SECURITIES & EXCHANGE COMMISSION
WASHINGTON, D. C.
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
May 30, 2003
Date of Report (Date of earliest event reported)
VILLAGE SUPER MARKET, INC.
(Exact name of Registrant as specified in its charter)
New Jersey 0-2633 22-1576170
(State or other jurisdiction) (Commission (I. R.S. Employer
of incorporation) File Number) Identification No.)
733 Mountain Avenue
Springfield, New Jersey 07081
(Address of principal executive offices)
Registrant's telephone number, including area code:
(973) 467-2200
Item 7. Financial Statements and Exhibits.
(a) None
(b) None
(c) Exhibits:
Exhibit No. Description
99.1 Press release issued by the registrant, dated
May 30, 2003
Item 9. Regulation FD Disclosure.
On May 30, 2003, Village Super Market, Inc. issued a press release
announcing its consolidated financial results for the third quarter of its
2003 fiscal year ended April 26, 2003. The press release appearing in Exhibit
99.1 is not filed but is furnished in accordance with Item 12 of Form 8-K.
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
VILLAGE SUPER MARKET, INC.
By: s/s Kevin Begley
Name: Kevin Begley
Title: Chief Financial Officer
Exhibit 99.1
VILLAGE SUPER MARKET, INC.
REPORTS RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
APRIL 26, 2003
Contact: Kevin Begley, C. F. O.
(973) 467-2200 Ext. 220
Springfield, New Jersey - May 30, 2003 - Village Super Market, Inc.
(NSD-VLGEA) today reported sales and net income for the third quarter ended
April 26, 2003.
Net income was $1,897,000 ($.60 per diluted share) in the third quarter
of fiscal 2003, a decrease of 19% from the prior year. Third quarter results
were adversely impacted by increased contributions to union health and pension
plans, a soft economy and a higher effective tax rate.
Sales in the third quarter were $221,450,000, an increase of 2.3% from
the prior year. Same store sales increased 1.2%. Approximately half of the
same store sales increase is due to higher sales at the Garwood, NJ store,
which opened September 26, 2001, and is included in same store sales beginning
in the second quarter of fiscal 2003. Same store sales increased less this
fiscal year than in recent years due to a substantial number of store openings
by competitors near the Company's stores in the last year, a softening of the
economy and increased levels of promotional activity in New Jersey.
Net income for the nine month period of fiscal 2003 was $8,388,000
($2.66 per diluted share), a decrease of 3% from the prior year. Excluding
$1,639,000 (pre tax) of income received from two partnerships in fiscal 2003
and a $640,000 (pre tax) non-cash impairment charge in the prior year, net
income declined 19% in the nine month period. Sales were $671,899,000 for the
nine month period of fiscal 2003, an increase of 2.1% from the prior year.
Same store sales increased 1.3% for the first nine months of fiscal 2003.
James Sumas, Chief Executive Officer, said "Despite the challenges of
a competitive marketplace and a weak economic environment, we achieved positive
operating results in the third quarter. We don't anticipate any easing of
competitive activities in the fourth quarter. We expect same store sales in
the fourth quarter of fiscal 2003 to be flat to a 1.0% increase. Based on
these factors, we believe it will be difficult to match the earnings level
achieved in the fourth quarter of the prior fiscal year."
Village Super Market operates a chain of 23 supermarkets under the
ShopRite name in New Jersey and eastern Pennsylvania.
This Press Release contains "forward looking statements" within
the meaning of federal securities law. The Company cautions the reader that
there are no assurances that actual results or business conditions will not
differ materially from future results, whether expressed, suggested or implied
by such forward looking statements. Such potential risks and uncertainties
include, without limitation, local economic conditions, competitive pressures
from the Company's operating environment, the ability of the Company to improve
its sales and margins, the ability to attract and retain qualified associates,
the availability of new store locations, the availability of capital, the
liquidity of the Company on a cash flow basis, the success of operating
initiatives and other risk factors detailed herein and in the Company's filings
with the SEC.
VILLAGE SUPER MARKET, INC.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Dollars in Thousands Except Per Share Amounts)
13 Wks. Ended 13 Wks. Ended 39 Wks. Ended 39 Wks. Ended
Apr. 26, 2003 Apr. 27, 2002 Apr. 26, 2003 Apr. 27, 2002
Sales $ 221,450 $ 216,525 $ 671,899 $ 657,992
Cost of sales 166,281 162,854 504,806 494,269
---------- ---------- ---------- ----------
Gross profit 55,169 53,671 167,093 163,723
Operating and
administrative
expense 49,058 47,007 145,648 141,181
Depreciation and
amortization 2,231 2,051 6,690 5,809
Non-cash
impairment charge --- --- --- 640
---------- ---------- ---------- ----------
Operating income 3,880 4,613 14,755 16,093
Income from
partnerships --- --- 1,639 ---
Interest expense, net 698 862 2,321 2,350
---------- ---------- ---------- ----------
Income before
income taxes 3,182 3,751 14,073 13,743
Income taxes 1,285 1,413 5,685 5,060
---------- ---------- ---------- ----------
Net income $ 1,897 $ 2,338 $ 8,388 $ 8,683
=========== =========== ========== ===========
Net income
per share:
Basic $ .61 $ .76 $ 2.72 $ 2.85
Diluted $ .60 $ .74 $ 2.66 $ 2.77
Gross profit as a
% of sales 24.9% 24.8% 24.9% 24.9%
Operating and admin.
expense as a
% of sales 22.2% 21.7% 21.7% 21.5%