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Village Reports 42% Quarterly Income Growth

SPRINGFIELD, N.J. - A 3.6% sales increase and improved profit percentages helped boost net income 42% to $4.2 million during the fiscal first quarter that ended Oct. 28 for Village Super Market here, the retailer said Tuesday.

SPRINGFIELD, N.J. - A 3.6% sales increase and improved profit percentages helped boost net income 42% to $4.2 million during the fiscal first quarter that ended Oct. 28 for Village Super Market here, the retailer said Tuesday. Sales of $251.5 million increased by 3.6%, and same-store sales also increased by 3.6%. Newly remodeled stores in Bernardsville, N.J., and Somers Point, N.J., contributed to the sales increase. Sales were partially offset by reduced revenues in one store due to a competitive opening. A competitive opening in the second quarter is expected to impact second-quarter sales, Village added. Village, a member of the Wakefern Food Corp. cooperative, operates 23 stores under the ShopRite banner in New Jersey and Pennsylvania.