2018 and January 28, 2017 , respectively, due to their anti-dilutive effect. |
PENSION PLANS
PENSION PLANS | 6 Months Ended |
Jan. 27, 2018 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
PENSION PLANS | PENSION PLANS The Company sponsors four defined benefit pension plans. Net periodic pension cost for the four plans includes the following components: 13 Weeks Ended 26 Weeks Ended January 27, January 28, January 27, January 28, Service cost $ 65 $ 116 $ 130 $ 255 Interest cost on projected benefit obligations 629 604 1,258 1,209 Expected return on plan assets (820 ) (973 ) (1,640 ) (1,946 ) Amortization of net losses 142 378 284 755 Net periodic pension cost $ 16 $ 125 $ 32 $ 273 On November 29, 2016, the Company amended the Village Super Market Local 72 Retail Clerks Employees’ Retirement Plan, which covers union employees in the Stroudsburg store, to freeze all benefits effective January 31, 2017. As a result of this amendment, the Company recognized a pre-tax remeasurement gain totaling $ 629 in accumulated other comprehensive loss during fiscal 2017. The remeasurement had no impact on the consolidated statements of operations. As of January 27, 2018 , the Company has contributed $ 510 to its pension plans in fiscal 2018 . The Company expects to contribute approximately $3,500 during fiscal 2018 to fund its pension plans. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jan. 27, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 7. INCOME TAXES On December 22, 2017 the Tax Cuts and Jobs Act (the “Tax Act”) was enacted by the U.S. Government. The Tax Act made significant changes to the U.S. tax code that will affect the Company's fiscal year ending July 28, 2018, including, but not limited to, reducing the U.S. federal corporate tax rate from 35.0% % to 21.0% % effective January 1, 2018, and introducing bonus depreciation that will allow for full expensing of qualified property. As the Company’s fiscal year ends on July 28, 2018, the Company’s U.S. federal corporate statutory income tax rate will be subject to a full year blended tax rate of 26.9% % for fiscal 2018, and 21.0% % for subsequent fiscal years. As a result of the decrease in the U.S. federal corporate statutory rate, deferred tax balances were remeasured based on the rates at which they are expected to reverse in the future. In the 26 weeks ended January 27, 2018, a benefit of $ 2,726 was recognized related to the remeasurement of the Company’s deferred tax balances, which is included in Income taxes on the consolidated statements of operations. On December 22, 2017, the Securities Exchange Commission ("SEC") issued guidance under Staff Accounting Bulletin No. 118, "Income Tax Accounting Implications of the Tax Cuts and Jobs Act," allowing taxpayers to record provisional amounts for reasonable estimates when they do not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete their accounting for certain income tax effects of the Tax Act. The SEC has issued rules that would allow for a measurement period of up to one year after the enactment date of the Tax Act to finalize the related tax impacts. |
RELATED PARTY INFORMATION - WAK
RELATED PARTY INFORMATION - WAKEFERN | 6 Months Ended |
Jan. 27, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTY INFORMATION - WAKEFERN | RELATED PARTY INFORMATION - WAKEFERN 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 29, 2017 . There have been no significant changes in the Company’s relationships or nature of transactions with related parties during the first 26 weeks of fiscal 2018 except for the maturity of $22,172 in notes receivable from Wakefern that earned interest at the prime rate plus .25% on August 15, 2017. The Company invested $ 22,000 of the proceeds received in variable rate notes receivable from Wakefern that earn interest at the prime rate plus 1.25% and mature on August 15, 2022. 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 27, 2018 and July 29, 2017 are $69,619 and $60,037 , respectively, of demand deposits invested at Wakefern at overnight money market rates. |
COMMITMENTS and CONTINGENCIES
COMMITMENTS and CONTINGENCIES | 6 Months Ended |
Jan. 27, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS and CONTINGENCIES | COMMITMENTS and CONTINGENCIES The Company is involved in other litigation incidental to the normal course of business. Company management is of the opinion that the ultimate resolution of these legal proceedings should not have a material adverse effect on the consolidated financial position, results of operations or liquidity of the Company. |
DEBT (Notes)
DEBT (Notes) | 6 Months Ended |
Jan. 27, 2018 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 6. DEBT Effective November 9, 2017, the Company entered into a credit agreement that amends, restates and supersedes in its entirety the loan agreement dated September 16, 1999 and all amendments to that agreement. The agreement maintains Village's unsecured revolving line of credit providing a maximum amount available for borrowing of $25,000 , and extends the credit agreement to December 31, 2020. The revolving credit line can be used for general corporate purposes. Indebtedness under this agreement bears interest at the applicable LIBOR rate plus 1.25% . The credit agreement continues to provide for up to $3,000 of letters of credit, which secure obligations for construction performance guarantees to municipalities. The credit agreement continues to contain covenants that, among other conditions, require a maximum liabilities to tangible net worth ratio, a minimum fixed charge coverage ratio and a positive net income. There were no amounts outstanding at January 27, 2018 or July 29, 2017 under the superseded facility. On December 29, 2017, the Company entered into a financing transaction under the New Markets Tax Credit program, see note 8 to the unaudited consolidated financial statements for further discussion. |
NEW MARKETS TAX CREDIT (Notes)
NEW MARKETS TAX CREDIT (Notes) | 6 Months Ended |
Jan. 27, 2018 | |
NEW MARKETS TAX CREDIT [Abstract] | |
NEW MARKETS TAX CREDIT [Text Block] | 8. NEW MARKETS TAX CREDIT 2017 New Markets Tax Credit 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 will be 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. The NMTC is subject to 100% recapture for a period of seven years. The Company is required to be in compliance with various regulations and contractual provisions that apply to the New Markets Tax Credit arrangement. Noncompliance could result in Wells Fargo's projected tax benefits not being realized and, therefore, require the Company to indemnify Wells Fargo for any loss or recapture of NMTCs. The Company does not anticipate any credit recapture will be required in connection with this financing arrangement. The transaction includes a put/call provision whereby the Company may be obligated or entitled to repurchase Wells Fargo's interest in the Investment Fund. The value attributed to the put/call is de minimis. We believe that Wells Fargo will exercise the put option in December 2024, at the end of the recapture period, that will result in a net benefit to the Company of $ 1,728 . The Company is recognizing the net benefit over the seven-year compliance period. Restricted Cash In November 2016, the FASB issued ASU No. 2016-18, "Restricted Cash," which requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and restricted cash. Accordingly, restricted cash will be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts presented on the statement of cash flows. The Company early-adopted ASU No. 2016-18 during the second quarter of fiscal 2018 and applied its provisions retrospectively. Other than the change in presentation within the consolidated statement of cash flows, the adoption of ASU No. 2016-18 did not have an impact on the Company's consolidated financial statements. Included in Other assets at January 27, 2018 is $ 6,563 of cash and cash equivalents related to the NMTC financing transaction that are restricted as to withdrawal and designated for expenditure in the construction of noncurrent assets in the Bronx store. There were no restricted cash or cash equivalents at July 29, 2017 . |
NET INCOME (LOSS) PER SHARE - S
NET INCOME (LOSS) PER SHARE - Schedule of Earnings Per Share, Basic and Diluted (Tables) | 6 Months Ended |
Jan. 27, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | 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 27, 2018 January 27, 2018 Class A Class B Class A Class B Numerator: Net income allocated, basic $ 7,174 $ 2,065 $ 9,452 $ 2,721 Conversion of Class B to Class A shares 2,065 — 2,721 — Effect of share-based compensation on allocated net income — — — — Net income allocated, diluted $ 9,239 $ 2,065 $ 12,173 $ 2,721 Denominator: Weighted average shares outstanding, basic 9,714 4,304 9,718 4,304 Conversion of Class B to Class A shares 4,304 — 4,304 — Dilutive effect of share-based compensation — — — — Weighted average shares outstanding, diluted 14,018 4,304 14,022 4,304 13 Weeks Ended 26 Weeks Ended January 28, 2017 January 28, 2017 Class A Class B Class A Class B Numerator: Net income allocated, basic $ 4,548 $ 1,327 $ 7,664 $ 2,239 Conversion of Class B to Class A shares 1,327 — 2,239 — Effect of share-based compensation on allocated net income 6 (3 ) 8 (3 ) Net income allocated, diluted $ 5,881 $ 1,324 $ 9,911 $ 2,236 Denominator: Weighted average shares outstanding, basic 9,613 4,319 9,603 4,319 Conversion of Class B to Class A shares 4,319 — 4,319 — Dilutive effect of share-based compensation 52 — 50 — Weighted average shares outstanding, diluted 13,984 4,319 13,972 4,319 |
PENSION PLANS - Schedule of Net
PENSION PLANS - Schedule of Net Benefit Costs (Tables) | 6 Months Ended |
Jan. 27, 2018 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Schedule of Net Benefit Costs | Net periodic pension cost for the four plans includes the following components: 13 Weeks Ended 26 Weeks Ended January 27, January 28, January 27, January 28, Service cost $ 65 $ 116 $ 130 $ 255 Interest cost on projected benefit obligations 629 604 1,258 1,209 Expected return on plan assets (820 ) (973 ) (1,640 ) (1,946 ) Amortization of net losses 142 378 284 755 Net periodic pension cost $ 16 $ 125 $ 32 $ 273 |
MERCHANDISE INVENTORIES (Detail
MERCHANDISE INVENTORIES (Details) - USD ($) $ in Thousands | Jan. 27, 2018 | Jul. 29, 2017 |
Inventory Disclosure [Abstract] | ||
Percentage of LIFO Inventory | 65.00% | 65.00% |
Inventory, LIFO Reserve | $ 14,410 |
NET INCOME (LOSS) PER SHARE - A
NET INCOME (LOSS) PER SHARE - Additional Information (Details) shares in Thousands | 6 Months Ended | |
Jan. 27, 2018class_common_stockshares | Jan. 28, 2017shares | |
Earnings Per Share [Abstract] | ||
Number of common stock classes | class_common_stock | 2 | |
Common stock cash dividends, percent Class A is entitled greater than Class B | 54.00% | |
Conversion of stock, conversion ratio | 1 | |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Class A shares excluded from computation of earnings per share | 369 | 246 |
Common Class A [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Class A shares excluded from computation of earnings per share | 384 | 52 |
NET INCOME (LOSS) PER SHARE -21
NET INCOME (LOSS) PER SHARE - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 27, 2018 | Jan. 28, 2017 | Jan. 27, 2018 | Jan. 28, 2017 | |
Common Class A [Member] | ||||
Numerator: | ||||
Net income allocated, basic | $ 7,174 | $ 4,548 | $ 9,452 | $ 7,664 |
Conversion of Class B to Class A shares | 2,065 | 1,327 | 2,721 | 2,239 |
Effect of share-based compensation on allocated net income | 0 | 6 | 0 | 8 |
Net income allocated, diluted | $ 9,239 | $ 5,881 | $ 12,173 | $ 9,911 |
Denominator: | ||||
Weighted average shares outstanding, basic (in shares) | 9,714 | 9,613 | 9,718 | 9,603 |
Conversion of Class B to Class A shares (in shares) | 4,304 | 4,319 | 4,304 | 4,319 |
Dilutive effect of share-based compensation (in shares) | 0 | 52 | 0 | 50 |
Weighted average shares outstanding, diluted (in shares) | 14,018 | 13,984 | 14,022 | 13,972 |
Common Class B [Member] | ||||
Numerator: | ||||
Net income allocated, basic | $ 2,065 | $ 1,327 | $ 2,721 | $ 2,239 |
Conversion of Class B to Class A shares | 0 | 0 | 0 | 0 |
Effect of share-based compensation on allocated net income | 0 | (3) | 0 | (3) |
Net income allocated, diluted | $ 2,065 | $ 1,324 | $ 2,721 | $ 2,236 |
Denominator: | ||||
Weighted average shares outstanding, basic (in shares) | 4,304 | 4,319 | 4,304 | 4,319 |
Conversion of Class B to Class A shares (in shares) | 0 | 0 | 0 | 0 |
Dilutive effect of share-based compensation (in shares) | 0 | 0 | 0 | 0 |
Weighted average shares outstanding, diluted (in shares) | 4,304 | 4,319 | 4,304 | 4,319 |
PENSION PLANS - Schedule of N22
PENSION PLANS - Schedule of Net Benefit Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 27, 2018 | Jan. 28, 2017 | Jan. 27, 2018 | Jan. 28, 2017 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost | $ 65 | $ 116 | $ 130 | $ 255 |
Interest cost on projected benefit obligations | 629 | 604 | 1,258 | 1,209 |
Expected return on plan assets | (820) | (973) | (1,640) | (1,946) |
Amortization of net losses | 142 | 378 | 284 | 755 |
Net periodic pension cost | $ 16 | $ 125 | $ 32 | $ 273 |
PENSION PLANS - Additional Info
PENSION PLANS - Additional Information (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jan. 27, 2018USD ($)pension_plan | Jan. 28, 2017USD ($) | Jul. 28, 2018USD ($) | |
Defined Benefit Plan, Contributions by Employer | $ 510 | ||
Defined Benefit Plan, Actuarial Gain (Loss) | $ 629 | ||
Number of defined benefit pension plans | pension_plan | 4 | ||
Scenario, Forecast [Member] | |||
Estimated future employer contributions in current fiscal year | $ 3,500 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Details) - USD ($) | 5 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Jan. 27, 2018 | Jul. 28, 2018 | Jul. 28, 2018 | |
Income Tax Contingency [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 21.00% | 26.90% | |
ProvisionalOneTimeU.S.TaxReformChargeRevaluationofDeferredTaxAssetsandLiabilities | $ 2,726 | |||
Scenario, Forecast [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
RELATED PARTY INFORMATION - W25
RELATED PARTY INFORMATION - WAKEFERN (Details) - USD ($) $ in Thousands | Aug. 15, 2017 | Jan. 27, 2018 | Jan. 28, 2017 | Jul. 29, 2017 |
Related Party Transaction [Line Items] | ||||
Proceeds from Sale, Maturity and Collection of Long-term Investments | $ 22,172 | $ 0 | ||
Due from Related Parties | $ 22,000 | |||
Investee [Member] | ||||
Related Party Transaction [Line Items] | ||||
Demand deposits at Wakefern | $ 69,619 | $ 60,037 | ||
Related Party Note Receivable Maturing August 2017 [Member] | Investee [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Basis Spread on Variable Rate | 0.25% | |||
Related Party Notes Receivable Maturing August 2022 [Member] | Investee [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Basis Spread on Variable Rate | 1.25% |
DEBT (Details)
DEBT (Details) $ in Thousands | Jan. 27, 2018USD ($) |
Debt Disclosure [Abstract] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 |
NEW MARKETS TAX CREDIT (Details
NEW MARKETS TAX CREDIT (Details) - USD ($) $ in Thousands | 84 Months Ended | |||
Dec. 29, 2024 | Jan. 27, 2018 | Dec. 29, 2017 | Jul. 29, 2017 | |
NEW MARKETS TAX CREDIT [Abstract] | ||||
Notes, Loans and Financing Receivable, Gross, Noncurrent | $ 4,835 | |||
InterestOnUnrelatedPartyNoteReceivablePercentage | 1.403% | |||
Third Party Contribution to Investment Fund | $ 2,375 | |||
Notes Payable, Noncurrent | $ 6,563 | $ 6,563 | $ 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | |||
Benefit Over Recapture Period | $ 1,728 | |||
Restricted Cash and Investments, Noncurrent | $ 6,563 | $ 0 |