Exhibit 99.1



VILLAGE SUPER MARKET, INC.
REPORTS RESULTS FOR THE FOURTH QUARTER ENDED
JULY 27, 2019
Contact:
John Van Orden, CFO
 
(973) 467-2200
 
villageinvestorrelations@wakefern.com
Springfield, New Jersey – October 3, 2019 – Village Super Market, Inc. (NSD-VLGEA) today reported its results of operations for the fourth quarter ended July 27, 2019.
Net income was $6,729,000 in the fourth quarter of fiscal 2019 compared to $6,011,000 in the fourth quarter of fiscal 2018. The fourth quarter of fiscal 2019 includes a tax benefit of $777,000 related to the favorable settlement of a tax audit with the New Jersey Division of Taxation. Fiscal 2018 includes an $822,000 (net of tax) non-recurring credit accrued related to multi-employer pension benefits, $671,000 (net of tax) in non-recurring assessments from Wakefern and $551,000 (net of tax) in pre-opening costs related to the Bronx, New York City store. Excluding these items from both periods, net income decreased 7% in fiscal 2019 compared to the prior year primarily due to increased operating and administrative expenses partially offset by the favorable impact of the Tax Act.

Sales were $418,366,000 in the fourth quarter of fiscal 2019 compared to $413,999,000 in the fourth quarter of fiscal 2018. Sales increased due to the opening of the Bronx, New York City store on June 28, 2018 and the acquisition of Gourmet Garage on June 24, 2019 partially offset by a decrease in same store sales of 0.9%. Same store sales decreased due primarily to three competitor store openings. Village acquired the assets and certain liabilities of Gourmet Garage for $5,267,000. Gourmet Garage operates three small format specialty markets in Manhattan, New York City. New stores and replacement stores are included in same store sales in the quarter after the store has been in operation for four full quarters.  Store renovations and expansions are included in same store sales immediately.
 
Gross profit as a percentage of sales increased to 27.79% in the fourth quarter of fiscal 2019 compared to 27.76% in the fourth quarter of fiscal 2018. Gross profit increased due primarily to increased patronage dividends and other rebates from Wakefern (.06%), lower promotional spending (.06%), more favorable product mix (.05%) partially offset by decreased departmental gross margin percentages (.14%).

Operating and administrative expense as a percentage of sales increased to 24.16% in the fourth quarter of fiscal 2019 compared to 24.01% in the fourth quarter of fiscal 2018. The fourth quarter of fiscal 2018 included non-recurring assessments from Wakefern (.24%), pre-opening costs related to the Bronx, NY store (.20%) and credits received related to multi-employer pension benefits (.30%). Excluding these items, operating and administrative expense as a percentage of sales increased .29% in the fourth quarter of fiscal 2019 compared to the fourth quarter of fiscal 2018 due primarily to increased payroll costs (.43%) and higher self-insured workers compensation claim costs (.22%) partially offset by decreased legal and consulting fees (.26%) and lower non-union pension expense (.18%). Payroll costs increased due primarily to reduced operating leverage as a result of the decrease in same store sales, increased investments in training, operational proficiency and other strategic initiatives.
Net income was $25,539,000 in fiscal 2019 compared to $25,080,000 in fiscal 2018.  Fiscal 2019 includes a $290,000 (net of tax) gain for Superstorm Sandy insurance proceeds received and a tax benefit of $777,000 related to the favorable settlement of a tax audit with the New Jersey Division of Taxation. Fiscal 2018 includes a $3,300,000 reduction in deferred tax expense as a result of the Tax Act, an $822,000 (net of tax) non-recurring credit accrued related to multi-employer pension benefits, $877,000 (net of tax) in non-recurring assessments from Wakefern and $695,000 (net of tax) in pre-opening costs related to the Bronx, New York City store. Excluding these items from both periods, net income increased 9% in fiscal 2019 compared to the prior year primarily due to higher gross profit margins and the favorable impact of the Tax Act.

Sales were $1,643,502,000 in fiscal 2019 compared to $1,615,045,000 in fiscal 2018. Sales increased due to the opening of the Bronx, New York City store on June 28, 2018 and the acquisition of Gourmet Garage on June 24, 2019 partially offset by a same store sales decrease of 0.5%. Same store sales decreased due primarily to the impact of three competitor store openings partially offset by continued sales growth in recently replaced and remodeled stores. New stores and replacement stores are included in same store sales in the quarter after the store has been in operation for four full quarters.  Store renovations and expansions are included in same store sales immediately.

Gross profit as a percentage of sales of 27.79% in fiscal 2019 increased .36% compared to fiscal 2018. Gross profit increased due primarily to increased patronage dividends and other rebates from Wakefern (.11%), lower promotional spending (.10%), more favorable product mix (.06%) and increased departmental gross margin percentages (.09%).



The following information was filed by Village Super Market Inc (VLGEA) on Monday, October 7, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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