Business
Village Super Market, Inc. Reports Results for the Third Quarter Ended April 25, 2020
SPRINGFIELD, N.J., June 03, 2020 (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., June 03, 2020 (GLOBE NEWSWIRE) -- Village Super Market, Inc. (NASDAQ:VLGEA) (the \"Company\" or \"Village\") today reported its results of operations for the third quarter ended April 25, 2020.\n Sales and results of operations in the 13 weeks ended April 25, 2020 were significantly impacted by the COVID-19 outbreak. Same store sales increased 13.6% and net income increased 97%, adjusted for special items, in the 13 weeks ended April 25, 2020 compared to the prior year. Village operates in and around one of the epicenters of the health crisis with much of our trade area under stay-at-home orders since mid-March 2020. The Company is classified as an essential business and has remained open to serve our customers and the communities in which we operate. Our first priority throughout this unprecedented time has been and will continue to be the safety of our associates and our customers. In response to COVID-19, Village incurred incremental operating expenses of over $5,500,000 in the 13 weeks ended April 25, 2020 for programs and new initiatives implemented to support and protect our associates, customers and communities, including: Enhanced and more frequent sanitation practices, including hourly cleaning of high touch point areas throughout our stores, nightly deep cleaning and bi-weekly disinfectant fogging in every storeReduced store operating hours, including the closure of all stores on Easter Sunday, to provide time for our associates to rest and complete the enhanced cleaning practicesCreated a centralized call center to provide our associates with consistent, accurate, reliable guidance regarding Company policies and CDC recommended protocolsCreated a text communication platform to provide enrolled associates with real-time alerts and updatesExpanded remote work capabilities for office associates and limited travel of regional supervision teamsProvided over 150,000 meals, including two hot meals during the day to all associates on duty and a boxed lunch to all night crew associates, through the Feeding Our Village Heroes ProgramProvided over 15,000 meals sourced from local restaurants to healthcare professionals through our Heroes Feeding Heroes programReserved the first hour of business each day for elderly and at-risk customersImplemented a temporary wage premium of $2 per hour above the standard base ...