Business
Village Super Market, Inc. Reports Results for the Fourth Quarter Ended July 31, 2021
SPRINGFIELD, N.J., Oct. 12, 2021 (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. 12, 2021 (GLOBE NEWSWIRE) -- Village Super Market, Inc. (NSD-VLGEA) today reported its results of operations for the fourth quarter ended July 31, 2021. Fourth Quarter Highlights Net income of $9.5 million, an increase of 3% compared to $9.2 million in the fourth quarter of the prior yearAdjusted net income of $8.7 million, an increase of 50% compared to $5.8 million in the fourth quarter of the prior yearSame store sales increased 0.1%; on a two-year stacked basis same store sales increased 7.4%Same store digital sales decreased 22%; on a two-year stacked basis same store digital sales increased 172% Fiscal 2021 Highlights Net income of $20.0 million, a decrease of 20% compared to $24.9 million in fiscal 2020Adjusted net income of $18.9 million, a decrease of 18% compared to $23.1 million in fiscal 2020Same store sales increased 1.8%; on a two-year stacked basis same store sales increased 7.5%Same store digital sales increased 68%; on a two-year stacked basis same store digital sales increased 219% Fourth Quarter of Fiscal 2021 Results Sales were $536.3 million in the 14 weeks ended July 31, 2021 compared to $501.3 million in the 13 weeks ended July 25, 2020. Sales increased $35.4 million, or 7.1%, due to fiscal 2021 containing 53 weeks, with the additional week included in the fourth quarter. Excluding the impact of the 53rd week, sales decreased 0.1% due to the closure of the Silver Spring, Maryland store in February 2020 partially offset by the Fairway acquisition completed on May 14, 2020 and a 0.1% increase in same store sales. Average basket sizes decreased, transaction counts increased and same store digital sales decreased as we cycled against the initial months following the COVID-19 outbreak in our trade area. Additionally, food inflation and increased Supplemental Nutrition Assistance Program (\"SNAP\") benefits positively impacted sales. Sales levels in Manhattan continue to be negatively impacted by residential population migration out of the city and less commuter and tourist traffic. 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 decreased to 28.31% in the 14 weeks ended July 31,...