Village Super Market, Inc. (VLGEA) reported Wednesday an increase in third-quarter profit, helped by a 7.3% growth in same store sales.
For the third quarter, net income increased 27% to $6.2 million from $4.9 million in the corresponding quarter last year. Net income per Class A common stock rose to $0.47 from $0.37, while net income per Class B common stock increased to $0.37 from $0.30 in the same period last year.
Sales for the quarter increased 7.3% to $293.5 million from $273.4 million. Same store sales also grew 7.3%, due to higher sales from Franklin and Galloway stores, which were opened in fiscal 2008. In the third quarter of fiscal 2008, same store sales increased 0.4%.
Considering the sales trend in May, and a difficult comparison to the fourth quarter of 2008 when sales benefited from the distribution of economic stimulus checks, Village Super expects same store sales to improve by 1.5% to 3.5% in the fourth quarter of fiscal 2009.
Operating and administrative expense increased year-over-year to $65.4 million from $63.4 million.
For the nine-month period, net income increased 31% to $20.6 million from $15.6 million in the same period last year. Net income per Class A common stock rose to $1.55 from $1.19 and net income per Class B common stock increased to $1.22 from $0.96 in fiscal 2008.
Sales for the period grew 8.1% to $897.2 million from $829.8 million in the prior-year period, as same store sales increased 5.9% year-over-year.
Village Super Market said that following the opening of the Marmora, NJ store on May 31, it now operates a chain of 26 supermarkets under the ShopRite name in New Jersey and eastern Pennsylvania.
VLGEA is currently trading at $29.49, down $0.50 or 1.67%, on the Nasdaq.
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