SPRINGFIELD, N.J. -- Village Super Market here said same-store sales increases combined with improved gross margin percentages propelled net income to climb 78% to $8.4 million in the fiscal year ended July 29.
es increase to the inclusion of a full year's results from a Vineland, N.J., acquired in May 1999.
However, the company said the sales increase was partially offset by 2000 having one less sales week than 1999.
The missing week, the company added, was the reason both sales and net income, excluding last year's special year, declined in the 13-week fourth quarter compared with last year's 14-week quarter.
In the quarter, sales were down 5.5% to $203.6 million, and net income declined 7% to $2.8 million, excluding a pre-tax charge of $2.6 million in fourth quarter 1999. Including last year's charge, net income rose 95%. Same-sales for the quarter rose .6%.
Village Super Market operates a chain of 23 supermarkets under the ShopRite banner in New Jersey and eastern Pennsylvania.