Business
Village Super Market, Inc. Reports Results for the Fourth Quarter Ended July 27, 2024
SPRINGFIELD, N.J., Oct. 08, 2024 (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. 08, 2024 (GLOBE NEWSWIRE) -- Village Super Market, Inc. (NSD-VLGEA) today reported its results of operations for the fourth quarter ended July 27, 2024. Fourth Quarter Highlights Sales increased 4.4% and same store sales increased 2.7%Same store digital sales increased 12%Net income of $15.4 millionAdjusted net income of $16.9 million, an increase of 10% compared to adjusted net income of $15.3 million in the fourth quarter of the prior year Fiscal 2024 Highlights Sales increased 3.2% and same store sales increased 2.3%Same store digital sales increased 12%Net income of $50.5 millionAdjusted net income of $52.6 million, an increase of 7% compared to adjusted net income of $48.9 million in the prior year-to-date period Fourth Quarter of Fiscal 2024 Results Sales were $578.2 million in the 13 weeks ended July 27, 2024 compared to $553.8 million in the 13 weeks ended July 29, 2023. Sales increased due to an increase in same store sales of 2.7% and the opening of the Old Bridge, NJ replacement store on March 17, 2024 partially offset by the impact of the closure of a Gourmet Garage location on November 1, 2023. Same store sales increased due primarily to retail price inflation, digital sales growth, higher pharmacy sales and continued growth in recently remodeled stores. 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 29.34% in the 13 weeks ended July 27, 2024 compared to 29.08% in the 13 weeks ended July 29, 2023 due primarily to decreased warehouse assessment charges from Wakefern (.26%), lower LIFO charges (.25%) and increased departmental gross margin percentages (.05%) partially offset by higher promotional spending (.19%), decreased patronage dividends and rebates received from Wakefern (.05%) and an unfavorable change in product mix (.06%). Operating and administrative expense as a percentage of sales increased to 24.20% in the 13 weeks ended July 27, 2024 compared to 23.92% in the 13 weeks ended July 29, 2023. The increase in Operating and administrative expenses is due primarily to increased labor costs and fringe benefits (.27%), increased external f...