Independent grocer Village Super Market Inc. turned in net and same-store sales gains in its fiscal 2022 second quarter atop strong, COVID-fueled increases a year ago.
For the quarter ended Jan. 29, sales rose 2.8% to $537.4 million from $522.8 million a year earlier, the Springfield, N.J.-based ShopRite operator reported.
Comparable-store sales advanced 4.4% in the quarter, building on a 6.5% prior-year uptick for two-year growth of 10.9%. Village Super Market said e-commerce sales came in flat but were up 154% on a two-year stack, cycling the 176% digital sales surge in the year-ago period.
“Sales increased due to an increase in same-store sales of 4.4%, partially offset by the closure of the Silver Spring, Md., store in February 2021. Same-store sales increased due primarily to increased sales in New York City stores, retail price inflation and continued growth in Supplemental Nutrition Assistance Program (SNAP) benefit redemptions,” Village Super Market said.
As with other grocery retailers, Village Super Market saw traffic edge back up and transaction sizes shrink, reversing the trend during the thick of the pandemic when shoppers cut down store visits — many going online — and bought more per trip.
“Increases in transaction counts were partially offset by decreased basket sizes, and same-store digital sales were flat as we cycled against the initial months following the COVID-19 outbreak in our trade area,” the grocer explained.
At the bottom line, net income totaled $10.1 million in the 2022 second quarter, up 122% from nearly $4.6 million a year ago. Earnings per diluted share increased to 69 cents for Class A common stock share (to 50 cents for Class B shares) from 31 cents (23 cents for Class B) in the 2021 quarter.
Net sales in the 26-week fiscal 2022 first half totaled $1.03 billion, up 1.8% from $1.01 billion in the fiscal 2021 period, according to Village Super Market. Same-store sales gained 3.4% and were up 10% over two years. As in the quarter, digital sales were flat but up 154% on a two-year basis.
First-half net earnings came in at $17.5 million, up 121% from $7.9 million in the 2021 first half. Net income per diluted share grew to $1.20 for Class A common stock share (to 87 cents for Class B shares) from 54 cents (39 cents for Class B) in the 2021 half.
A member of the Wakefern Food Corp. grocery retail cooperative, Village Super Market operates 34 stores under the banners ShopRite (29 locations) and Fairway Market (five locations) in New Jersey, New York, Maryland and Pennsylvania and three Gourmet Garage specialty markets in Manhattan.