SPRINGFIELD, N.J. -- Village Super Market here said last week the introduction of double couponing in a portion of its trade area helped boost sales for the third quarter and 39 weeks ended April 24.
y due to the introduction last September of double coupons into northern New Jersey, where Village operates 16 of its 22 stores, the company said.
Net income rose 12.3% to $885,000 for the quarter and 38.3% to $3.3 million for the 39 weeks -- increases the company said were due to improvements in same-store sales "and a substantial improvement in gross-margin percentages, [which were] partially offset by increased costs from the doubling of manufacturer coupons."
Village, which operates under the ShopRite banner in New Jersey and eastern Pennsylvania, said it acquired the assets of an existing 67,000-square-foot ShopRite store in Vineland, N.J., from Wakefern Food Corp., Elizabeth, N.J., May 9, at a cost of $4.7 million, including inventory of $1.2 million. The acquisiton of the unit was financed in part by a $3.5 million loan secured by the equipment and fixtures of the store.