SPRINGFIELD, N.J. — Consumers shopped often, but shopped cautiously during the fiscal third quarter at stores operated by Village Super Market, the company here said Wednesday. Village, a member of the Wakefern Food cooperative, operates 26 ShopRite stores in Pennsylvania and New Jersey.
For the quarter that ended April 25, Village reported net income of $6.3 million on sales of $293.5 million. Net earnings were up by 27% compared with the same period last year, mainly as the result of a 7.3% increase in sales and greater cost leverage. Same-store sales improved by 7.3% mainly due to the addition of two new stores to the comp base and a comparison against a small gain in the same period last year.
The company said that gross profits as a percent of sales fell by 35 basis points as promotions increased and cautious consumers spent more on sale items and used more coupons. The company said it expected those trends would continue through the fourth quarter.
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