SPRINGFIELD, N.J. — Village Super Market here said sales and profits grew in the fourth quarter, despite ongoing challenges at its two new Maryland stores.
The company, which operates 29 ShopRites in New Jersey, Maryland and Pennsylvania, said net income for the quarter, which ended July 28, was up 3%, to $9 million, on a sales increase of 7.2%, to about $370 million. Same-store sales were up 1.8%.
Village said same-store sales increased due to “modest” inflation, increased customer counts and higher sales at two stores due to one competitive store closing. Total sales were also driven by the two new stores in Maryland, and the acquisition of one store in New Jersey in January.
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“Sales continue to be impacted by economic weakness, high gas prices and high unemployment, which has resulted in increased sale item penetration and trading down,” the company said in a release.
For the full fiscal year Village said net income was $31.5 million on sales of $1.4 billion. Excluding one-time charges in the prior year, net income was up 25% over year-ago results. Sales for the full year rose 9.5%, including same-store sales gains of 4.9%.
Village projected same-store sales in fiscal 2013 to increase between 2% and 4%.
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