Business
Village Super Market, Inc. Reports Results for the Second Quarter Ended January 29, 2022
SPRINGFIELD, N.J., March 09, 2022 (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 09, 2022 (GLOBE NEWSWIRE) -- Village Super Market, Inc. (NASDAQ:VLGEA) (the \"Company\" or \"Village\") today reported its results of operations for the second quarter ended January 29, 2022. Second Quarter Highlights Net income of $10.1 million, an increase of 122% compared to $4.6 million in the second quarter of the prior yearSame store sales increased 4.4%; on a two-year stacked basis same store sales increased 10.9%Same store digital sales were flat; on a two-year stacked basis same store digital sales increased 154% 1st Half of Fiscal 2022 Highlights Net income of $17.5 million, an increase of 121% compared to $7.9 million in the first half of fiscal 2021.Same store sales increased 3.4%; on a two-year stacked basis same store sales increased 10.0%Same store digital sales were flat; on a two-year stacked basis same store digital sales increased 154% Second Quarter of Fiscal 2022 Results Sales were $537.4 million in the 13 weeks ended January 29, 2022 compared to $522.8 million in the 13 weeks ended January 23, 2021. Sales increased due to an increase in same store sales of 4.4% partially offset by the closure of the Silver Spring, Maryland store in February 2021. Same store sales increased due primarily to increased sales in New York City stores, retail price inflation and continued growth in Supplemental Nutrition Assistance Program (\"SNAP\") benefit redemptions. Increases in transaction counts were partially offset by decreased basket sizes and same store digital sales were flat as we cycled against the initial months following the COVID-19 outbreak in our trade area. 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 increased to 27.84% in the 13 weeks ended January 29, 2022 compared to 27.13% in the 13 weeks ended January 23, 2021 due primarily to increased departmental gross margin percentages (.63%), a favorable change in product mix (.12%) and decreased warehouse assessment charges from Wakefern (.20%), partially offset by decreased patronage dividends and rebates received from Wakefern (.24%). Department gross margins increased due primarily to pricing initiatives and improvements in ...