Business
Village Super Market, Inc. Reports Results for the Third Quarter Ended April 29, 2023
SPRINGFIELD, N.J., June 06, 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., June 06, 2023 (GLOBE NEWSWIRE) -- Village Super Market, Inc. (NASDAQ:VLGEA) (the \"Company\" or \"Village\") today reported its results of operations for the third quarter ended April 29, 2023. Third Quarter Highlights Net income of $11.0 million compared to a net loss of $3.2 million in the third quarter of the prior yearAdjusted net income of $10.2 million, an increase of 93% compared to adjusted net income of $5.3 million in the third quarter of the prior yearSales increased 5.4% and same store sales increased 3.4%Same store digital sales increased 4.8% Year-To-Date Fiscal 2023 Highlights Net income of $34.4 million, an increase of 142% compared to $14.2 million in the prior year-to-date periodAdjusted net income of $33.6 million, an increase of 48% compared to adjusted net income of $22.7 million in the prior year-to-date periodSales increased 5.2% and same store sales increased 3.6%Same store digital sales increased 3.3% Third Quarter of Fiscal 2023 Results Sales were $529.3 million in the 13 weeks ended April 29, 2023 compared to $502.0 million in the 13 weeks ended April 30, 2022. Sales increased due to an increase in same store sales of 3.4%, 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 increased to 28.57% in the 13 weeks ended April 29, 2023 compared to 28.21% in the 13 weeks ended April 30, 2022 due primarily to increased departmental gross margin percentages (.47%) and decreased LIFO charges (.04%) partially offset by increased warehouse assessment charges from Wakefern (.14%). Operating and administrative expense as a percentage of sales decreased to 24.33% in the 13 weeks ended April 29, 2023 compared to 27.44% in the 13 weeks ended April 30, 2022. Adjusted operating and administrative expense as a percentage of sales decreased to 24.56% in the 13 weeks ended April 29, 2023 compared to...