Business
Village Super Market, Inc. Reports Results for the Second Quarter Ended January 27, 2024
SPRINGFIELD, N.J., March 05, 2024 (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., March 05, 2024 (GLOBE NEWSWIRE) -- Village Super Market, Inc. (NASDAQ:VLGEA) (the \"Company\" or \"Village\") today reported its results of operations for the second quarter ended January 27, 2024. Second Quarter Highlights Net income of $14.5 million, an increase of 18% compared to $12.3 million in the second quarter of the prior yearSales increased 2.1% and same store sales increased 2.2%Same store digital sales increased 12% Year-To-Date Fiscal 2024 Highlights Net income of $26.1 million, an increase of 11% compared to $23.4 million in the prior year-to-date periodSales increased 2.6% and same store sales increased 2.1%Same store digital sales increased 12% Second Quarter of Fiscal 2024 Results Sales were $575.6 million in the 13 weeks ended January 27, 2024 compared to $563.9 million in the 13 weeks ended January 28, 2023. Sales increased due to an increase in same store sales of 2.2% 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 28.40% in the 13 weeks ended January 27, 2024 compared to 27.47% in the 13 weeks ended January 28, 2023 due primarily to increased departmental gross margin percentages (.49%), higher patronage dividends and rebates received from Wakefern (.49%), decreased warehouse assessment charges from Wakefern (.14%) and decreased LIFO charges (.05%) partially offset by higher promotional spending (.13%) and an unfavorable change in product mix (.11%). Department gross margins increased due primarily to improvements in both shrink and commissary operations. Gross profit in both the 13 weeks ended January 27, 2024 and the 13 weeks ended January 28, 2023 was favorably impacted by receipt of patronage dividends from Wakefern greater than estimated amounts accrued in both the second quarter of fiscal 2024 (.58%) and 2023 (.17%). Operating and administrative expense as a percentage of sales i...