FREEHOLD, N.J. -- Foodarama Supermarkets here last week said its net income for the first quarter ended Jan. 31 was $1.24 million, or more than three times the net income of $349,000 in the year-ago period.
ore gains were partially offset by competitive store openings and the impact of Foodarama opening several new locations.
The company opened four stores in the past year, including two replacement stores.
The company said its selling, general and administrative expenses were 24.2% of sales in the most recent quarter, up slightly from 24.1% in the year-ago period, which the company primarily attributed to increases in labor costs and selling expenses. Gross profit increased to 26.2% of sales, vs. 25.2% in the year-ago quarter.
