Business
Village Super Market, Inc. Reports Results for the Third Quarter Ended April 27, 2024
SPRINGFIELD, N.J., June 04, 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., June 04, 2024 (GLOBE NEWSWIRE) -- Village Super Market, Inc. (NASDAQ:VLGEA) (the \"Company\" or \"Village\") today reported its results of operations for the third quarter ended April 27, 2024. Third Quarter Highlights Sales increased 3.2% and same store sales increased 2.3%Same store digital sales increased 9%Net income of $9.0 millionAdjusted net income of $9.6 million, a decrease of 6% compared to adjusted net income of $10.2 million in the third quarter of the prior yearGrand opening of an 83,000 sq. ft. ShopRite replacement store in Old Bridge, NJ Year-To-Date Fiscal 2024 Highlights Sales increased 2.8% and same store sales increased 2.2%Same store digital sales increased 12%Net income of $35.0 millionAdjusted net income of $35.7 million, an increase of 6% compared to adjusted net income of $33.6 million in the prior year-to-date period Third Quarter of Fiscal 2024 Results Sales were $546.4 million in the 13 weeks ended April 27, 2024 compared to $529.3 million in the 13 weeks ended April 29, 2023. Sales increased due to an increase in same store sales of 2.3% and the opening of the Old Bridge, NJ replacement store on March 17, 2024 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 decreased to 28.54% in the 13 weeks ended April 27, 2024 compared to 28.57% in the 13 weeks ended April 29, 2023 due primarily to higher promotional spending (.17%) and an unfavorable change in product mix (.17%) partially offset by higher patronage dividends and rebates received from Wakefern (.08%), decreased warehouse assessment charges from Wakefern (.18%) and decreased LIFO charges (.05%). Operating and administrative expense as a percentage of sales increased to 25.19% in the 13 weeks ended April 27, 2024 compared to 24.33% in the 13 weeks ended April 29, 2023. Adjusted operating and administrative expenses increased to 25.03% in the...