FLORIDA, N.Y. -- Big V Supermarkets said results from its "Fresh Market" ShopRite prototype have exceeded expectations.
store opened in Mount Vernon, N.Y., in the current fiscal year.
Sales for the year were $762.9 million, a 3.7% increase over $736.0 million in the prior year. Sales for the quarter were $183.8 million, an increase of 8% over $170 million in the year-ago quarter.
Same-store sales increased 2.9% in the fiscal year and 8% in the fourth quarter.
The company said earnings before interest, taxes, depreciation and amortization were $37.6 million, a 3.3% increase over $36.4 million in the prior year.
EBITDA for the quarter were down 46.2% to $5.6 million, which the company attributed to an unanticipated workers' compensation reserve adjustment, general liability insurance adjustments related to the previous policy years, higher than expected marketing expenses related to a fourth-quarter holiday turkey promotion, increased occupancy costs and costs associated with an associate buy-out program. Earnings were not immediately available.
Big V president and chief executive officer Joseph Fisher said the company would continue to build sales, primarily through high-margin perishables, while reducing operating expenses.
Big V Supermarkets operates 32 stores, most of which are under the ShopRite name, in the Hudson River Valley region of New York, northeastern Pennsylvania and northwestern New Jersey. The company is the largest member of the Wakefern Food Corp. cooperative.
