Business
Village Super Market, Inc. Reports Results for the First Quarter Ended October 28, 2023
SPRINGFIELD, N.J., Dec. 05, 2023 (GLOBE NEWSWIRE) -- Village Super Market, Inc. (NASDAQ:VLGEA) (the "Company" or "Village") today reported its results of
About this update from Village Super Market, Inc.
[{"type":"text","content":"SPRINGFIELD, N.J., Dec. 05, 2023 (GLOBE NEWSWIRE) -- Village Super Market, Inc. (NASDAQ:VLGEA) (the \"Company\" or \"Village\") today reported its results of operations for the first quarter ended October 28, 2023. First Quarter Highlights Net income of $11.6 million, an increase of 5% compared to $11.1 million in the first quarter of the prior yearSales increased 3.2% and same store sales increased 2.0%Same store digital sales increased 13% First Quarter of Fiscal 2024 Results Sales were $536.4 million in the 13 weeks ended October 28, 2023 compared to $519.7 million in the 13 weeks ended October 29, 2022. Sales increased due to an increase in same store sales of 2.0% and increased sales due to the remodel and conversion of the Pelham, NY Fairway to the ShopRite banner on August 15, 2022. Same store sales increased due primarily to retail price inflation. 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 as a percentage of sales decreased to 28.52% in the 13 weeks ended October 28, 2023 compared to 28.73% in the 13 weeks ended October 29, 2022 due primarily to higher promotional spending (.22%), increased warehouse assessment charges from Wakefern (.20%) and an unfavorable change in product mix (.14%) partially offset by increased departmental gross margin percentages (.36%). Department gross margins increased due primarily to improvements in commissary operations. Operating and administrative expense as a percentage of sales increased to 24.29% in the 13 weeks ended October 28, 2023 compared to 24.16% in the 13 weeks ended October 29, 2022 due primarily to increased facility repair and maintenance costs (.10%), security costs (.07%) and external fees associated with digital sales (.05%) partially offset by lower labor costs and fringe benefits (.10%). Depreciation and amortization expense in the 13 weeks ended October 28, 2023 was flat compared to the 13 weeks ended October 29, 2022. Interest expense in the 13 weeks ended October 28, 2023 was flat compared to the 13 weeks ended October 29, 2022. Interest income increased in the 13 weeks ended October 28, 2023 compared to the 13 weeks ended October 29, 2022 due primar...