Business
Village Super Market, Inc. Reports Results for the First Quarter Ended October 30, 2021
SPRINGFIELD, N.J., Dec. 08, 2021 (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. 08, 2021 (GLOBE NEWSWIRE) -- Village Super Market, Inc. (NASDAQ:VLGEA) (the \"Company\" or \"Village\") today reported its results of operations for the first quarter ended October 30, 2021. First Quarter Highlights Net income of $7.3 million, an increase of 118% compared to $3.4 million in the first quarter of the prior yearSame store sales increased 2.3%; on a two-year stacked basis same store sales increased 9.1%Same store digital sales were flat; on a two-year stacked basis same store digital sales increased 153% First Quarter of Fiscal 2022 Results Sales were $494.2 million in the 13 weeks ended October 30, 2021 compared to $490.1 million in the 13 weeks ended October 24, 2020. Sales increased due to an increase in same store sales of 2.3% partially offset by the closure of the Silver Spring, Maryland store in February 2021. Increases in transaction counts were partially offset by decreased basket sizes and same store digital sales were flat as we cycled against the initial months following the COVID-19 outbreak in our trade area. Food inflation and increased Supplemental Nutrition Assistance Program (\"SNAP\") benefits continue to positively impact sales. 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 28.36% in the 13 weeks ended October 30, 2021 compared to 28.15% in the 13 weeks ended October 24, 2020 due primarily to increased departmental gross margin percentages (.68%), a favorable change in product mix (.08%) and lower promotional spending (.03%) partially offset by increased warehouse assessment charges from Wakefern (.57%). Department gross margins increased due primarily to pricing initiatives and improvements in commissary operations. Operating and administrative expense as a percentage of sales decreased to 24.54% in the 13 weeks ended October 30, 2021 compared to 25.37% in the 13 weeks ended October 24, 2020. The decrease in Operating and administrative expenses is due primarily to lower payroll costs (.89%) and less advertising spending (.11%) partially offset by increased external fees and transportation costs associated with digital sales (.16%). Payroll costs d...