FLORIDA, N.Y. -- Big V Supermarkets here said improving same-store sales drove the company's financial performance for the second quarter and first half ended June 13. Sales increased 6.7% to $184.4 million for the 12-week quarter and 6.6% to $367 million for the half, while same-store sales rose 3.1% for the quarter -- the fifth consecutive quarter of same-store sales growth, the company said -- and 3% for the half.
executive officer, "Sustained growth of same-store sales drove our improved operating results. Total sales continued to be positively impacted by our newest store in Mt. Vernon, N.Y., which opened Jan. 3, and we expect strong sales to continue through 1998." He said EBITDA growth resulted "from a combination of solid sales performance and improved gross margin." In addition, improved selling margin in several departments, lower stock loss and reductions in store labor expense more than offset increases in occupancy costs and reductions in vendor display allowances, Fisher said.
"Continued increases in the level of customer satisfaction, as well as the positive impact of perishables-driven marketing initiatives, reaffirm my belief we will achieve improved financial performance in 1998. The solid performance of our core business, combined with the excellent results of our Fresh Market stores and conversion of additional stores to that prototype, will be keys to our success in 1998 and beyond."
