DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - shares | 3 Months Ended | |
Oct. 27, 2018 | Dec. 05, 2018 | |
Entity Registrant Name | VILLAGE SUPER MARKET INC | |
Entity Central Index Key | 103,595 | |
Current Fiscal Year End Date | --07-27 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Oct. 27, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus (Q1,Q2,Q3,FY) | Q1 | |
Amendment Flag | false | |
Common Class A [Member] | ||
Entity Common Stock, Shares Outstanding | 10,070,676 | |
Common Class B [Member] | ||
Entity Common Stock, Shares Outstanding | 4,303,748 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Oct. 27, 2018 | Jul. 28, 2018 |
Current assets | ||
Cash and cash equivalents | $ 88,834 | $ 96,108 |
Merchandise inventories | 39,299 | 39,413 |
Patronage dividend receivable | 16,288 | 11,937 |
Notes receivable from Wakefern, Current | 24,330 | 23,952 |
Other current assets | 20,795 | 19,488 |
Total current assets | 189,546 | 190,898 |
Property, equipment and fixtures, net | 216,291 | 214,566 |
Notes receivable from Wakefern | 23,494 | 23,129 |
Investment in Wakefern | 28,575 | 27,093 |
Goodwill | 12,057 | 12,057 |
Other assets | 13,910 | 13,847 |
Total assets | 483,873 | 481,590 |
Current liabilities | ||
Capital and financing lease obligations | 805 | 764 |
Notes payable to Wakefern | 691 | 114 |
Accounts payable to Wakefern | 57,609 | 61,798 |
Accounts payable and accrued expenses | 19,355 | 19,080 |
Accrued wages and benefits | 17,691 | 18,620 |
Income taxes payable | 4,209 | 1,321 |
Total current liabilities | 100,360 | 101,697 |
Long-term debt | ||
Capital and financing lease obligations | 41,547 | 41,768 |
Notes payable to Wakefern | 787 | 0 |
Notes Payable, Noncurrent | 6,356 | 6,418 |
Total long-term debt | 48,690 | 48,186 |
Pension liabilities | 8,445 | 8,482 |
Other liabilities | 19,828 | 20,080 |
Shareholders' equity | ||
Preferred stock, no par value: Authorized 10,000 shares, none issued | 0 | 0 |
Retained earnings | 261,151 | 258,104 |
Accumulated other comprehensive loss | (8,083) | (8,185) |
Total shareholders’ equity | 306,550 | 303,145 |
Total liabilities and shareholders’ equity | 483,873 | 481,590 |
Common Class A [Member] | ||
Shareholders' equity | ||
Common Stock | 62,499 | 61,678 |
Less treasury stock, Class A, at cost: 496 shares at July 28, 2018 and 477 shares at July 29, 2017 | (9,716) | (9,151) |
Common Class B [Member] | ||
Shareholders' equity | ||
Common Stock | $ 699 | $ 699 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares | Oct. 27, 2018 | Jul. 28, 2018 |
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) | 10,583,000 | 10,575,000 |
Treasury shares | 518,000 | 496,000 |
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 | |
Oct. 27, 2018 | Oct. 28, 2017 | |
Sales | $ 401,550 | $ 387,340 |
Cost of sales | 289,437 | 282,548 |
Gross profit | 112,113 | 104,792 |
Operating and administrative expense | 96,293 | 93,205 |
Depreciation and amortization | 6,898 | 6,235 |
Operating income | 8,922 | 5,352 |
Interest expense | (1,116) | (1,105) |
Interest income | 1,178 | 900 |
Income before income taxes | 8,984 | 5,147 |
Income taxes | 2,715 | 2,131 |
Net income | $ 6,269 | $ 3,016 |
Common Class A [Member] | ||
Net income per share: | ||
Basic (in dollars per share) | $ 0.49 | $ 0.23 |
Diluted (in dollars per share) | 0.43 | 0.21 |
Common Class B [Member] | ||
Net income per share: | ||
Basic (in dollars per share) | 0.32 | 0.15 |
Diluted (in dollars per share) | $ 0.32 | $ 0.15 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 27, 2018 | Oct. 28, 2017 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||
Net income | $ 6,269 | $ 3,016 |
Other comprehensive income: | ||
Amortization of pension actuarial loss, net of tax | 102 | 84 |
Comprehensive income | $ 6,371 | $ 3,100 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 27, 2018 | Oct. 28, 2017 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||
Tax of amortization of pension actuarial loss | $ (43) | $ (58) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 27, 2018 | Oct. 28, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 6,269 | $ 3,016 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 6,898 | 6,235 |
Non-cash share-based compensation | 821 | 865 |
Deferred taxes | (254) | (7) |
Provision to value inventories at LIFO | 103 | 0 |
Changes in assets and liabilities: | ||
Merchandise inventories | 11 | (619) |
Patronage dividend receivable | (4,351) | (4,497) |
Accounts payable to Wakefern | (4,189) | (2,886) |
Accounts payable and accrued expenses | 239 | (1,163) |
Accrued wages and benefits | (929) | (1,889) |
Income taxes receivable / payable | 2,969 | 2,138 |
Other assets and liabilities | (1,462) | (3,422) |
Net cash provided by operating activities | 6,125 | (2,229) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (8,571) | (6,629) |
Proceeds from Sale of Property, Plant, and Equipment | 0 | 16 |
Investment in notes receivable from Wakefern | (743) | (22,592) |
Proceeds from Sale, Maturity and Collection of Long-term Investments | 0 | 22,172 |
Net Cash Provided by (Used in) Investing Activities | (9,314) | (7,033) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Principal payments of long-term debt | (298) | (210) |
Dividends | (3,222) | (3,218) |
Payments for Repurchase of Common Stock | $ (565) | (154) |
Document Period End Date | Oct. 27, 2018 | |
Net cash used in financing activities | $ (4,085) | (3,582) |
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (7,274) | (12,844) |
NONCASH SUPPLEMENTAL DISCLOSURES: | ||
Investments in and Advances to Affiliates, at Fair Value, Period Increase (Decrease) | 1,482 | |
Cash and Cash Equivalents, at Carrying Value | 88,834 | 74,591 |
Interest Paid, Net | $ 1,116 | $ 1,105 |
BASIS OF PRESENTATION and ACCOU
BASIS OF PRESENTATION and ACCOUNTING POLICIES | 3 Months Ended |
Oct. 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 October 27, 2018 and the consolidated statements of operations, comprehensive income and cash flows for the 13 week periods ended October 27, 2018 and October 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 28, 2018 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 October 27, 2018 are not necessarily indicative of the results to be expected for the full year. Revenue recognition Revenue is recognized at the point of sale to the customer, including Pharmacy sales. ShopRite From Home sales are recognized either upon pickup in-store or upon delivery to the customer, including any related service fees. Sales tax is excluded from revenue. Discounts provided to customers through ShopRite coupons and loyalty programs are recognized as a reduction of sales as products are sold. Discounts provided by vendors are not recognized as a reduction in sales. Rather, the Company records a receivable from the vendor for the difference in sales price and payment received from the customer. The Company does not recognize revenue when it sells ShopRite gift cards. Payment collected from customers for gift card sales is passed on to Wakefern as they can be redeemed at any ShopRite location, including those operated by Wakefern or other Wakefern members. Revenue is recognized and a receivable from Wakefern is recorded when a customer redeems a ShopRite gift card to purchase products or services. The Company adopted ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” using the full retrospective approach in fiscal 2019. As a result of the adoption of the standard, $ 913 of certain other income streams, including commissions for gift card and lottery sales and services fees for ShopRite From Home, that were previously presented as a reduction in Operating expenses were reclassified to sales for the 13 week period ended October 28, 2017 . Additionally, $ 47 of pharmacy fees previously recorded as Cost of sales were reclassified as a reduction of sales for the 13 week period ended October 28, 2017 . Disaggregated Revenues The following table presents the Company's sales by product categories during each of the periods indicated: 13 Weeks Ended October 27, 2018 October 28, 2017 Amount % Amount % Center Store (1) $ 247,518 61.6 % $ 239,623 61.9 % Fresh (2) 135,616 33.8 128,886 33.3 Pharmacy 17,460 4.4 17,983 4.6 Other (3) 956 0.2 848 0.2 Total Sales $ 401,550 100 % $ 387,340 100 % (1) Consists primarily of grocery, dairy, frozen, health and beauty care, general merchandise and liquor. (2) Consists primarily of produce, meat, deli, seafood, bakery, prepared foods and floral. (3) Consists primarily of sales related to other income streams, including ShopRite from Home service fees and gift card and lottery commissions. |
MERCHANDISE INVENTORIES
MERCHANDISE INVENTORIES | 3 Months Ended |
Oct. 27, 2018 | |
Inventory Disclosure [Abstract] | |
MERCHANDISE INVENTORIES | MERCHANDISE INVENTORIES At both October 27, 2018 and July 28, 2018 , 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 $14,337 and $14,234 higher than reported at October 27, 2018 and July 28, 2018 , respectively. |
NET INCOME (LOSS) PER SHARE
NET INCOME (LOSS) PER SHARE | 3 Months Ended |
Oct. 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 October 27, 2018 Class A Class B Numerator: Net income allocated, basic $ 4,739 $ 1,361 Conversion of Class B to Class A shares 1,361 — Effect of share-based compensation on allocated net income — — Net income allocated, diluted $ 6,100 $ 1,361 Denominator: Weighted average shares outstanding, basic 9,732 4,304 Conversion of Class B to Class A shares 4,304 — Dilutive effect of share-based compensation — — Weighted average shares outstanding, diluted 14,036 4,304 13 Weeks Ended October 28, 2017 Class A Class B Numerator: Net income allocated, basic $ 2,277 $ 655 Conversion of Class B to Class A shares 655 — Effect of share-based compensation on allocated net income (1 ) (1 ) Net income allocated, diluted $ 2,931 $ 654 Denominator: Weighted average shares outstanding, basic 9,722 4,304 Conversion of Class B to Class A shares 4,304 — Dilutive effect of share-based compensation — — Weighted average shares outstanding, diluted 14,026 4,304 Outstanding stock options to purchase Class A shares of 278 and 380 were excluded from the calculation of diluted net income per share at October 27, 2018 and October 28, 2017 , respectively, as a result of their anti-dilutive effect. In addition, 340 and 369 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 October 27, 2018 and October 28, 2017 , respectively, due to their anti-dilutive effect. |
PENSION PLANS
PENSION PLANS | 3 Months Ended |
Oct. 27, 2018 | |
Defined Benefit Plan [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 October 27, October 28, Service cost $ 53 $ 65 Interest cost on projected benefit obligations 655 629 Expected return on plan assets (721 ) (820 ) Amortization of net losses 145 142 Net periodic pension cost $ 132 $ 16 As of October 27, 2018 , the Company has not made any contributions to its pension plans in fiscal 2019 . The Company expects to contribute $ 3,000 to fund its pension plans during fiscal 2019 . |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Oct. 27, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The effective income tax rate was 30.2% in the first quarter of fiscal 2019 compared to 41.4% in the first quarter of the prior year. The effective tax rate was impacted by the Tax Cuts and Jobs Act (the "Tax Act") enacted on December 22, 2017. The Tax Act made significant changes to the U.S tax code, including, but not limited to, reducing the U.S. federal statutory tax rate from 35% % to 21% % effective January 1, 2018 and bonus depreciation that will allow for full expensing of qualified property. The reduction in the effective tax rate due to the Tax Act was partially offset by a temporary increase in the New Jersey corporate tax rate from 9.0% % to 11.5% % for fiscal 2019. |
RELATED PARTY INFORMATION - WAK
RELATED PARTY INFORMATION - WAKEFERN | 3 Months Ended |
Oct. 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 28, 2018 . There have been no significant changes in the Company’s relationships or nature of transactions with related parties during the first 13 weeks of fiscal 2019 except for an additional required investment in Wakefern common stock of $ 1,482 , inclusive of an initial required investment related to the Bronx, New York City store. Included in cash and cash equivalents at October 27, 2018 and July 28, 2018 are $65,145 and $63,413 , respectively, of demand deposits invested at Wakefern at overnight money market rates. |
COMMITMENTS and CONTINGENCIES
COMMITMENTS and CONTINGENCIES | 3 Months Ended |
Oct. 27, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS and CONTINGENCIES | COMMITMENTS and CONTINGENCIES Superstorm Sandy devastated Village's trade 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. Wakefern, as the policy holder, has pursued recovery of uncollected insurance claims on behalf of all Wakefern members through litigation against the insurance carrier and others since October 2013. This litigation is ongoing and the Company received an additional $ 415 in November 2018 which was recognized as a reduction in Operating and administrative expense in the first quarter of fiscal 2019. Including the November 2018 recoveries, Village has received $ 3,998 related to losses incurred as a result of Superstorm Sandy. Any further proceeds recovered will be recognized as they are received. 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) | 3 Months Ended |
Oct. 27, 2018 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | DEBT Village has an unsecured revolving credit agreement providing a maximum amount available for borrowing of $ 25,000 . The revolving credit line can be used for general corporate purposes and expires on December 21, 2020. Indebtedness under this agreement bears interest at the applicable LIBOR rate plus 1.25% . The credit agreement provides for up to $ 3,000 of letters of credit, which secure obligations for construction performance guarantees to municipalities. The credit agreement contains 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 October 27, 2018 or July 28, 2018 under the facility. 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 were used to partially fund the construction of the Bronx store. The Notes payable related to New Markets Tax Credit, net of debt issuance costs, are recorded in Long-term debt in the consolidated balance sheets. 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 in Operating and administrative expense. |
BASIS OF PRESENTATION and ACC_2
BASIS OF PRESENTATION and ACCOUNTING POLICIES DISAGGREGATED REVENUES (Tables) | 3 Months Ended |
Oct. 27, 2018 | |
Accounting Policies [Abstract] | |
Disaggregation of Revenue [Table Text Block] | 13 Weeks Ended October 27, 2018 October 28, 2017 Amount % Amount % Center Store (1) $ 247,518 61.6 % $ 239,623 61.9 % Fresh (2) 135,616 33.8 128,886 33.3 Pharmacy 17,460 4.4 17,983 4.6 Other (3) 956 0.2 848 0.2 Total Sales $ 401,550 100 % $ 387,340 100 % (1) Consists primarily of grocery, dairy, frozen, health and beauty care, general merchandise and liquor. (2) Consists primarily of produce, meat, deli, seafood, bakery, prepared foods and floral. (3) Consists primarily of sales related to other income streams, including ShopRite from Home service fees and gift card and lottery commissions. |
NET INCOME (LOSS) PER SHARE - S
NET INCOME (LOSS) PER SHARE - Schedule of Earnings Per Share, Basic and Diluted (Tables) | 3 Months Ended |
Oct. 27, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | 13 Weeks Ended October 27, 2018 Class A Class B Numerator: Net income allocated, basic $ 4,739 $ 1,361 Conversion of Class B to Class A shares 1,361 — Effect of share-based compensation on allocated net income — — Net income allocated, diluted $ 6,100 $ 1,361 Denominator: Weighted average shares outstanding, basic 9,732 4,304 Conversion of Class B to Class A shares 4,304 — Dilutive effect of share-based compensation — — Weighted average shares outstanding, diluted 14,036 4,304 13 Weeks Ended October 28, 2017 Class A Class B Numerator: Net income allocated, basic $ 2,277 $ 655 Conversion of Class B to Class A shares 655 — Effect of share-based compensation on allocated net income (1 ) (1 ) Net income allocated, diluted $ 2,931 $ 654 Denominator: Weighted average shares outstanding, basic 9,722 4,304 Conversion of Class B to Class A shares 4,304 — Dilutive effect of share-based compensation — — Weighted average shares outstanding, diluted 14,026 4,304 |
BASIS OF PRESENTATION and ACC_3
BASIS OF PRESENTATION and ACCOUNTING POLICIES DISAGGREGATED REVENUES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 27, 2018 | Oct. 28, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Revenue, Net | $ 401,550 | $ 387,340 |
Percentage of Total Sales | 100.00% | 100.00% |
Center Store [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of Total Sales | 61.64% | 61.86% |
Revenues | $ 247,518 | $ 239,623 |
Fresh | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of Total Sales | 33.77% | 33.27% |
Revenues | $ 135,616 | $ 128,886 |
Pharmacy | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of Total Sales | 4.35% | 4.64% |
Revenues | $ 17,460 | $ 17,983 |
Other Product | ||
Disaggregation of Revenue [Line Items] | ||
Percentage of Total Sales | 0.24% | 0.22% |
Revenues | $ 956 | $ 848 |
BASIS OF PRESENTATION and ACC_4
BASIS OF PRESENTATION and ACCOUNTING POLICIES Revenue Recognition (Details) | 3 Months Ended |
Oct. 27, 2018USD ($) | |
Cost of Sales [Member] | |
Revenue from External Customer [Line Items] | |
Prior Period Reclassification Adjustment | $ 47,000 |
Operating Expense [Member] | |
Revenue from External Customer [Line Items] | |
Prior Period Reclassification Adjustment | $ 913,000 |
MERCHANDISE INVENTORIES (Detail
MERCHANDISE INVENTORIES (Details) | Oct. 27, 2018 | Jul. 28, 2018 |
Inventory Disclosure [Abstract] | ||
Percentage of LIFO Inventory | 65.00% | 65.00% |
NET INCOME (LOSS) PER SHARE - A
NET INCOME (LOSS) PER SHARE - Additional Information (Details) shares in Thousands | 3 Months Ended | |
Oct. 27, 2018class_common_stockshares | Oct. 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 | 340 | 369 |
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 | 278 | 380 |
NET INCOME (LOSS) PER SHARE -_2
NET INCOME (LOSS) PER SHARE - Schedule of Earnings Per Share, Basic and Diluted (Details) shares in Thousands, $ in Thousands | 3 Months Ended | |
Oct. 27, 2018USD ($)shares | Oct. 28, 2017USD ($)shares | |
Class of Stock [Line Items] | ||
Conversion of Stock, Conversion Ratio | 1 | |
Common Class A [Member] | ||
Numerator: | ||
Net income allocated, basic | $ | $ 4,739 | $ 2,277 |
Conversion of Class B to Class A shares | $ | 1,361 | 655 |
Effect of share-based compensation on allocated net income | $ | 0 | (1) |
Net income allocated, diluted | $ | $ 6,100 | $ 2,931 |
Denominator: | ||
Weighted average shares outstanding, basic (in shares) | shares | 9,732 | 9,722 |
Conversion of Class B to Class A shares (in shares) | shares | 4,304 | 4,304 |
Dilutive effect of share-based compensation (in shares) | shares | 0 | 0 |
Weighted average shares outstanding, diluted (in shares) | shares | 14,036 | 14,026 |
Common Class B [Member] | ||
Numerator: | ||
Net income allocated, basic | $ | $ 1,361 | $ 655 |
Conversion of Class B to Class A shares | $ | 0 | 0 |
Effect of share-based compensation on allocated net income | $ | 0 | (1) |
Net income allocated, diluted | $ | $ 1,361 | $ 654 |
Denominator: | ||
Weighted average shares outstanding, basic (in shares) | shares | 4,304 | 4,304 |
Conversion of Class B to Class A shares (in shares) | shares | 0 | 0 |
Dilutive effect of share-based compensation (in shares) | shares | 0 | 0 |
Weighted average shares outstanding, diluted (in shares) | shares | 4,304 | 4,304 |
PENSION PLANS - Schedule of Net
PENSION PLANS - Schedule of Net Benefit Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 27, 2018 | Oct. 28, 2017 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | $ 53 | $ 65 |
Interest cost on projected benefit obligations | 655 | 629 |
Expected return on plan assets | (721) | (820) |
Amortization of net losses | 145 | 142 |
Net periodic pension cost | $ 132 | $ 16 |
PENSION PLANS - Additional Info
PENSION PLANS - Additional Information (Details) $ in Thousands | 3 Months Ended |
Oct. 27, 2018USD ($)pension_plan | |
Estimated future employer contributions in current fiscal year | $ | $ 3 |
Number of defined benefit pension plans | pension_plan | 4 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Details) | 3 Months Ended | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
Oct. 27, 2018 | Oct. 28, 2017 | Dec. 31, 2017 | Jul. 28, 2018 | Jul. 27, 2019 | Jul. 28, 2018 | |
Income Tax Contingency [Line Items] | ||||||
Effective Income Tax Rate Reconciliation, Percent | 30.20% | 41.40% | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 0.20% | ||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 11.50% | 9.00% |
RELATED PARTY INFORMATION - W_2
RELATED PARTY INFORMATION - WAKEFERN (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 27, 2018 | Oct. 28, 2017 | Apr. 29, 2017 | Jul. 28, 2018 | Jul. 29, 2017 | |
Related Party Transaction [Line Items] | |||||
Investments in and Advances to Affiliates, at Fair Value, Period Increase (Decrease) | $ 1,482 | $ 0 | |||
Proceeds from Sale, Maturity and Collection of Long-term Investments | $ 0 | $ 22,172 | |||
Investee [Member] | |||||
Related Party Transaction [Line Items] | |||||
Demand deposits at Wakefern | $ 65,145 | $ 63,413 |
COMMITMENTS and CONTINGENCIES (
COMMITMENTS and CONTINGENCIES (Details) - USD ($) $ in Thousands | 3 Months Ended | 75 Months Ended |
Oct. 27, 2018 | Oct. 27, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Insurance Recoveries | $ 415 | $ 3,998 |
SUBSEQUENT EVENT (Details)
SUBSEQUENT EVENT (Details) $ in Thousands | Oct. 27, 2018USD ($) |
Note 7 - Subsequent Event [Abstract] | |
Line of Credit Facility, Interest Rate Description | 1.25% |
Line Of Credit Facility Capacity Available For Specific Purpose Other Than Trade Purchases | $ 3,000 |
DEBT (Details)
DEBT (Details) - USD ($) | Dec. 29, 2017 | Dec. 29, 2024 | Oct. 27, 2018 | Jul. 28, 2018 | Nov. 09, 2017 |
Debt Instrument [Line Items] | |||||
Notes, Loans and Financing Receivable, Gross, Noncurrent | $ 4,835,000 | ||||
InterestOnUnrelatedPartyNoteReceivablePercentage | 1.403% | ||||
Third Party Contribution to Investment Fund | $ 2,375,000 | ||||
Notes Payable, Noncurrent | $ 6,563,000 | $ 6,356,000 | $ 6,418,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | ||||
Line of Credit Facility, Interest Rate at Period End | 1.25% | ||||
Line Of Credit Facility Capacity Available For Specific Purpose Other Than Trade Purchases | $ 3,000,000 | ||||
Revolving Credit Facility [Member] | Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 | ||||
Scenario, Forecast [Member] | |||||
Debt Instrument [Line Items] | |||||
Benefit Over Recapture Period | $ 1,728,000 |
NEW MARKETS TAX CREDIT (Details
NEW MARKETS TAX CREDIT (Details) - USD ($) $ in Thousands | Dec. 29, 2017 | Oct. 27, 2018 | Jul. 28, 2018 |
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 | $ 6,356 | $ 6,418 |
Debt Instrument, Interest Rate, Stated Percentage | 1.00% |