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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
(Mark One)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended: October 25, 2003
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934.
Commission File No. 0-2633
VILLAGE SUPER MARKET, INC.
(Exact name of registrant as specified in its charter)
NEW JERSEY 22-1576170
(State or other jurisdiction of (I. R. S. Employer
incorporation or organization) Identification No.)
733 MOUNTAIN AVENUE, SPRINGFIELD, NEW JERSEY 07081
(Address of principal executive offices) (Zip Code)
(973) 467-2200
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes __X__ No _____
Indicate by check mark whether the Registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act). Yes_____ No __X__
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date:
December 1, 2003
Class A Common Stock, No Par Value 1,497,200 Shares
Class B Common Stock, No Par Value 1,594,076 Shares
VILLAGE SUPER MARKET, INC.
INDEX
PART I PAGE NO.
FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Condensed Balance Sheets . . . . . . . . . . . . 3
Consolidated Condensed Statements of Income . . . . . . . . . 4
Consolidated Condensed Statements of Cash Flows . . . . . . . 5
Notes to Consolidated Condensed Financial Statements. . . . . 6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations . . . . . . . . . . . . . 7-10
Item 3. Quantitative & Qualitative Disclosures about Market Risk. . .10-11
Item 4. Controls and Procedures . . . . . . . . . . . . . . . . . . . 11
PART II
OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . . . . . . 12
Signatures . . . . . . . . . . . . . . . . . . . . . . . . . 12
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
VILLAGE SUPER MARKET, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
October 25, July 26,
2003 2003
ASSETS
Current assets
Cash and cash equivalents $ 42,775 $ 48,500
Merchandise inventories 31,627 32,304
Patronage dividend receivable 5,540 3,634
Other current assets 7,038 5,207
------- ---------
Total current assets 86,980 89,645
Property, equipment and fixtures, net 96,267 96,320
Investment in related party, at cost 15,875 15,875
Goodwill 10,605 10,605
Other assets 4,145 4,133
-------- --------
TOTAL ASSETS $ 213,872 $ 216,578
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Current portion of long-term debt $ 7,666 $ 7,730
Accounts payable to related party 31,967 32,348
Accounts payable and accrued expenses 21,088 21,323
-------- --------
Total current liabilities 60,721 61,401
Long-term debt 32,183 37,241
Other liabilities 11,623 11,159
Shareholders' equity
Class A common stock - no par value,
issued 1,762,800 shares 18,564 18,535
Class B common stock - no par value,
issued and outstanding 1,594,076 shares 1,035 1,035
Retained earnings 95,750 93,239
Accumulated other comprehensive loss (2,330) (2,330)
Less cost of Class A treasury shares
(265,600 shares at October 25, 2003 and
267,600 shares at July 26, 2003) (3,674) (3,702)
------- -------
Total shareholders' equity 109,345 106,777
------- -------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 213,872 $ 216,578
======= ========
See accompanying Notes to Consolidated Condensed Financial Statements.
VILLAGE SUPER MARKET, INC.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Dollars in Thousands Except Per Share Amounts)
(Unaudited)
13 Weeks Ended 13 Weeks Ended
October 25, 2003 October 26, 2002
Sales $ 226,734 $ 216,538
Cost of sales 169,586 162,505
--------- ---------
Gross profit 57,148 54,033
Operating and administrative
expense 50,042 46,941
Depreciation and amortization 2,216 2,203
--------- ---------
Operating income 4,890 4,889
Interest expense, net 621 779
--------- ---------
Income before income taxes 4,269 4,110
Income taxes 1,750 1,660
--------- ---------
Net income $ 2,519 $ 2,450
========= =========
Net income per share:
Basic $ .82 $ .80
Diluted $ .80 $ .78
========= =========
See accompanying Notes to Consolidated Condensed Financial Statements.
VILLAGE SUPER MARKET, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
13 Wks. Ended 13 Wks. Ended
Oct. 25, 2003 Oct. 26, 2002
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 2,519 $ 2,450
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Depreciation and amortization 2,216 2,203
Deferred taxes 330 350
Provision to value inventories at LIFO 250 100
Non-cash stock compensation 29 -
Changes in assets and liabilities:
(Increase) decrease in merchandise inventories 427 ( 495)
(Increase) in patronage dividend receivable ( 1,906) ( 1,647)
(Increase) decrease in other current assets ( 1,831) 471
(Increase) in other assets ( 22) ( 61)
(Decrease) in accounts
payable to related party ( 381) ( 1,444)
(Decrease) in accounts payable and
accrued expenses ( 235) ( 2,182)
Increase in other liabilities 134 118
------- -------
Net cash provided by (used in)
operating activities 1,530 ( 137)
-------- -------
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures ( 2,153) ( 3,211)
-------- -------
Net cash used in investing activities ( 2,153) ( 3,211)
-------- -------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of stock options 20 51
Principal payments of long-term debt ( 5,122) ( 744)
-------- -------
Net cash used in financing activities ( 5,102) ( 693)
-------- -------
NET DECREASE IN CASH AND
CASH EQUIVALENTS ( 5,725) ( 4,041)
CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD 48,500 33,770
-------- --------
CASH AND CASH EQUIVALENTS,
END OF PERIOD $ 42,775 $ 29,729
======== ========
SUPPLEMENTAL DISCLOSURES OF CASH
PAYMENTS MADE FOR:
Interest $ 1,275 $ 1,481
Income taxes $ 89 $ -
See accompanying Notes to Consolidated Condensed Financial Statements.
VILLAGE SUPER MARKET, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
1. In the opinion of management, the accompanying unaudited consolidated
condensed financial statements contain all adjustments (consisting of normal
and recurring accruals) necessary to present fairly the consolidated financial
position as of October 25, 2003 and the consolidated results of operations and
cash flows for the periods ended October 25, 2003 and October 26, 2002.
The significant accounting policies followed by the Company are set
forth in Note 1 to the Company's consolidated financial statements included in
the July 26, 2003 Village Super Market, Inc. Annual Report on Form 10-K, which
should be read in conjunction with these financial statements.
2. The results of operations for the period ended October 25, 2003 are not
necessarily indicative of the results to be expected for the full year.
3. At both October 25, 2003 and July 26, 2003, approximately 70% 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 $9,962,000 and $9,712,000 higher than reported at
October 25, 2003 and July 26, 2003, respectively.
4. The number of common shares outstanding for calculation of net income
per share is as follows:
October 25, October 26,
2003 2002
Weighted average shares
outstanding - basic 3,089,539 3,076,108
Dilutive effect of employee
stock options 47,085 69,984
--------- ---------
Weighted average shares
outstanding - diluted 3,136,624 3,146,092
========= =========
ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Sales were $226,734,000 in the first quarter of fiscal 2004. Total sales
and same store sales both increased 4.7% compared to the first quarter of the
prior year. Sales increased due to continued improvement in the two stores
opened in fiscal 2002 and increased sales in stores remodeled in fiscal 2003. In
addition, sales in the first quarter of fiscal 2004 benefited from comparison to
a year ago quarter that included the impact from a substantial number of store
openings by competitors, high levels of promotional activity and a softer
economy.
Gross profit as a percentage of sales increased to 25.2% in the first
quarter of fiscal 2004 compared to 25.0% in the first quarter of the prior year.
Gross profit as a percentage of sales increased primarily due to lower
promotional spending in the current fiscal quarter. This decrease was partially
offset by increased LIFO charges in the current fiscal quarter.
Operating and administrative expenses as a percentage of sales increased
to 22.1% in the first quarter of fiscal 2004 compared to 21.7% in the first
quarter of the prior year. Fringe benefit costs, primarily required
contributions to employee health and pension plans, and utility costs increased
in fiscal 2004. Payroll costs declined in fiscal 2004.
Interest expense (net) decreased in the first quarter of fiscal 2004
compared to the first quarter of the prior year due to reduced borrowing levels
in the current year. In addition, the prior year included interest from a
capital lease disposed of in the third quarter of fiscal 2003.
The effective income tax rate increased to 41.0% in the first quarter of
fiscal 2004 compared to 40.4% in the first quarter of the prior year.
Net income was $2,519,000 in the first quarter fiscal 2004, an increase of
3% from the first quarter last year. This increase is attributable to strong
sales growth, increased gross profit percentages and lower interest expense,
partially offset by higher operating expense percentages.
CRITICAL ACCOUNTING POLICIES
Critical accounting policies are those accounting policies that management
believes are important to the portrayal of the Company's financial condition and
results of operations and require management's most difficult, subjective or
complex judgments, often as a result of the need to make estimates about the
effect of matters that are inherently uncertain.
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosures of contingent assets and liabilities at
the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates. The Company's critical accounting policies relating to the
impairment of long-lived assets, accounting for patronage dividends earned as a
stockholder of Wakefern Food Corp., and accounting for pension plans are
described in the Company's Annual Report on Form 10-K for the year ended
July 26, 2003. As of October 25, 2003, there have been no material changes to
any of the critical accounting policies contained therein.
LIQUIDITY AND CAPITAL RESOURCES
Net cash provided by operating activities was $1,530,000 in the first
quarter of fiscal 2004 compared with net cash used in operating activities of
$137,000 in the first quarter of the prior fiscal year. This change is
attributable to the prior year including a reduction in accounts payable to
related party and accounts payable and accrued expenses of $3,626,000 compared
to a current year reduction in those payables of $616,000. Partially offsetting
this impact was an increase of $1,831,000 in other current assets in the current
year compared to a $471,000 decline in the prior year. Other current assets
increased in the current year primarily due to high levels of coupons
receivable from manufacturers at October 25, 2003, which were subsequently
collected.
During the first quarter of fiscal 2004, the Company used $1,530,000 of
operating cash flow and $5,725,000 of cash on hand to fund capital expenditures
of $2,153,000 and to make debt payments of $5,122,000. The debt payments
included the first installment of $4,285,714 on the Company's unsecured Senior
Notes.
Working capital was $26,259,000 at October 25, 2003 compared to
$28,244,000 at July 26, 2003. The working capital ratio was 1.43 to 1 at
October 25, 2003 compared to 1.46 to 1 at July 26, 2003. The Company's working
capital needs are reduced since inventory is generally sold by the time payment
to Wakefern and other suppliers are due.
The Company has budgeted approximately $11,000,000 for capital
expenditures in fiscal 2004. Planned expenditures include the expansion and
remodel of the Bernardsville store and equipment for the Somers Point
replacement store. The Company's primary sources of liquidity in fiscal
2004 are expected to be cash on hand at October 25, 2003 and operating cash
flow. The Company has available a $15,000,000 (none outstanding at
October 25, 2003) unsecured revolving credit line, which expires
September 16, 2004. The Company expects to replace this expiring revolving
credit facility during fiscal 2004.
There have been no substantial changes as of October 25, 2003 to the
contractual obligations discussed on page 6 of the Company's Annual Report on
Form 10-K for the year ended July 26, 2003.
RELATED PARTY TRANSACTIONS
A description of the Company's transactions with Wakefern Food Corp., its
principal supplier, and with other related parties is included on pages 8,16 and
19 of the Company's Annual Report on Form 10-K for the year ended July 26, 2003.
There have been no significant changes in the Company's relationship or nature
of transactions with related parties during the first quarter of fiscal 2004.
FORWARD-LOOKING STATEMENTS:
All statements, other than statements of historical fact, included in this
Form 10-Q are or may be considered forward-looking statements within the meaning
of federal securities law. The Company cautions the reader that there is no
assurance that actual results or business conditions will not differ materially
from future results, whether expressed, suggested or implied by such
forward-looking statements. The Company undertakes no obligation to update
forward-looking statements to reflect developments or information obtained after
the date hereof. The following are among the principal factors that could cause
actual results to differ from the forward-looking statements: local economic
conditions; competitive pressures from the Company's operating environment; the
ability of the Company to maintain and 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; consumer spending
patterns; increased cost of goods sold, including increased costs from the
Company's principal supplier, Wakefern; results of ongoing litigation; the
results of union contract negotiations; competitive store openings; the rate
of return on pension assets; and other factors detailed herein and in other
filings of the Company.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
In the normal course of operations, the Company is exposed to market risks
arising from adverse changes in interest rates. Market risk is defined for
these purposes as the potential change in the fair value resulting from an
adverse movement in interest rates. As of October 25, 2003, the Company's only
variable rate borrowings relate to a swap agreement. On October 18, 2001, the
Company entered into an interest rate swap agreement with a major financial
institution pursuant to which the Company pays a variable rate of six-month
LIBOR plus 3.36% (4.59% at October 25, 2003) on an initial notional amount of
$10,000,000 expiring in September 2009 in exchange for a fixed rate of 8.12%.
The swap agreement notional amount decreases in amounts and on dates
corresponding to the fixed rate obligation it hedges. At October 25, 2003 the
remaining notional amount of the swap agreement was $8,571,429. A 100 basis
point increase in interest rates, applied to the Company's borrowings at
October 25, 2003, would result in an annual increase in interest expense and a
corresponding reduction in cash flow of approximately $85,714.
At October 25, 2003, the Company had demand deposits of $30,587,000
earning interest at prime less 2.5%, or overnight money market rates, which are
exposed to the impact of interest rate changes.
ITEM 4. CONTROLS AND PROCEDURES
As required by Rule 13a-15 under the Exchange Act, the Company carried out
an evaluation of the effectiveness of the design and operation of the Company's
disclosure controls and procedures at the end of the period. This evaluation
was carried out under the supervision, and with the participation, of the
Company's management, including the Company's Chief Executive Officer along with
the Company's Chief Financial Officer. Based upon that evaluation, the
Company's Chief Executive Officer, along with the Company's Chief Financial
Officer, concluded that the Company's disclosure controls and procedures are
effective. There have been no significant changes in internal controls over
financial reporting during the first quarter of fiscal 2004.
Disclosure controls and procedures are controls and other procedures that
are designed to ensure that information required to be disclosed in Company
reports filed or submitted under the Exchange Act is recorded, processed,
summarized and reported, within the time periods specified in the Securities
and Exchange Commission's rules and forms. Disclosure controls and procedures
include, without limitation, controls and procedures designed to ensure that
information required to be disclosed in Company reports filed under the Exchange
Act is accumulated and communicated to management, including the Company's Chief
Executive Officer and Chief Financial Officer as appropriate, to allow timely
decisions regarding required disclosure.
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
6(a) Exhibits
Exhibit 28(a) Press Release dated December 2, 2003
Exhibit 31.1 Certification
Exhibit 31.2 Certification
Exhibit 32.1 Certification (furnished, not filed)
Exhibit 32.2 Certification (furnished, not filed)
6(b) Reports on Form 8-K.
On October 2, 2003, the Company filed a report on Form 8-K with the
SEC regarding its release announcing consolidated financial results for the
fourth quarter of fiscal 2003.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Village Super Market, Inc.
Registrant
Date: December 3, 2003 /s/ James Sumas
James Sumas
(Chief Executive Officer)
Date: December 3, 2003 /s/ Kevin R. Begley
Kevin R. Begley
(Chief Financial Officer)
Exhibit 28(a)
VILLAGE SUPER MARKET, INC.
REPORTS RESULTS FOR THE FIRST QUARTER ENDED
OCTOBER 25, 2003
Contact: Kevin Begley, CFO
(973) 467-2200, Ext 220
Springfield, New Jersey - December 2, 2003 - Village Super Market, Inc.
(NSD-VLGEA) reported sales and net income for the first quarter ended
October 25, 2003.
Net income was $2,519,000 ($.80 per diluted share) in the first quarter of
fiscal 2004, an increase of 3% from the first quarter of the prior year. Net
income increased primarily due to strong sales growth, increased gross profit
percentages and lower interest expense, partially offset by higher operating
expense percentages.
Sales were $226,734,000 in the first quarter of fiscal 2004. Total sales
and same store sales both increased 4.7% compared to the first quarter of the
prior year. Sales increased due to continued improvement in the two stores
opened in fiscal 2002 and increased sales in stores remodeled in fiscal 2003.
In addition, sales in the first quarter of fiscal 2004 benefited from comparison
to a year ago period that included the impact of a substantial number of store
openings by competitors, high levels of promotional activity and a softer
economy.
Gross profit as a percentage of sales increased primarily due to reduced
promotional spending in the current quarter. Operating expenses as a percentage
of sales increased primarily due to required contributions to employee health
and pension plans, and utility cost increases.
Village Super Market operates a chain of 23 supermarkets under the ShopRite
name in New Jersey and eastern Pennsylvania.
All statements, other than statements of historical fact, included in this
Press Release are or may be considered forward-looking statements within the
meaning of federal securities law. The Company cautions the reader that there
is no assurance that actual results or business conditions will not differ
materially from future results, whether expressed, suggested or implied by such
forward-looking statements. The Company undertakes no obligation to update
forward-looking statements to reflect developments or information obtained after
the date hereof. The following are among the principal factors that could cause
actual results to differ from the forward-looking statements: local economic
conditions; competitive pressures from the Company's operating environment; the
ability of the Company to maintain and 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; consumer spending
patterns; increased cost of goods sold, including increased costs from the
Company's principal supplier, Wakefern; results of ongoing litigation; the
results of union contract negotiations; competitive store openings; the rate of
return on pension assets; and other 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
October 25, 2003 October 26, 2002
Sales $ 226,734 $ 216,538
Cost of sales 169,586 162,505
---------- ----------
Gross profit 57,148 54,033
Operating and
administrative expense 50,042 46,941
Depreciation and
amortization 2,216 2,203
---------- ----------
Operating income 4,890 4,889
Interest expense, net 621 779
---------- ----------
Income before income taxes 4,269 4,110
Income taxes 1,750 1,660
---------- ----------
Net income $ 2,519 $ 2,450
========== ==========
Net income per share:
Basic $ .82 $ .80
Diluted $ .80 $ .78
Gross profit as a
% of sales 25.2% 25.0%
Operating and administrative
expense as a % of sales 22.1% 21.7%
Exhibit 31.1
I, James Sumas, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Village Super
Market, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered
by this report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of
the registrant as of, and for, the periods presented in this report.
4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant
and have:
a) designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries is made known
to us by others within those entities, particularly during the
period in which this report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of
the end of the period covered by this report based on such
evaluation; and
c) disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the
registrant's first quarter that has materially effected, or is
reasonably likely to materially effect, the registrant's internal
control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed, based on
our most recent evaluation of internal control over financial reporting,
to the registrant's auditors and the audit committee of registrant's board
of directors (or persons performing the equivalent function):
a) all significant deficiencies and material weaknesses in the design
or operation of internal controls over financial reporting which
are reasonably likely to adversely affect the registrant's ability
to record, process, summarize and report financial information and
have identified for the registrant's auditors any material
weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's
internal control over financial reporting.
Date: December 3, 2003
/s/ James Sumas
James Sumas
Chief Executive Officer
Exhibit 31.2
I, Kevin Begley, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Village Super
Market, Inc.
2. Based on my knowledge, this report does not contain any untrue statement
of material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of
the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e) for the registrant
and have:
a) designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to
us by others within those entities, particularly during the period
in which this report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of
the end of the period covered by this report based on such
evaluation; and
(c) disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the
registrant's first quarter that has materially effected, or is
reasonably likely to materially effect, the registrant's internal
control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed, based on
our most recent evaluation of internal control over financial reporting, to
the registrant's auditors and the audit committee of registrant's board of
directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or
operation of internal controls over financial reporting which are
reasonably likely to adversely affect the registrant's ability to
record, process, summarize and report financial information; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
control over financial reporting.
Date: December 3, 2003
/s/ Kevin Begley
Kevin Begley
Chief Financial Officer &
Principal Accounting Officer
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Village Super Market, Inc.
(the "Company") on Form 10-Q for the period ending October 25, 2003 as filed
with the Securities and Exchange Commission on the date hereof (the "Report"),
I, James Sumas, Chief Executive Officer of the Company certify, pursuant to 18
U.S.C. 1350, as adopted pursuant to 906 of the Sarbanes-Oxley Act of 2002,
that:
1. The Report fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations of the
Company.
/s/ James Sumas
James Sumas
Chief Executive Officer
December 3, 2003
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Village Super Market, Inc.
(the "Company") on Form 10-Q for the period ending October 25, 2003 as filed
with the Securities and Exchange Commission on the date hereof (the "Report"),
I, Kevin Begley Chief Financial Officer of the Company certify, pursuant to 18
U.S.C. 1350, as adopted pursuant to 906 of the Sarbanes-Oxley Act of 2002,
that:
1. The Report fully complies with the requirements of Section 13(a)
or 15(d) of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations of the
Company.
/s/ Kevin Begley
Kevin Begley
Chief Financial Officer &
Principal Accounting Officer
December 3, 2003