Village Super Market on Thursday reported a slim increase in same-store sales for its fiscal fourth quarter, while expense reductions drove a 13% increase in adjusted earnings.
The Springfield, N.J.-based operator of 29 ShopRite stores in New Jersey, Pennsylvania and Maryland said sales totaled $437.3 million in the quarter an increase of 7.8%, or 7.2% when adjusted for an extra week in the current period. Same-store sales, adjusted for the extra week, increased by 0.6%.
The quarter and fiscal year ended July 30.
Village said sales benefited as a result of increased sales at its newly opened replacement stores in Stirling and Morristown, N.J., along with the effect of two closed competitor stores, offset by six competitive reopenings, including former A&P stores.
Net income of $8.5 million in the quarter increased by 13%, adjusted for tax benefits and impairment charges in the prior period. Net income increased due primarily to lower operating and administrative expenses, including lower workers compensation costs and reduced fringe benefits, Village said.
For the fiscal year, adjusted net income declined by 6% to $25 million on annual sales of $1.6 billion, a 3.2% increase. Village Super Market operates a chain of 29 supermarkets under the ShopRite name in New Jersey, Maryland and northeastern Pennsylvania.