Village Super Market Inc. (VLGEA, Financial) filed Annual Report for the period ended 2009-07-25.
VILLAGE SUPER MARKET INC. operates a chain of 21 ShopRite supermarkets 15 of which are located in northern New Jersey 1 in northeastern Pennsylvania and 5 in the southern shore area of New Jersey. In addition Co. operates two Village Market stores. Village Super Market Inc. has a market cap of $370.7 million; its shares were traded at around $27.89 with a P/E ratio of 13.3 and P/S ratio of 0.3. The dividend yield of Village Super Market Inc. stocks is 3.3%. Village Super Market Inc. had an annual average earning growth of 9.1% over the past 10 years.
Village seeks to generate high sales volume by offering a wide variety of high quality products at consistently low prices. During fiscal 2009, sales per store were $47,376 and sales per selling square foot were $1,070. The Company gives ongoing attention to the décor and format of its stores and tailors each store's product mix to the preferences of the local community. Village concentrates on the development of superstores.
Village has budgeted approximately $17 million for capital expenditure in fiscal 2010. Planned expenditures include the completion of construction and equipment for the replacement store in Washington, NJ and several smaller remodels. On April 22, 2009, a Court formally invalidated the developer s approval for our Washington replacement store. In September 2009, the Planning Board began consideration of the revised Washington site plan. The Company anticipates approval of the revised site plan by the end of November 2009. The Company s investment in construction and equipment is $10,452 at July 25, 2009. If the developer is unsuccessful in obtaining the required approvals, the Company may record an impairment charge for this investment, which could be material to the Company s consolidated financial position and results of operations.
Each of Wakefern's members is required to make capital contributions to Wakefern based on the number of stores operated by that member and the purchases generated by those stores. As additional stores are opened or acquired by a member, additional capital must be contributed by it to Wakefern. The Company s investment in Wakefern and affiliates was $19,673 at July 25, 2009. The total amount of debt outstanding from all capital pledges to Wakefern is $2,098 at July 25, 2009. The maximum per store capital contribution increased from $700 to $725 in fiscal 2009, resulting in an additional $550 capital pledge, which was paid in fiscal 2009.
The Company, in the ordinary course of business, is involved in various legal proceedings. Village does not believe the outcome of these proceedings will have a material adverse effect on the Company s consolidated financial condition, results of operations or liquidity. The Company s leasehold interest in the current Washington store had been the subject of litigation related to the lease-end date, rent amounts and other matters. On July 30, 2009, the Company settled all litigation with the landlord and purchased the land and building for $3,100. During the fourth quarter of fiscal 2009, the Company recorded a pre-tax charge of $1,200 related to this litigation. This charge was based on the consideration paid in excess of the fair value of the property. In addition to settling the litigation, the purchase of the current Washington store property eliminated any potential time period between the closing of the current Washington store and the opening of the planned replacement store.
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VILLAGE SUPER MARKET INC. operates a chain of 21 ShopRite supermarkets 15 of which are located in northern New Jersey 1 in northeastern Pennsylvania and 5 in the southern shore area of New Jersey. In addition Co. operates two Village Market stores. Village Super Market Inc. has a market cap of $370.7 million; its shares were traded at around $27.89 with a P/E ratio of 13.3 and P/S ratio of 0.3. The dividend yield of Village Super Market Inc. stocks is 3.3%. Village Super Market Inc. had an annual average earning growth of 9.1% over the past 10 years.
Highlight of Business Operations:
The aggregate market value of the Class A common stock of Village Super Market, Inc. held by non-affiliates was approximately $128.9 million and the aggregate market value of the Class B common stock held by non-affiliates was approximately $13.4 million based upon the closing price of the Class A shares on the NASDAQ on January 24, 2009, the last business day of the second fiscal quarter. There are no other classes of voting stock outstanding.Village seeks to generate high sales volume by offering a wide variety of high quality products at consistently low prices. During fiscal 2009, sales per store were $47,376 and sales per selling square foot were $1,070. The Company gives ongoing attention to the décor and format of its stores and tailors each store's product mix to the preferences of the local community. Village concentrates on the development of superstores.
Village has budgeted approximately $17 million for capital expenditure in fiscal 2010. Planned expenditures include the completion of construction and equipment for the replacement store in Washington, NJ and several smaller remodels. On April 22, 2009, a Court formally invalidated the developer s approval for our Washington replacement store. In September 2009, the Planning Board began consideration of the revised Washington site plan. The Company anticipates approval of the revised site plan by the end of November 2009. The Company s investment in construction and equipment is $10,452 at July 25, 2009. If the developer is unsuccessful in obtaining the required approvals, the Company may record an impairment charge for this investment, which could be material to the Company s consolidated financial position and results of operations.
Each of Wakefern's members is required to make capital contributions to Wakefern based on the number of stores operated by that member and the purchases generated by those stores. As additional stores are opened or acquired by a member, additional capital must be contributed by it to Wakefern. The Company s investment in Wakefern and affiliates was $19,673 at July 25, 2009. The total amount of debt outstanding from all capital pledges to Wakefern is $2,098 at July 25, 2009. The maximum per store capital contribution increased from $700 to $725 in fiscal 2009, resulting in an additional $550 capital pledge, which was paid in fiscal 2009.
The Company, in the ordinary course of business, is involved in various legal proceedings. Village does not believe the outcome of these proceedings will have a material adverse effect on the Company s consolidated financial condition, results of operations or liquidity. The Company s leasehold interest in the current Washington store had been the subject of litigation related to the lease-end date, rent amounts and other matters. On July 30, 2009, the Company settled all litigation with the landlord and purchased the land and building for $3,100. During the fourth quarter of fiscal 2009, the Company recorded a pre-tax charge of $1,200 related to this litigation. This charge was based on the consideration paid in excess of the fair value of the property. In addition to settling the litigation, the purchase of the current Washington store property eliminated any potential time period between the closing of the current Washington store and the opening of the planned replacement store.
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