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Q3 Sales, Earnings Rise for Village

SPRINGFIELD, N.J. — Village Super Market here Wednesday said net income increased by 11% in the fiscal third quarter, excluding one-time charges, on a 3.8% increase in same-store sales.

Net earnings totaled $6.5 million on sales of $347 million for the period, which ended April 28. Earnings improved from $1.7 million in last year’s third quarter, which included a pension liability charge of $4.2 million. Overall sales were up by 9.6% as a result of new stores and competitor closures.

The company said its new stores in Maryland continued to lose money in the quarter as sales were lower than expected.

2012 SN Top 75: Village Ranks No. 65

Village said it expects overall same-store sales of between 1.5% and 3% in the current fourth quarter as the impact of the competitive store closings and inflation moderates.

“Sales continue to be impacted by economic weakness, high gas prices and high unemployment, which have resulted in increased sale item penetration and trading down,” the company said.

Gross profit as a percentage of sales increased during the quarter to 27.4% from 27.3% last year, benefitting from increased departmental gross margin percentages, partly offset by higher promotional spending.

For the nine-month year to date, sales of $1 billion were up 10.3% and same-stpore sales were up by 6%. Net income was $22.4 million, up by 36% from last year, excluding pension charges. Village operates 29 ShopRite supermarkets in three states.

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