Village Super Market, Springfield, N.J., reported net income of $3.2 million for the third quarter, a 31% decline compared with the third quarter of a year ago.
The company attributed a little over half of the decrease to the costs associated around a replacement store in Union, N.J., and a tax payment of $440,000 because of a ruling by the New Jersey Tax Court.
The opening of a replacement store in Morristown, N.J., last fall boosted Village sales 3.5% to $372.5 million in the third quarter, which ended April 26. Same-store sales stayed relatively flat, with a slight increase of 0.4%.
Snow removal and repair, healthcare, higher payroll as well as the Union store opening expenses nudged operating and administrative expenses to 23.76% of sales, versus 23.37% of sales in the year-ago period.
Despite the third-quarter earnings, Village has had a net loss of $825,000 for the first nine months of the fiscal year due in part to over $10 million in New Jersey taxes, a store closing in Morris Plains, and two replacement store costs.
Year to date net income, excluding certain one-time expenditures, was $14.3 million.
Village Super Markets operates 29 ShopRite supermarkets in New Jersey, Maryland and Pennsylvania.
| Suggested Categories | More from Supermarketnews |
 |
|
|
|
