Business
Village Super Market, Inc. Reports Results for the Fourth Quarter Ended July 29, 2023
SPRINGFIELD, N.J., Oct. 04, 2023 (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. 04, 2023 (GLOBE NEWSWIRE) -- Village Super Market, Inc. (NSD-VLGEA) today reported its results of operations for the fourth quarter ended July 29, 2023. Fourth Quarter Highlights Net income of $15.3 million, an increase of 21% compared to $12.6 million in the fourth quarter of the prior yearAdjusted net income of $15.6 million, an increase of 27% compared to $12.3 million in the fourth quarter of the prior yearSame store sales increased 3.2%Same store digital sales increased 12% Fiscal 2023 Highlights Net income of $49.7 million, an increase of 85% compared to $26.8 million in fiscal 2022Adjusted net income of $49.2 million, an increase of 40% compared to $35.0 million in fiscal 2022Same store sales increased 3.5%Same store digital sales increased 5% Fourth Quarter of Fiscal 2023 Results Sales were $553.8 million in the 13 weeks ended July 29, 2023 compared to $527.5 million in the 13 weeks ended July 30, 2022. Sales increased due to an increase in same store sales of 3.2% 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 29.08% in the 13 weeks ended July 29, 2023 compared to 28.11% in the 13 weeks ended July 30, 2022 due primarily to increased departmental gross margin percentages (.51%), increased patronage dividends and rebates received from Wakefern (.37%), less promotional spending (.14%) and lower LIFO charges (.24%) partially offset by increased warehouse assessment charges from Wakefern (.24%) and an unfavorable change in product mix (.05%). Departmental gross margin percentages increased due primarily to improvements in commissary operations. Operating and administrative expense as a percentage of sales increased to 23.92% in the 13 weeks ended July 29, 2023 compared to 23.14% in the 13 weeks ended July 30, 2022. Adjusted operating and administrative expenses increased to 23.84% in the 13 weeks ended July 29, 2023 compared to 23.23% in the 13 weeks ended July 30...