Village Super Market Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended April 23, 2016; Provides Same Store Sales Guidance for the Fiscal 2016
June 02, 2016 at 08:30 am EDT
Share
Village Super Market Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended April 23, 2016. For the quarter, the company reported net income was $5,882,000 in the third quarter of fiscal 2016 compared to $13,206,000 in the third quarter of the prior year. The third quarter of fiscal 2016 includes a $545,000 (net of tax) gain due to the recovery of insurance receivables related to Superstorm Sandy, while the third quarter of the prior year includes a tax benefit of $7,293,000 as a result of the settlement reached with the New Jersey Division of Taxation. Sales were $387,905,000 in the third quarter of fiscal 2016, an increase of 0.2% compared to the third quarter of the prior year. Same store sales also increased 0.2% primarily due to the closing of two competitor stores and continued sales growth in the expanded or replaced stores in Stirling and Greater Morristown. Operating income was $10,065,000 compared to $10,574,000 a year ago. Income before income taxes was $9,602,000 compared to $10,044,000 a year ago. Net income per share was $0.42 compared to $0.93 a year ago.
Net income was $16,596,000 in the nine-month period of fiscal 2016 compared to $23,688,000 in the nine-month period of the prior year. Fiscal 2016 includes a $545,000 (net of tax) gain due to the recovery of insurance receivables related to Superstorm Sandy. Sales were $1,197,603,000 compared to $1,178,035,000 a year ago. Operating income was $29,678,000 compared to $31,147,000 a year ago. Income before income taxes was $28,091,000 compared to $29,572,000 a year ago. Net income was $16,596,000 compared to $23,688,000 a year ago. Net income per share was $1.17 compared to $1.68 a year ago.
The company expects same store sales in fiscal 2016 to range from a 0.5% to 1.5% increase.
Village Super Market, Inc. is engaged in the retail sale of food and nonfood products. It operates a chain of approximately 34 supermarkets under the ShopRite and Fairway names in New Jersey, Maryland, New York and eastern Pennsylvania and four specialty markets under the Gourmet Garage name in New York City. It is a member of Wakefern Food Corporation (Wakefern), a retailer-owned food cooperative and owner of the ShopRite, Fairway and Gourmet Garage names. Wakefern operates supermarkets and other retail formats. It offers a variety of food products, including grocery, meat, produce, dairy, deli, seafood, prepared foods, bakery, and frozen foods as well as non-food product offerings, including health and beauty care, general merchandise, liquor, and 21 in-store pharmacies. Its Fairway Markets offer various natural, organic, specialty and gourmet products. Its Gourmet Garage specialty markets provides soups and prepared foods, meat and seafood, and charcuterie and gourmet cheeses.
Village Super Market Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended April 23, 2016; Provides Same Store Sales Guidance for the Fiscal 2016