# VILLAGE SUPER MARKET INC (VLGEA)

Informational only - not investment advice.

CIK: 0000103595
SIC: 5411 Retail-Grocery Stores
SIC breadcrumb: [Retail Trade](/division/G/) > [SIC Major Group 54](/major-group/54/) > [SIC 5411 Retail-Grocery Stores](/industry/5411/)
Latest 10-K filed: 2025-10-09
SEC page: https://www.sec.gov/edgar/browse/?CIK=103595
Filing source: https://www.sec.gov/Archives/edgar/data/103595/000010359525000015/vlgea-20250726.htm

## At a glance

FY2025 · period end 2025-07-26 · filed 2025-10-09 · accession 0000103595-25-000015 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000103595.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 2,320,690,000 USD | 2025 | verified |
| Net income | 56,380,000 USD | 2025 | verified |
| Assets | 1,003,711,000 USD | 2025 | verified |
| Free cash flow | 34,457,000 USD | 2025 | computed |
| Net margin | 2.43% | 2025 | computed |
| Operating margin | 3.11% | 2025 | computed |
| Revenue YoY | +3.76% | 2025 | computed |
| ROE | 11.46% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | VLGEA | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 2.4% | 1.7% | 71 | 8 |
| Operating margin | 3.1% | 2.2% | 71 | 8 |
| Revenue growth | 3.8% | 3.6% | 57 | 8 |
| FCF margin | 1.5% | 1.1% | 57 | 8 |
| ROE | 11.5% | 11.6% | 43 | 8 |
| ROA | 5.6% | 3.9% | 71 | 8 |
| Liabilities / equity | 1.04 | 2.05 | 29 | 8 |
| Current ratio | 1.13 | 1.10 | 57 | 8 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 5411 Retail-Grocery Stores, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 2320690000 | USD | 2025 | 2025-10-09 |
| Net income | 56380000 | USD | 2025 | 2025-10-09 |
| Assets | 1003711000 | USD | 2025 | 2025-10-09 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-10-09. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000103595.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  | 1,615,045,000 | 1,643,502,000 | 1,804,594,000 | 2,030,330,000 | 2,061,084,000 | 2,166,654,000 | 2,236,566,000 | 2,320,690,000 |
| Net income | 25,044,000 | 22,921,000 | 25,080,000 | 25,539,000 | 24,939,000 | 19,994,000 | 26,830,000 | 49,716,000 | 50,462,000 | 56,380,000 |
| Operating income | 44,328,000 | 40,734,000 | 33,453,000 | 34,676,000 | 30,284,000 | 29,163,000 | 38,948,000 | 65,546,000 | 62,053,000 | 72,068,000 |
| Gross profit | 445,030,000 | 436,711,000 | 443,029,000 | 456,716,000 | 506,475,000 | 565,044,000 | 579,667,000 | 616,450,000 | 641,975,000 | 662,966,000 |
| Operating cash flow | 64,101,000 | 46,153,000 | 58,884,000 | 55,788,000 | 83,948,000 | 52,692,000 | 79,625,000 | 104,513,000 | 80,849,000 | 93,222,000 |
| Capital expenditures | 19,971,000 | 27,726,000 | 35,464,000 | 27,988,000 | 54,495,000 | 25,233,000 | 43,270,000 | 46,400,000 | 63,113,000 | 58,765,000 |
| Dividends paid | 12,634,000 | 12,788,000 | 12,878,000 | 12,890,000 | 12,965,000 | 13,050,000 | 13,041,000 | 13,193,000 | 13,341,000 | 13,308,000 |
| Share buybacks | 978,000 | 4,081,000 | 632,000 | 1,070,000 | 4,389,000 | 0.00 | 649,000 | 3,739,000 | 2,211,000 | 0.00 |
| Assets | 450,254,000 | 455,225,000 | 481,590,000 | 502,289,000 | 915,546,000 | 889,004,000 | 924,448,000 | 967,706,000 | 981,664,000 | 1,003,711,000 |
| Stockholders' equity | 271,735,000 | 286,820,000 | 303,145,000 | 318,672,000 | 332,320,000 | 341,473,000 | 372,109,000 | 410,166,000 | 447,559,000 | 491,964,000 |
| Cash and cash equivalents | 88,379,000 | 87,435,000 | 96,108,000 | 101,121,000 | 111,681,000 | 116,314,000 | 134,832,000 | 140,910,000 | 117,261,000 | 110,699,000 |
| Free cash flow | 44,130,000 | 18,427,000 | 23,420,000 | 27,800,000 | 29,453,000 | 27,459,000 | 36,355,000 | 58,113,000 | 17,736,000 | 34,457,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  | 1.55% | 1.55% | 1.38% | 0.98% | 1.30% | 2.29% | 2.26% | 2.43% |
| Operating margin |  |  | 2.07% | 2.11% | 1.68% | 1.44% | 1.89% | 3.03% | 2.77% | 3.11% |
| Return on equity | 9.22% | 7.99% | 8.27% | 8.01% | 7.50% | 5.86% | 7.21% | 12.12% | 11.27% | 11.46% |
| Return on assets | 5.56% | 5.04% | 5.21% | 5.08% | 2.72% | 2.25% | 2.90% | 5.14% | 5.14% | 5.62% |
| Liabilities / equity | 0.66 | 0.59 | 0.59 | 0.58 | 1.76 | 1.60 | 1.48 | 1.36 | 1.19 | 1.04 |
| Current ratio | 1.61 | 1.89 | 1.88 | 1.50 | 1.21 | 1.29 | 1.50 | 1.38 | 1.15 | 1.13 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-06-03. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000103595.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2023-Q4 | 2023-07-29 | 553,806,000 | 15,294,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2023-10-28 | 536,354,000 | 11,585,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-01-27 | 575,579,000 | 14,480,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-04-27 | 546,396,000 | 8,966,000 |  | reported discrete quarter |
| 2024-Q4 | 2024-07-27 | 578,237,000 | 15,432,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-10-26 | 557,697,000 | 12,803,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-01-25 | 599,651,000 | 16,896,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-04-26 | 563,669,000 | 11,161,000 |  | reported discrete quarter |
| 2025-Q4 | 2025-07-26 | 599,674,000 | 15,522,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-10-25 | 582,593,000 | 12,002,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-01-24 | 640,959,000 | 17,872,000 |  | reported discrete quarter |
| 2026-Q3 | 2026-04-25 | 572,587,000 | 8,964,000 |  | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/103595/000010359526000010/vlgea-20260425.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-06-03
Report date: 2026-04-25

ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Dollars in Thousands)

OVERVIEW

Village Super Market, Inc. (the "Company" or "Village") was founded in 1937. Village operates a chain of 34 supermarkets in New Jersey (26), New York (6), Maryland (1) and Pennsylvania (1) under the ShopRite and Fairway banners and three Gourmet Garage specialty markets in New York City. Village is the second largest member of Wakefern Food Corporation ("Wakefern"), the nation's largest retailer-owned food cooperative and owner of the ShopRite, Fairway and Gourmet Garage names. As further described in the Company's Form 10-K, this ownership interest in Wakefern provides Village with many of the economies of scale in purchasing, distribution, advanced retail technology, marketing and advertising associated with chains of greater size and geographic coverage.

The supermarket industry is highly competitive and characterized by narrow profit margins. The Company competes directly with multiple retail formats, both in-store and online, including national, regional and local supermarket chains, as well as warehouse clubs, supercenters, drug stores, discount general merchandise stores, fast food chains, restaurants, dollar stores and convenience stores. The Company competes by providing a superior customer service experience, competitive pricing and a broad range of consistently available quality products. The ShopRite Price Plus and Fairway Insider customer loyalty programs enable Village to offer continuity programs, focus on target marketing initiatives and to offer discounts and attach digital coupons directly to a customer's loyalty card.

Online grocery ordering for in-store pick up or home delivery is available in all of our ShopRite stores through either shoprite.com, the ShopRite app or through third party service providers. Online ordering for home delivery is available in all Fairway stores through fairwaymarket.com, the Fairway app or through third party service providers. Online ordering for home delivery is available in all Gourmet Garage stores through gourmetgarage.com, the Gourmet Garage app or through third party service providers. Additionally, the ShopRite and Fairway Order Express apps enable customers to pre-order deli, catering, specialty occasion cakes and other items.

To promote production efficiency, product quality and consistency, the Company operates a centralized commissary supplying certain products in deli, bakery, prepared foods and other perishable product categories to all stores.

The Company's stores, nine of which are owned, average 57,000 total square feet. These larger store sizes enable the Company to offer a wide variety of national branded and locally sourced food products, including grocery, meat, produce, dairy, deli, seafood, prepared foods, bakery and frozen foods, as well as non-food product offerings, including health and beauty care, general merchandise, liquor and 21 in-store pharmacies. Most product departments include high-quality, competitively priced own-brand offerings under the Wholesome Pantry, Bowl & Basket, Paperbird, Fairway and Gourmet Garage brands. Our Fairway Markets offer a one-stop destination shopping experience with an emphasis on fresh, unique, and high quality offerings paired with an expansive variety of natural, organic, specialty and gourmet products. Our Gourmet Garage specialty markets offer organic produce, signature soups and prepared foods, high-quality meat and seafood, charcuterie and gourmet cheeses, artisan baked bread and pastries, chef-prepared meals to go and pantry staples.

The Company has an ongoing program to evaluate, upgrade and expand its supermarket chain. This program has included store remodels, as well as the opening or acquisition of additional stores. When remodeling, Village has sought, whenever possible, to increase the amount of selling space in its stores.

On April 9, 2025, we opened a 72,000 square foot replacement ShopRite store in Watchung, NJ, that replaced an existing 44,000 square foot store.

We consider a variety of indicators to evaluate our performance, such as same store sales; percentage of total sales by department (mix); shrink; departmental gross profit percentage; sales per labor hour; units per labor hour; and hourly labor rates.

14

NON-GAAP MEASURES

The accompanying Consolidated Financial Statements, including the related notes, are presented in accordance with generally accepted accounting principles ("GAAP"). We provide non-GAAP measures, including Adjusted net income and Adjusted operating and administrative expenses as management believes these supplemental measures are useful to investors and analysts. These non-GAAP financial measures should not be reviewed in isolation or considered as a substitute for our financial results as reported in accordance with GAAP, nor as an alternative to net income, operating and administrative expense or any other GAAP measure of performance. We believe Adjusted net income and Adjusted operating and administrative expense are useful to investors because they provide supplemental measures that exclude the financial impact of certain items that affect period-to-period comparability. Management and the Board of Directors use these measures as they provide greater transparency in assessing ongoing operating performance on a period-to-period basis. Other companies may have different definitions of Non-GAAP Measures and provide for different adjustments, and comparability to the Company's results of operations may be impacted by such differences. The Company's presentation of Non-GAAP Measures should not be construed as an implication that its future results will be unaffected by unusual or non-recurring items.

The following tables reconciles Net income to Adjusted net income and Operating and administrative expenses to Adjusted operating and administrative expenses:

[[GREPCENT_TABLE]]
[["","","","39 Weeks Ended"],["","","","","","April 25, 2026","","April 26, 2025"],["Net Income","","","","","$","38,839","","$","40,858"],["Adjustments to Operating and Administrative Expenses:"],["Pension settlement charge (1)","","","","","338","","\u2014"],["Adjustments to Income Taxes:"],["Tax impact of special items","","","","","(105)","","\u2014"],["Adjusted net income","","","","","$","39,072","","$","40,858"],["Operating and administrative expenses","","","","","$","433,103","","$","416,457"],["Adjustments to operating and administrative expenses","","","","","(338)","","\u2014"],["Adjusted operating and administrative expenses","","","","","$","432,765","","$","416,457"],["Adjusted operating and administrative expenses as a % of sales","","","","","24.09%","","24.20%"]]
[[/GREPCENT_TABLE]]

(1)Fiscal 2026 pension settlement charges relate to the termination of a company-sponsored plan.

15

RESULTS OF OPERATIONS

The following table sets forth the major components of the Consolidated Statements of Operations as a percentage of sales:

[[GREPCENT_TABLE]]
[["","13 Weeks Ended","","39 Weeks Ended"],["","April 25, 2026","","April 26, 2025","","April 25, 2026","","April 26, 2025"],["Sales","100.00%","","100.00%","","100.00%","","100.00%"],["Cost of sales","71.92%","","71.23%","","71.85%","","71.29%"],["Gross profit","28.08%","","28.77%","","28.15%","","28.71%"],["Operating and administrative expense","25.11%","","24.78%","","24.11%","","24.20%"],["Depreciation and amortization expense","1.50%","","1.56%","","1.43%","","1.49%"],["Operating income","1.47%","","2.43%","","2.61%","","3.02%"],["Interest expense","0.15%","","0.16%","","0.14%","","0.17%"],["Interest income","(0.55%)","","(0.58%)","","(0.53%)","","(0.59%)"],["Income before income taxes","1.87%","","2.85%","","3.00%","","3.44%"],["Income taxes","0.30%","","0.87%","","0.84%","","1.07%"],["Net income","1.57%","","1.98%","","2.16%","","2.37%"]]
[[/GREPCENT_TABLE]]

Sales.  Sales were $572,587 in the 13 weeks ended April 25, 2026, an increase of 1.6% compared to the 13 weeks ended April 26, 2025. Sales increased due primarily to the opening of the Watchung, NJ replacement store on April 9, 2025, partially offset by a decline in same store sales of 0.2%. Same store sales were negatively impacted by Winter Storm Fern, which resulted in store closures at the start of the third quarter, as well as a shift in demand into the final week of the second quarter as customers prepared for the storm. Excluding the estimated impact of Winter Storm Fern on the first week of the quarter, same store sales increased 1.3% in the 13 weeks ended April 25, 2026 compared to the 13 weeks ended April 26, 2025.

Same store sales were also negatively impacted by deflation in egg pricing and cannibalization of existing stores from the Watchung replacement store opening, partially offset by digital sales growth, continued growth in recently replaced or remodeled stores and higher sales in fresh departments. Pharmacy sales positively impacted same store sales despite lower pricing resulting from the Inflation Reduction Act. New stores, replacement stores and stores with banner changes 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.

Sales were $1,796,139 in the 39 weeks ended April 25, 2026, an increase of 4.4% compared to the 39 weeks ended April 26, 2025. Sales increased due primarily to same store sales growth of 2.4% and the opening of the Watchung, NJ replacement store on April 9, 2025. Same store digital sales reflected continued growth in recently replaced or remodeled stores and higher fresh and pharmacy sales, partially offset by deflation in egg pricing and cannibalization of existing stores from the Watchung replacement store opening.

Gross Profit.  Gross profit as a percentage of sales decreased .69% in the 13 weeks ended April 25, 2026 compared to the 13 weeks ended April 26, 2025 due primarily to lower patronage dividends and other rebates received from Wakefern (.56%), increased warehouse assessment charges from Wakefern (.09%), an unfavorable change in product mix (.08%) and increased promotional spending (.05%), partially offset by increased departmental gross margin percentages (.08%).

Gross profit as a percentage of sales decreased .56% in the 39 weeks ended April 25, 2026 compared to the 39 weeks ended April 26, 2025 due primarily to lower patronage dividends and other rebates received from Wakefern (.42%), an unfavorable change in product mix (.08%) and increased promotional spending (.05%).

Operating and Administrative Expense.  Operating and administrative expense as a percentage of sales increased .33% in the 13 weeks ended April 25, 2026 compared to the 13 weeks ended April 26, 2025. The increase in Operating and administrative expenses is due primarily to higher utility, repair and weather-related maintenance costs (.18%), increased external service, technology, legal and other professional fees (.15%), higher facility insurance costs (.08%) and higher employee costs (.06%), partially offset by lower advertising costs (.11%). Operating and administrative expense as a percentage of sales increased due primarily to lower operating leverage resulting from store closures at the start of the third quarter due to Winter Storm Fern, as well as a shift in demand into the final week of the second quarter as customers prepared for the storm.

16

Operating and administrative expense as a percentage of sales decreased .09% in the 39 weeks ended April 25, 2026 compared to the 39 weeks ended April 26, 2025. Adjusted operating and administrative expenses decreased .11% in the 39 weeks ended April 25, 2026 compared to the 39 weeks ended April 26, 2025. The decrease in Adjusted operating and administrative expenses is due primarily to lower employee costs (.24%), lower advertising costs (.11%) and short-term rental income (.09

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/103595/000010359525000015/vlgea-20250726.htm
Complete FY 2025 MD&A: /company/VLGEA/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2025-10-09
Report date: 2025-07-26

ITEM 7.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Dollars in thousands, except per share and per square foot data).

OVERVIEW

Village Super Market, Inc. (the “Company” or “Village”) operates a chain of 34 supermarkets in New Jersey (26), New York (6), Maryland (1) and Pennsylvania (1) under the ShopRite and Fairway banners and three Gourmet Garage specialty markets in New York City. Village is the second largest member of Wakefern Food Corporation (“Wakefern”), the nation’s largest retailer-owned food cooperative and owner of the ShopRite, Fairway and Gourmet Garage names. This ownership interest in Wakefern provides Village with many of the economies of scale in purchasing, distribution, advanced retail technology, marketing and advertising associated with larger chains.

The supermarket industry is highly competitive and characterized by narrow profit margins. The Company competes directly with multiple retail formats, both in-store and online, including national, regional and local supermarket chains as well as warehouse clubs, supercenters, drug stores, discount general merchandise stores, fast food chains, restaurants, dollar stores and convenience stores. The Company competes by providing a superior customer service experience, competitive pricing and a broad range of consistently available quality products. The ShopRite Price Plus and Fairway Insider customer loyalty programs enable Village to offer continuity programs, focus on target marketing initiatives and to offer discounts and attach digital coupons directly to a customer's loyalty card.

Online grocery ordering for in-store pick up or home delivery is available in all of our ShopRite stores through either shoprite.com, the ShopRite app or through third party service providers. Additionally, the ShopRite Order Express app enables customers to pre-order deli, catering, specialty occasion cakes and other items. Online ordering for home delivery is available in all Fairway stores through fairwaymarket.com, the Fairway app or through third party service providers. Online ordering for home delivery is available in all Gourmet Garage stores through gourmetgarage.com, the Gourmet Garage app or through third party service providers.

To promote production efficiency, product quality and consistency, the Company operates a centralized commissary supplying certain products in deli, bakery, prepared foods and other perishable product categories to all stores.

The Company’s stores, nine of which are owned, average 57,000 total square feet. These larger store sizes enable the Company to offer a wide variety of national branded and locally sourced food products, including grocery, meat, produce, dairy, deli, seafood, prepared foods, bakery and frozen foods as well as non-food product offerings, including health and beauty care, general merchandise, liquor and 21 in-store pharmacies. Most product departments include high-quality, competitively priced own-brand offerings under the Wholesome Pantry, Bowl & Basket, Paperbird, Fairway and Gourmet Garage brands. Our Fairway Markets offer a one-stop destination shopping experience with an emphasis on fresh, unique, and high quality offerings paired with an expansive variety of natural, organic, specialty and gourmet products. Our Gourmet Garage specialty markets offer organic produce, signature soups and prepared foods, high-quality meat and seafood, charcuterie and gourmet cheeses, artisan baked bread and pastries, chef-prepared meals to go and pantry staples.

The Company has an ongoing program to upgrade and expand its supermarket chain.  This program has included store remodels as well as the opening or acquisition of additional stores.  When remodeling, Village has sought, whenever possible, to increase the amount of selling space in its stores.

On April 9, 2025, we opened a 72,000 sq. ft. replacement ShopRite store in Watchung, NJ, that replaced an existing 44,000 sq. ft. store.

On March 17, 2024, we opened an 83,000 sq. ft. replacement ShopRite store in Old Bridge, NJ, that replaced our existing 32,000 sq. ft. store.

The Company operated an automated micro-fulfillment center to facilitate online order fulfillment for the south New Jersey stores that was closed on September 1, 2024.

On November 1, 2023, Village closed an 8,400 sq. ft. Gourmet Garage store located in New York City. The impact associated with the closure and ongoing results of operating were not material to Village’s consolidated financial statements.

We consider a variety of indicators to evaluate our performance, such as same store sales; percentage of total sales by department (mix); shrink; departmental gross profit percentage; sales per labor hour; units per labor hour; and hourly labor rates.

The Company utilizes a 52 - 53 week fiscal year, ending on the last Saturday in the month of July. Both fiscal 2025 and 2024 contain 52 weeks.

10

NON-GAAP MEASURES

The accompanying Consolidated Financial Statements, including the related notes, are presented in accordance with generally accepted accounting principles ("GAAP"). We provide non-GAAP measures, including Adjusted net income and Adjusted operating and administrative expenses as management believes these supplemental measures are useful to investors and analysts. These non-GAAP financial measures should not be reviewed in isolation or considered as a substitute for our financial results as reported in accordance with GAAP, nor as an alternative to net income, operating and administrative expense or any other GAAP measure of performance. Adjusted net income and Adjusted operating and administrative expense are useful to investors because they provide supplemental measures that exclude the financial impact of certain items that affect period-to-period comparability. Management and the Board of Directors use these measures as they provide greater transparency in assessing ongoing operating performance on a period-to-period basis. Other companies may have different definitions of Non-GAAP Measures and provide for different adjustments, and comparability to the Company's results of operations may be impacted by such differences. The Company's presentation of Non-GAAP Measures should not be construed as an implication that its future results will be unaffected by unusual or non-recurring items.

The following tables reconcile Net income to Adjusted net income and Operating and administrative expenses to Adjusted operating and administrative expenses:

[[GREPCENT_TABLE]]
[["","","","52 Weeks Ended"],["","","","","","July 26, 2025","","July 27, 2024"],["Net Income","","","","","$","56,380","","","$","50,462"],["Adjustments to Operating and Administrative Expenses:"],["Store pre-opening costs (1)","","","","","$","684","","","$","907"],["Pension settlement gain (2)","","","","","(874)","","","\u2014"],["Rent concession (3)","","","","","(517)","","","\u2014"],["Adjustments to Impairment of Assets:"],["Impairment of assets (4)","","","","","$","1,462","","","$","2,125"],["Adjustments to Income Taxes:"],["Tax impact of special items","","","","","$","(234)","","","$","(940)"],["Adjusted net income","","","","","$","56,901","","","$","52,554"],["Operating and administrative expenses","","","","","$","555,038","","","$","544,348"],["Adjustments to operating and administrative expenses","","","","","707","","","(907)"],["Adjusted operating and administrative expenses","","","","","$","555,745","","","$","543,441"],["Adjusted operating and administrative expenses as a % of sales","","","","","23.95","%","","24.30","%"]]
[[/GREPCENT_TABLE]]

(1) Fiscal 2025 pre-opening costs are associated with opening of the Watchung, NJ ShopRite replacement store that opened on April 9, 2025 and fiscal 2024 pre-opening costs are associated with the opening of the Old Bridge, NJ ShopRite replacement store that opened on March 17, 2024.

(2) Fiscal 2025 includes a pension settlement gain related to lump sum payments made under an unfunded, non-qualified company sponsored defined benefit plan.

(3) Fiscal 2025 includes income related to rent concessions received on one store location to compensate for disruption in operations during redevelopment of the retail center.

(4) Fiscal 2025 includes non-cash impairment charges on the long-lived assets of one Gourmet Garage store and assets held for sale. Fiscal 2024 includes non-cash impairment charges for long-lived assets due to the closure of the automated micro-fulfillment center in south NJ.

11

RESULTS OF OPERATIONS

The following table sets forth the components of the consolidated statements of operations of the Company as a percentage of sales:

[[GREPCENT_TABLE]]
[["","July 26, 2025","","July 27, 2024"],["Sales","100.00","%","","100.00","%"],["Cost of sales","71.43","%","","71.30","%"],["Gross profit","28.57","%","","28.70","%"],["Operating and administrative expense","23.92","%","","24.34","%"],["Depreciation and amortization","1.48","%","","1.48","%"],["Impairment of assets","0.06","%","","0.10","%"],["Operating income","3.11","%","","2.78","%"],["Interest expense","(0.16)","%","","(0.18)","%"],["Interest income","0.58","%","","0.66","%"],["Income before income taxes","3.53","%","","3.26","%"],["Income taxes","1.10","%","","1.00","%"],["Net income","2.43","%","","2.26","%"]]
[[/GREPCENT_TABLE]]

SALES

Sales were $2,320,690 in fiscal 2025 compared to $2,236,566 in fiscal 2024. Sales increased due to an increase in same store sales of 2.1%, the opening of the Watchung, NJ replacement store on April 9, 2025 and the opening of the Old Bridge, NJ replacement store on March 17, 2024. Same store sales increased due primarily to digital sales growth, continued growth in recently remodeled stores, higher pharmacy sales and inflation in the meat and dairy departments. These increases were partially offset by cannibalization of existing stores from the Watchung replacement store opening and recent competitive store openings.

New stores, replacement stores and stores with banner changes 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

Gross profit as a percentage of sales decreased to 28.57% in fiscal 2025 compared to 28.70% in fiscal 2024 due primarily to an unfavorable change in product mix (.15%), higher promotional spending (.08%) and decreased departmental gross margin percentages (.06%) partially offset by higher patronage dividends and rebates received from Wakefern (.07%) and decreased warehouse assessment charges from Wakefern (.09%).

OPERATING AND ADMINISTRATIVE EXPENSE

Operating and administrative expense as a percentage of sales decreased to 23.92% in fiscal 2025 compared to 24.34% in fiscal 2024. Adjusted operating and administrative expense as a percentage of sales decreased to 23.95% in fiscal 2025 compared to 24.30% in fiscal 2024. The decrease in Adjusted operating and administrative expenses is due primarily to lower employee costs (.16%), sales leverage on occupancy and facility costs (.13%), lower facility insurance costs (.06%) and reduced supply spending (.06%) partially offset by higher utility rates (.07%).

DEPRECIATION AND AMORTIZATION

Depreciation and amortization expense increased in fiscal 2025 compared to fiscal 2024 due primarily to capital expenditures.

IMPAIRMENT OF ASSETS

Impairment of assets in fiscal 2025 includes non-cash impairment charges on the long-lived assets of one Gourmet Garage store and assets held for sale. Impairment of assets in fiscal 2024 includes non-cash charges for long-lived assets at the automated micro-fulfillment center which was closed in September 2024.

12

INTEREST EXPENSE

Interest expense decreased in fiscal 2025 compared to fiscal 2024 due primarily to lower average outstanding debt balances.

INTEREST INCOME

Interest income decreased in fiscal 2025 compared

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/VLGEA/mda/fy2025/
All MD&A years: /company/VLGEA/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/VLGEA/mda/fy2024/): filed 2024-10-10; accession 0000103595-24-000019 (https://www.sec.gov/Archives/edgar/data/103595/000010359524000019/vlgea-20240727.htm)
- [FY 2023 MD&A](/company/VLGEA/mda/fy2023/): filed 2023-10-11; accession 0000103595-23-000014 (https://www.sec.gov/Archives/edgar/data/103595/000010359523000014/vlgea-20230729.htm)
- [FY 2022 MD&A](/company/VLGEA/mda/fy2022/): filed 2022-10-13; accession 0000103595-22-000019 (https://www.sec.gov/Archives/edgar/data/103595/000010359522000019/vlgea-20220730.htm)
- [FY 2021 MD&A](/company/VLGEA/mda/fy2021/): filed 2021-10-14; accession 0000103595-21-000014 (https://www.sec.gov/Archives/edgar/data/103595/000010359521000014/vlgea-20210731.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 5411 Retail-Grocery Stores) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade
- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income
- [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate
- [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
- [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
- [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [UNRATE](/indicator/UNRATE/): Unemployment Rate
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/VLGEA.md · JSON record: /company/VLGEA.json · verified financials: /company/VLGEA/financials.json / /company/VLGEA/financials.csv · machine TOC for the whole site: /llms.txt