Business
Village Super Market, Inc. Reports Results for the Second Quarter Ended January 28, 2023
SPRINGFIELD, N.J., March 07, 2023 (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 07, 2023 (GLOBE NEWSWIRE) -- Village Super Market, Inc. (NASDAQ:VLGEA) (the \"Company\" or \"Village\") today reported its results of operations for the second quarter ended January 28, 2023. Second Quarter Highlights Net income of $12.3 million, an increase of 22% compared to net income of $10.1 million in the second quarter of the prior yearSales increased 4.9% and same store sales increased 3.2%Same store digital sales increased 0.5% 1st Half of Fiscal 2023 Highlights Net income of $23.4 million, an increase of 34% compared to $17.5 million in the first half of fiscal 2022Sales increased 5.0% and same store sales increased 3.7%Same store digital sales increased 2.5% Second Quarter of Fiscal 2023 Results Sales were $563.9 million in the 13 weeks ended January 28, 2023 compared to $537.4 million in the 13 weeks ended January 29, 2022. Sales increased due to an increase in same store sales of 3.2%, the opening of a Gourmet Garage in the West Village in Manhattan, NY on April 29, 2022 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 decreased to 27.47% in the 13 weeks ended January 28, 2023 compared to 27.84% in the 13 weeks ended January 29, 2022 due primarily to decreased departmental gross margin percentages (.18%), increased warehouse assessment charges from Wakefern (.11%), higher promotional spending (.11%) and increased LIFO charges (.08%) partially offset by a favorable change in product mix (.04%) and increased patronage dividends and rebates received from Wakefern (.07%). Operating and administrative expense as a percentage of sales decreased to 23.07% in the 13 weeks ended January 28, 2023 compared to 23.54% in the 13 weeks ended January 29, 2022 due primarily to lower labor costs and fringe benefits (.41%) and decreased supply spending (.13%). Labor costs and fringe benefits decreased due primarily to sales leverage and ongoing productivity initiatives partially offset b...