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Village Super Market Q2 Income Up 14 Percent.

SPRINGFIELD, N.J. -- ShopRite operator Village Super Market, Inc., based here, yesterday posted net income for its latest fiscal quarter of $5,063,000, or $1.55 per share, up 14 percent from the same period last year. The company attributed the gains mainly to improved sales and gross profit percentages, partially offset by higher operating expenses.

For the second quarter, ended Jan. 27, 2007, the grocer, which operates 23 supermarkets under the ShopRite banner in New Jersey and eastern Pennsylvania, reported sales of $270 million, a 1.6 percent increase from the year-ago period.

Same-store sales also went up 1.6 percent. Higher sales at recently revamped stores in Springfield and Bernardsville, N.J., as well as a replacement unit in Somers Point, N.J. contributed to the increase, Village Supermarket said, adding that the improvements were partially offset by lower sales at two stores because of a competitive store opening.

Net income came to $9.283 million, or $2.85 per share, in the first six months of fiscal 2007, a jump of 25 percent from last year, while sales for the period amounted to $522 million, a 2.4 percent rise from the prior year. Same-store sales also grew 2.4 percent for the six-month period.

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Publication:Progressive Grocer
Article Type:Financial report
Date:Mar 21, 2007
Words:209
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