SPRINGFIELD, N.J. -- Village Super Market here, operator of 22 ShopRite stores in New Jersey and eastern Pennsylvania, reported a 57% increase in net income for the fourth quarter of fiscal 1997.
.8 million reported in the previous fourth quarter. Same-store sales improved 2% in the quarter.
Perry Sumas, president, said the increase in fourth-quarter net income was due to the improvement in same-store sales, as well as lower operating costs. Same-store sales improved primarily because of increased sales in remodeled stores. Operating costs declined due to lower payroll costs, partially offset by increased promotional activity, he said.
For the full fiscal year, net income was $2.1 million, or 71 cents per share, an increase of 3.4% above the $2.0 million, or 69 cents per share, reported in the prior year. Sales were up slightly to $688.9 million, while same-store sales increased 1% for the year.