VILLAGE: DOUBLE COUPONS HELPED HIKE SALES, NET

SPRINGFIELD, N.J. -- Village Super Market here said the introduction of double coupons last September helped boost sales and earnings for the second quarter and 26 weeks ended Jan. 23.ter and 51.1% to $2.4 million for the half, the company said.Village, which operates 22 stores under the ShopRite name in New Jersey and eastern Pennsylvania, said the sales increase resulted from the introduction of

SPRINGFIELD, N.J. -- Village Super Market here said the introduction of double coupons last September helped boost sales and earnings for the second quarter and 26 weeks ended Jan. 23.

ter and 51.1% to $2.4 million for the half, the company said.

Village, which operates 22 stores under the ShopRite name in New Jersey and eastern Pennsylvania, said the sales increase resulted from the introduction of double coupons at its 16 northern New Jersey stores last September. The company said the increase in net income was due to the sales increase and a substantial improvement in gross margin percentages, partially offset by increased costs from doubling manufacturer coupons and other promotional activities.

2nd-QUARTER RESULTS

Qtr Ended 1/23/99 1/24/98

Sales $192.6 million $182.7 million

Change + 5.4%

Comp-store + 5.4%

Net Income $1.2 million $1.1 million

Change + 9%

Inc/Share 40 cents 38 cents

26 Weeks 1999 1998

Sales $370.7 million $352.6 million

Change + 5.1%

Comp-store + 5.1%

Net Income $2.4 million $1.6 million

Change + 51.1%

Inc/Share 79 cents 54 cents