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FORM 10-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
[x] Annual Report Pursuant to Section 13 or 15(d) of the Securities and
Exchange Act of 1934 [Fee Required]. For the fiscal year ended July 29,
1995.
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities and
Exchange Act of 1934 [Fee Required] for the transition period from
____________ to _____________.
Commission file Number 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)
Registrant's telephone number, including area code (201)-467-2200
Securities registered pursuant of Section 12 (b) of the Act:
Title of Each Class Name of Each Exchange on Which Registered
None None
Securities registered pursuant to Section 12(g) of the Act:
CLASS A COMMON STOCK, NO PAR VALUE
(Title of Class)
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 if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [x]
The aggregate market value of the Class A common stock of Village Super Market,
Inc. held by non-affiliates was approximately $7,086,254 and the aggregate
market value of the Class B common stock held by non-affiliates was
approximately $1,061,781 (based upon the closing price of the Class A shares on
the Over the Counter Market on October 6, 1995).
Indicate the number of shares outstanding of each of the registrant's classes of
common stock, as of latest practicable date.
Outstanding at
Class October 24, 1995
Class A common stock, no par value 1,315,800 Shares
Class B common stock, no par value 1,594,076 Shares
DOCUMENTS INCORPORATED BY REFERENCE
Information contained in the 1995 Annual Report to Shareholders and the 1995
definitive Proxy Statement to be filed with the Commission and delivered to
security holders in connection with the Annual Meeting scheduled to be held on
December 8, 1995 are incorporated by reference into this Form 10-K at Part II,
Items 5, 6, 7 and 8 and Part III.
Part I
ITEM I. BUSINESS
GENERAL
The Company operates a chain of 21 ShopRite supermarkets, 15 of which are
located in northern New Jersey, 1 of which is in north-eastern Pennsylvania and
5 of which are in the southern shore area of New Jersey.
In addition, the Company operates two former ShopRite stores under a
"Village Market" format as described below. The Company's membership in
Wakefern Food Corporation ("Wakefern"), the nation's largest retailer owned food
cooperative and owner of the ShopRite name, provides the Company many of the
economies of scale in purchasing, distribution and advertising associated with
chains of greater size and geographic reach.
The Company believes that the regional nature of its business and the
continuity of its management under the leadership of its founding family have
permitted the Company to operate with greater flexibility and responsiveness to
the demographic characteristics of the communities served by its stores.
The Company seeks to generate high sales volume by offering a wide variety
of high quality products at consistently low prices. The Company attempts to
efficiently utilize its selling space, gives continuing attention to the decor
and format of its stores and tailors each store's product mix to the preferences
of the local community. The Company concentrates on development of superstores,
which, in addition to their larger size (an average of 50,000 total square feet,
including office and storage space, compared with an average of 30,000 total
square feet for conventional supermarkets), feature such higher margin specialty
service departments as an on-site bakery, an expanded delicatessen, a fresh
seafood section and, in most cases, a prescription pharmacy. Superstores also
offer an expanded selection of higher margin non-food items such as cut flowers,
health and beauty aids, greeting cards, videocassette rentals and small
appliances. Two recent superstores also include a warehouse section featuring
products in giant sizes. The following table shows the percentage of the
Company's sales allocable to various product categories during each of the
periods indicated as well as the number of the Company's superstores and
percentage of selling square feet allocable to these stores during each of these
periods:
Product Categories Fiscal Year Ended In July
1993 1994 1995
Groceries 44.2% 44.0% 44.1%
Dairy and Frozen 15.8 15.7 15.6
Meats 11.1 11.1 10.6
Non-Foods 9.2 9.2 9.5
Produce 9.4 9.3 9.6
Delicatessen 4.1 4.1 4.1
Seafood 2.0 1.9 1.9
Pharmacy 2.5 2.8 2.9
Bakery 1.6 1.6 1.6
Other .1 .3 .1
100.0% 100.0% 100.0%
Number of superstores 19 18 19
Selling square feet
represented by superstores 82% 82% 88%
Because of its increased size and broader product mix, a superstore can
satisfy a greater percentage of a customer's weekly shopping needs and, as a
result, the typical superstore generally has a higher volume of sales per square
foot and sales per customer than a conventional supermarket. In addition,
because of their greater total sales volume and increased percentage of their
sales allocable to higher margin items, superstores generally operate more
profitably than conventional supermarkets.
A variety of factors affect the profitability of each of the Company's
stores including local competitors, size, access and parking, lease terms,
management supervision, and the strength of the ShopRite trademark in the local
community. The Company continually evaluates individual stores to decide
whether they should be closed. Accordingly, the Orange, Maplewood, Kingston,
Morristown and Easton stores have been closed since December 1991. In
addition, two stores were converted to a "Village Market" format designed to
reduce costs and increase margins in lower volume locations.
The Company operates a separate liquor store adjacent to one Company
supermarket.
DEVELOPMENT AND EXPANSION
The Company is engaged in a continuing program to upgrade and expand its
supermarket chain. This program has included major store remodelings as well as
the opening or acquisition of additional stores. When remodeling, the Company
has sought, whenever possible, to increase the amount of selling space in its
stores and, where feasible within existing site limitations, to convert
conventional supermarkets to superstores. The Company completed one major
expansion and remodel in fiscal 1995. The Company has budgeted $8,000,000 for
capital expenditures in fiscal 1996. The major planned expenditures are the
expansion and remodel of the Absecon store and the beginning of the expansion of
the Livingston store.
In the last five years, the Company has added one new store and completed
five remodels. The Company's goal has been to open an average of one new
superstore and conduct a major remodel of one store each year. However, because
of delays associated with increased governmental regulations, including sewage
moratoriums and environmental cleanup regulations effecting sites and the lack
of recent activity by real estate developers, the Company has been unable to
open the desired number of new stores. Additional store remodelings and sites
for new stores are in various stages of development. The Company will also
consider additional acquisitions should appropriate opportunities arise.
WAKEFERN
The Company is the second largest member of Wakefern (owning 16.8% of
Wakefern's outstanding stock) and two of the Company's principal shareholders
were founders of Wakefern. Wakefern, which was organized in 1946, is the
nation's largest retailer-owned food cooperative. There are presently 32
individual member companies and 183 supermarkets which comprise the Wakefern
cooperative. Only Wakefern and member companies are entitled to use the
ShopRite name and trademark, purchase their product requirements and
participate in ShopRite advertising and promotional programs and its
computerized purchasing, warehousing and distribution services.
The principal benefits to the Company from its relationship with Wakefern
are the use of the ShopRite name and trademark, volume purchasing, ShopRite
private label products, distribution and warehousing on a cooperative basis, and
ShopRite advertising and promotional programs. The Company believes that the
ShopRite name is widely recognized by its customers and is a factor in those
customers' decisions about where to shop. In addition, Wakefern can purchase
large quantities and varieties of products at favorable prices which it can then
pass on to its members. These benefits are important to the Company's success.
Wakefern distributes as a "patronage dividend" to each of its stockholders
a share of the earnings of Wakefern in proportion to the dollar volume of
business done by the stockholder with Wakefern during each fiscal year.
While Wakefern has a substantial professional staff, it operates as a
member cooperative. Executives of most members make contributions of time to
the business of Wakefern. Senior executives of the Company spend a significant
amount of their time working on various Wakefern committees which oversee and
direct Wakefern purchases and other programs.
Most of the Company's advertising is developed and placed by Wakefern's
professional advertising staff. Wakefern is responsible for all television,
radio and major newspaper advertisements. Wakefern bills its members by various
formulas which distribute advertising costs in accordance with the estimated
proportional benefits to each member from such advertising. The Company also
places Wakefern developed materials with local newspapers.
Wakefern operates warehouses and distribution facilities in Elizabeth, New
Jersey; Dayton, New Jersey; Wallkill, New York; and South Brunswick, New Jersey.
Each member is obligated to purchase from Wakefern a minimum of 85% of its
requirements for products offered by Wakefern until ten years from the date that
stockholders representing 75% of Wakefern sales notify Wakefern that those
stockholders request the Wakefern Stockholder Agreement be terminated. If this
purchase obligation is not met, the member is required to pay Wakefern's profit
contribution shortfall attributable to this failure. This agreement also makes
unapproved changes in control of the Company and sale of the Company or of
individual Company stores, except to a qualified successor, financially
prohibitive by requiring the Company in such cases to pay Wakefern the profit
contribution shortfall attributable to the sale of store or change in control.
Such payments were waived by Wakefern in connection with the sale of the Orange,
Maplewood, Kingston and Morristown stores. A "qualified successor" must be or
agree to become a member of Wakefern and may not own or operate any supermarkets
other than ShopRite supermarkets, in the states of New York, New Jersey,
Pennsylvania, Delaware, Maryland, Virginia, Connecticut, Massachusetts, Rhode
Island, Vermont, New Hampshire, Maine or the District of Columbia or own or
operate more than 25 non-ShopRite supermarkets in any other locations in the
United States.
Wakefern, under circumstances specified in its bylaws, may refuse to sell
merchandise to, and may repurchase the Wakefern stock of, any member. Such
circumstances include certain unapproved transfers by a member of its
supermarket business or its capital stock in Wakefern, unapproved acquisition
by a member of certain supermarket or grocery wholesale supply businesses,
the material breach by a member of any provision of the bylaws of Wakefern or
any agreement with Wakefern or a determination by Wakefern that the continued
supplying of merchandise or services to such member would adversely affect
Wakefern.
Any material change in Wakefern's method of operation or a termination or
material modification of the Company's relationship with Wakefern following
expiration of the above agreements or otherwise (none of which are contemplated
or considered likely) might have an adverse impact on the conduct of the
Company's business and could involve additional expense for the Company. The
failure of any Wakefern member to fulfill its obligations under these agreements
or a member's insolvency or withdrawal from Wakefern could result in increased
costs to remaining members.
Wakefern owns and operates 22 supermarkets. The Company believes that
Wakefern may consider purchasing additional stores in the future from non-
members and from existing members who may desire to sell their stores for
financial, estate planning or other reasons. The Company also understands that
Wakefern may consider opening and operating new ShopRite supermarkets as well.
Wakefern does not prescribe geographical franchise areas to its members.
The specific locations at which the Company, other members of Wakefern or
Wakefern itself may open new units under the ShopRite name are, however,
subject to the approval of Wakefern's Site Development Committee. This
committee is composed of persons who are not employees or members of Wakefern
and from whose decision to deny a site application may be appealed to the
Wakefern Board of Directors. Wakefern assists its members in their site
selection by providing appropriate demographic data, volume projections and
projections of the impact of the proposed market on existing member supermarkets
in the area.
Each member's Wakefern stock (including the Company's) is pledged to
Wakefern to secure all of that member's obligations to Wakefern. Moreover,
every owner of 5% or more of the voting stock of a member (including five
members of the Sumas family) must personally guarantee prompt payment of all
amounts due Wakefern from that member. Wakefern does not own any securities
of the Company or its subsidiaries.
Each of Wakefern's members is required to make capital contributions to
Wakefern based on the number of stores operated by that member (and to a limited
extent the sales volume generated by those stores). As additional stores are
opened or acquired by a member (including the Company), additional capital must
be contributed by it to Wakefern. On occasion, as its business needs have
required, Wakefern has increased the per-store capital contributions required of
its members. Wakefern has in the past permitted these increases in required
capital to be paid in installments over a period of time. The Company is
required to invest approximately $820,000 over approximately the next three
years.
TECHNOLOGY
The Company considers automation and computerization important to its
operations and competitive position. All stores have scanning checkout systems
that improve pricing accuracy, enhance productivity and reduce checkout time for
customers. Over the last several years, the company installed IBM RS/6000
computers and satellite communications in each store. Using the RS/6000 system,
the Company offers customers debit and credit card payment options in all
stores. In addition, the Company is utilizing a computer generated ordering
system in twenty stores, which is designed to reduce inventory levels and out
of stock conditions, enhance shelf space utilization, and reduce labor costs.
The Company's commitment to advanced scanning systems has enabled it to
participate in Price Plus, ShopRite's preferred customer program. Customers
receive electronic discounts by presenting a scannable Price Plus card. In
addition, the Company began using Clip Less coupons in 1994. Customers need
only present their Price Plus card to receive the value of our in-ad coupons.
Also, target marketing programs using this technology are presently being
developed. The Company has converted our customers separate Price Plus and
check cashing cards to a single universal card. In addition to customer
convenience, the new card provides the Company with improved ability to limit
the acceptance of bad checks.
The Company utilizes a direct store delivery system, consisting of personal
computers and hand held scanners, for most items not purchased through Wakefern
in order to provide equivalent cost and retail price control over these
products. In addition, certain in-store department records are computerized,
including the records of all pharmacy departments. In certain stores, meat,
seafood and delicatessen prices are maintained on computer for automatic
weighing and pricing. Furthermore, all stores have computerized time and
attendance systems and most also have computerized energy management systems.
The Company seeks to design its stores to use energy efficiently, including
recycling waste heat generated by refrigeration equipment for heating and other
purposes.
COMPETITION
The supermarket business is highly competitive. Industry profit margins
are narrow, consequently earnings are dependent on high sales volume and
operating efficiency. The Company is in direct competition with national,
regional and local chains as well as independent supermarkets, warehouse clubs,
drug stores, discount department stores and convenience stores. The principal
methods of competition utilized by the Company are low pricing, courteous, quick
service to the customer, quality products and consistent availability of a wide
variety of merchandise including the ShopRite private label. The Company
believes its regional focus and the continuity of its management by the Sumas
family permit it to operate with greater flexibility in tailoring the products
offered in each store to the demographics of the communities they serve as
compared to national and larger regional chains. The Company's principal
competitors are Pathmark, A & P, Foodtown, King's, Grand Union and Acme. Many
of the Company's competitors have financial resources substantially greater
than those of the Company.
LABOR
As of October 6, 1995, the Company employed approximately 3,750 persons,
of whom approximately 2,400 worked part-time. Approximately 86% of the
Company's employees are covered by collective bargaining agreements. The
Company was affected by a labor dispute with its largest union in fiscal 1993
which was settled with a new four year contract. A contract with one union
expires in fiscal 1996. Most of the Company's competitors in New Jersey are
similarly unionized.
REGULATORY ENVIRONMENT
While the Company must secure a variety of health and food distribution
permits for the conduct of its business, it does not believe that such
regulation is material to its operations. The Company's pharmacy departments
are subject to state regulation and licensed pharmacists must be on duty at
all times. The Company's liquor operation is also subject to regulation by
state and municipal administrative authorities. The Company does not
presently anticipate expanding its liquor operations. Compliance with
statutes regulating the discharge of materials into the environment is not
expected to have a material effect on capital expenditures, earnings and
competitive position in fiscal 1996 and 1997.
ITEM 2. PROPERTIES
The Company owns the sites of five of its supermarkets (containing
304,000 square feet of total space), all of which are free-standing stores,
except the Egg Harbor store, which is part of a shopping center. The Company
also owns the site of the former Easton and Maplewood stores. The Maplewood
property is under contract for sale to the current tenant and the Easton store
is currently being marketed. The remaining eighteen supermarkets (containing
800,000 square feet of total space) are leased, with initial lease terms
generally ranging from 20 to 30 years, usually with renewal options. Eleven
of these leased stores are located in strip shopping centers and the remaining
seven are free-standing stores. Except with respect to one lease between the
Company and certain related parties, none of the Company's leases expire
before 1997. The annual rent, including capitalized leases, for all of the
Company's leased facilities for the year ended July 29, 1995 was approximately
$5,700,000. The Company is a limited partner in two partnerships, each of
which owns a shopping center in which one of the Company's leased supermarkets
is located. The Company also is a general partner in a general partnership
that is a lessor of one of the Company's free-standing supermarkets.
ITEM 3. LEGAL PROCEEDINGS
No material legal proceedings.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matters submitted to shareholders in the fourth quarter.
ITEM X. EXECUTIVE OFFICERS OF THE REGISTRANT
In addition to the information regarding directors incorporated by
reference to the Company's definitive Proxy Statement in Part III, Item 10,
the following is provided with respect to executive officers who are
directors:
NAME AGE POSITION WITH THE COMPANY
Carol Lawton 52 Vice President and Assistant Secretary since
1983; responsible for administration of
headquarters staff.
Frank Sauro 37 General Counsel since April 1988.
Mr. Sauro is a member of the New Jersey Bar.
Kevin Begley 37 Chief Financial Officer since December 1988.
Mr. Begley is a Certified Public Accountant.
PART II
ITEM 5. MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED
SECURITY HOLDER MATTERS
The information required by this Item is incorporated by
reference from Information appearing on Page 16 in the Company's
Annual Report to Shareholders for the fiscal year ended July 29,
1995.
ITEM 6. SELECTED FINANCIAL DATA
The information required by this Item is incorporated by
reference from Information appearing on Page 1 in the Company's
Annual Report to Shareholders for the fiscal year ended July 29,
1995.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
The information required by this Item is incorporated by
reference from Information appearing on Pages 4 and 5 in the
Company's Annual Report to Shareholders for the fiscal year ended
July 29, 1995.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The information required by this Item is incorporated by
reference from Information appearing on Page 1 and Pages 6 to 16
in the Company's Annual Report to Shareholders for the fiscal
year ended July 29, 1995.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE
None.
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
The information required by this Item 10 is incorporated by
reference from the Company's definitive Proxy Statement to be
filed on or before November 3, 1995, in connection with its
Annual Meeting scheduled to be held on December 8, 1995.
ITEM 11. EXECUTIVE COMPENSATION
The information required by this Item 11 is incorporated by
reference from the Company's definitive Proxy Statement to be
filed on or before November 3, 1995, in connection with its
Annual Meeting scheduled to be held on December 8, 1995.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT
The information required by this Item 12 is incorporated by
reference from the Company's definitive Proxy Statement to be
filed on or before November 3, 1995, in connection with its
annual meeting scheduled to be held on December 8, 1995.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
The information required by this Item 13 is incorporated by
reference from the Company's definitive Proxy Statement to be
filed on or before November 3, 1995, in connection with its
annual meeting scheduled to be held on December 8, 1995.
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS
ON FORM 8-K
(a) 1. Financial Statements
Consolidated Balance Sheets - July 29, 1995 and July 30, 1994
Consolidated Statements of Operations - years ended
July 29, 1995; July 30, 1994 and July 31, 1993
Consolidated Statements of Shareholders' Equity - years ended
July 29, 1995; July 30, 1994 and July 31, 1993
Consolidated Statements of Cash Flows - years ended
July 29, 1995; July 30, 1994 and July 31, 1993
Notes to consolidated financial statements
The financial statements above and Independent Auditors'
Report have been incorporated by reference from the
Company's Annual Report to Shareholders for the fiscal
year ended July 29, 1995.
2. Financial Statement Schedules
Independent Auditors' Report on Schedules
Schedule V - Property, Equipment and Fixtures
Schedule VI - Accumulated depreciation and
amortization of property, equipment and fixtures
All other schedules are omitted because they are not
applicable, or not required, or because the required
information is included in the consolidated financial
statements or notes thereto.
3. Exhibits
EXHIBIT INDEX
Exhibit No. 3 - Certificate of Incorporation and By-Laws *
Exhibit No. 4 - Instruments defining the rights of security
holders;
4.1 Note Purchase Agreement dated August 20, 1987 *
4.2 Loan Agreement dated March 29, 1994*
4.3 Amendment No. 1 to Loan Agreement*
Exhibit No. 10 - Material Contracts:
10.1 Wakefern By-Laws *
10.2 Stockholders Agreement dated February 20, 1992
between the Company and Wakefern Food Corp. *
10.3 Voting Agreement dated March 4, 1987 *
10.4 1987 Incentive and Nonstatutory Stock Option Plan*
Exhibit No. 13 - Annual Report to Security Holders
Exhibit No. 22 - Subsidiaries of Registrant
Exhibit No. 23 - Consent of KPMG Peat Marwick LLP
Exhibit No. 27 - Article 5 Financial Data Schedule
Exhibit No. 28 a - Press release dated October 3, 1995
Exhibit No. 28 b - Third Quarter Report to Shareholders
* The following exhibits are incorporated by reference from the
following previous filings:
Form 10-K for 1994: 4.3
Form 10-K for 1993: 3, 4.1, 10.1, 10.2, 10.3 and 10.4
Form 10-Q for April 23, 1994: 4.2
(b) No reports on Form 8-K were filed during the fourth quarter
of fiscal 1995.
Independent Auditors' Report on
Financial Statement Schedules
The Board of Directors
Village Super Market, Inc.:
Under date of September 29, 1995, we reported on the
consolidated balance sheets of Village Super Market, Inc. as of
July 29, 1995 and July 30, 1994, and the related consolidated
statements of operations, shareholders' equity, and cash flows
for each of the years in the three-year period ended July 29,
1995 as contained in the 1995 annual report to shareholders.
These consolidated financial statements and our report thereon
are incorporated by reference in the annual report on Form 10-K
for the year 1995. In connection with our audits of the
aforementioned consolidated financial statements, we also have
audited the related financial statement schedules as listed in
the accompanying index. These financial statement schedules are
the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial
statement schedules based on our audits.
In our opinion, such financial statement schedules, when considered in
relation to the basic consolidated financial statements taken as
a whole, present fairly, in all material respects, the
information set forth therein.
KPMG Peat Marwick LLP
Short Hills, New Jersey
September 29, 1995
VILLAGE SUPER MARKET, INC. AND SUBSIDARIES
SCHEDULE V - PROPERTY, EQUIPMENT AND FIXTURES
Col. A Col. B Col C. Col. D Col. E
Balance at Balance
Beginning Additions at end
Classification of Period at Cost Retirements of Period
Fifty-two weeks ended
July 29, 1995
Land $ 8,028,028 $ -- $ -- $ 8,028,028
Buildings 34,337,623 578,142 38,128 34,877,637
Store fixtures &
equipment 56,895,598 2,503,258 2,228,480 57,170,376
Leasehold
improvements 13,185,705 2,443,054 -- 15,628,759
Leased property
under capital
leases 13,700,599 -- -- 13,700,599
Vehicles 852,096 109,333 180,504 780,925
Construction in
progress 730,496 954,569 -- 1,685,065
$127,730,145 $6,588,356 $2,447,112 $131,871,389
Fifty-two weeks ended
July 30, 1994
Land $ 7,928,028 $ 100,000 $ -- $ 8,028,028
Buildings 34,000,548 337,075 -- 34,337,623
Store fixtures &
equipment 55,024,926 2,978,566 1,107,894 56,895,598
Leasehold
improvements 11,246,225 1,956,927 17,447 13,185,705
Leased property
under capital
leases 15,182,532 -- 1,481,933 13,700,599
Vehicles 883,644 101,910 133,458 852,096
Construction in
progress 231,160 499,336 -- 730,496
$124,497,063 $5,973,814 $2,740,732 $127,730,145
Fifty-three weeks
ended
July 31, 1993
Land $ 7,878,028 $ 50,000 $ -- $ 7,928,028
Buildings 33,899,911 100,637 -- 34,000,548
Store fixtures &
equipment 56,248,734 1,323,522 2,547,330 55,024,926
Leasehold
improvements 11,355,257 146,436 255,468 11,246,225
Leased property
under capital
leases 15,182,532 -- -- 15,182,532
Vehicles 905,669 125,003 147,028 883,644
Construction in
progress -- 231,160 -- 231,160
$125,470,131 $1,976,758 $2,949,826 $124,497,063
SCHEDULE VI - ACCUMULATED DEPRECIATION AND
AMORTIZATION OF PROPERTY, EQUIPMENT AND FIXTURES
Col. A Col. B Col. C Col. D Col. E
Balance at Balance
Beginning at end
Classification of Period Additions Retirements of Period
Fifty-two weeks
ended
July 29, 1995
Buildings $ 6,904,784 $1,174,734 $ 38,128 $ 8,041,390
Store fixtures &
equipment 34,520,815 5,163,170 2,228,480 37,455,505
Leasehold
improvements 7,454,626 1,104,048 -- 8,558,674
Leased property
under capital
leases 6,778,475 526,612 -- 7,305,087
Vehicles 657,527 112,831 175,753 594,605
$56,316,227 $8,081,395 $2,442,361 $61,955,261
Fifty-two weeks
ended
July 30, 1994
Buildings $ 5,733,858 $1,170,926 $ -- $ 6,904,784
Store fixtures &
equipment 30,136,690 5,354,389 970,264 34,520,815
Leasehold
improvements 6,404,256 1,062,824 12,454 7,454,626
Leased property
under capital
leases 7,419,259 544,758 1,185,542 6,778,475
Vehicles 672,133 116,041 130,647 657,527
$50,366,196 $8,248,938 $2,298,907 $56,316,227
Fifty-three weeks
ended
July 31, 1993
Buildings $ 4,558,724 $1,175,134 $ -- $ 5,733,858
Store fixtures &
equipment 26,876,142 5,277,908 2,017,360 30,136,690
Leasehold
improvements 5,682,811 975,136 253,691 6,404,256
Leased property
under capital
leases 6,820,063 599,196 -- 7,419,259
Vehicles 658,907 153,866 140,640 672,133
$44,596,647 $8,181,240 $2,411,691 $50,366,196
SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) 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.
By: /S/ Kevin Begley By: /S/ Perry Sumas
Kevin Begley Perry Sumas
(Chief Financial & (Chief Executive Officer)
Principal Accounting Officer)
Date: October 25, 1995
Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons on
behalf of the Registrant and in the capacities and on dates indicated:
/S/ Perry Sumas /S/ James Sumas
Perry Sumas, October 25, 1995 James Sumas, October 25, 1995
(Director) (Director)
/S/ Robert Sumas /S/ William Sumas
Robert Sumas, October 25, 1995 William Sumas, October, 25, 1995
(Director) (Director)
/S/ John P. Sumas /S/ John J. McDermott
John P. Sumas, October 25, 1995 John McDermott, October 25, 1995
(Director) (Director)
/S/ George Andresakes /S/ Norman Crystal
George Andresakes, October 25, 1995 Norman Crystal, October 25, 1995
(Director) (Director)
SUBSIDIARIES OF REGISTRANT
The Company currently has one wholly-owned subsidiary, Village
Liquor, Inc. This corporation is organized under the laws of the
State of New Jersey. The Financial statements of this subsidiary are
included in the Company's consolidated financial statements.
Independent Auditors' Consent
The Board of Directors
Village Super Market, Inc.:
We consent to incorporation by reference in the Registration Statement
(No. 2-86320) on Form S-8 of Village Super Market, Inc. of our reports
dated September 29, 1995, relating to the consolidated balance sheets
of Village Super Market, Inc. and subsidiaries as of July 29, 1995 and
July 30, 1994, and the related consolidated statements of operations,
shareholders' equity, and cash flows and related schedules for each of
the years in the three year period ended July 29, 1995, which reports
appear in or are incorporated by reference in the July 29, 1995 annual
report on Form 10-K of Village Super Market, Inc.
Our report refers to a change in the method of accounting for income
taxes.
KPMG Peat Marwick LLP
Short Hills, New Jersey
October 27, 1995