Business
Village Super Market, Inc. Reports Results for the Fourth Quarter Ended July 27, 2019
SPRINGFIELD, N.J., Oct. 03, 2019 (GLOBE NEWSWIRE) -- Village Super Market, Inc. (NSD-VLGEA) today reported its results of operations for the fourth quarter
About this update from Village Super Market, Inc.
[{"type":"text","content":"SPRINGFIELD, N.J., Oct. 03, 2019 (GLOBE NEWSWIRE) -- Village Super Market, Inc. (NSD-VLGEA) today reported its results of operations for the fourth quarter ended July 27, 2019.\n 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...