Business
Village Super Market, Inc. Reports Results for the First Quarter Ended October 29, 2022
SPRINGFIELD, N.J., Dec. 06, 2022 (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. 06, 2022 (GLOBE NEWSWIRE) -- Village Super Market, Inc. (NASDAQ:VLGEA) (the \"Company\" or \"Village\") today reported its results of operations for the first quarter ended October 29, 2022. First Quarter Highlights Net income of $11.1 million, an increase of 51% compared to net income of $7.3 million in the first quarter of the prior yearSame store sales increased 4.3%, same store digital sales increased 5.5% First Quarter of Fiscal 2023 Results Sales were $519.7 million in the 13 weeks ended October 29, 2022 compared to $494.2 million in the 13 weeks ended October 30, 2021. Sales increased due to an increase in same store sales of 4.3%, the opening of a Gourmet Garage in the West Village in Manhattan, NY on April 29, 2022 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 increased to 28.73% in the 13 weeks ended October 29, 2022 compared to 28.36% in the 13 weeks ended October 30, 2021 due primarily to increased departmental gross margin percentages (.17%), decreased warehouse assessment charges from Wakefern (.21%) due primarily to sales leverage, a favorable change in product mix (.07%) and lower promotional spending (.06%), partially offset by higher LIFO charges (.05%) and decreased patronage dividends and rebates received from Wakefern (.10%). Operating and administrative expense as a percentage of sales decreased to 24.16% in the 13 weeks ended October 29, 2022 compared to 24.54% in the 13 weeks ended October 30, 2021 due primarily to lower labor costs and fringe benefits (.21%) and decreased supply spending (.15%). Labor costs and fringe benefits decreased due primarily to ongoing productivity initiatives and sales leverage partially offset by minimum wage and market-driven pay rate increases. Depreciation and amortization expense increased in the 13 weeks ended October 29, 2022 compared to the 13 weeks ended October 30, 2021 due primarily to capital expenditures. Interest e...