SPRINGFIELD, N.J. - Newly expanded stores here and in Bernardsville, N.J., helped drive a 3.3% sales increase for the fiscal third quarter that ended April 29 for Village Super Market.
petitive opening reducing sales at one store.
Net income of $4 million, or $1.25 per diluted share, increased 6% during the quarter on sales of $244.9 million. Earnings were driven by increases in sales, gross margin and profit percentage, and offset some by increased operating expenses. Gross profit as a percent of sales was 27.3% in the quarter, up from 26.7% in the same period a year ago. Operating and administrative expenses of $56.7 million comprised 23.2% of sales, up from 22.6% last year.
For the 39-week period ending April 29, Village earned $11.5 million on sales of $754.4 million. Earnings were up 6% from the same period a year ago, and 16% excluding after-tax income received from a partnership last year. Sales increased 3.3% and same-store sales were up 3.2%.