SPRINGFIELD, N.J. — Village Super Market here said Wednesday that net income for the company’s third fiscal quarter was down 17% compared with year-ago results, which the ShopRite operator attributed to a 1.5% decrease in comparable-store sales and increased operating expenses.
The same-store sales decline compared with a year-ago increase of 7.3%. Village said cannibalization from a new location opened last May and two new competitive openings contributed to the same-store sales decline in the most recent quarter, which ended April 24. Total sales for the quarter of $301 million were up 2.6%, however, due to the openings of the new store and one replacement store. Net income was $5.2 million vs. year-ago results.
Net income was $16.5 million for the nine-month, year-to-date span, a decrease of 20%, while total sales of $919.1 million rose 2.4%. Same store sales decreased 0.9% for the year to date.
The Company expects same store sales for all of fiscal 2010 to range from -1% to 0%, excluding the impact of the 53rd week in fiscal 2010.
Read More of Today's Headlines
