SPRINGFIELD, N.J. — ShopRite operator Village Super Market here said same-store sales for its fourth fiscal quarter — excluding an extra week in the year-ago period — were up 7.7%, due to competitive closings and "substantial" increases in transaction counts.
Net income for the 13-week fourth quarter, which ended July 30, totaled $8.76 million, down 1.5% from a year ago, but up 14% excluding the $1.2 million in sales from an extra week in the year-ago fourth quarter. Sales were also up 7.7% in the quarter, excluding the extra week, to $345 million.
Net income in fiscal 2011 was $20.98 million, a decrease of 17% from the prior year. Village attributed the decline primarily to an after-tax charge of $4.2 million for a withdrawal liability from a multi-employer pension plan, and to the extra week in fiscal 2010. Excluding these two items, net income increased 4%. Sales in fiscal 2011 were $1.3 billion, up 2.9% vs. the prior year. Excluding the extra week, sales rose 4.7%. Same-store sales for the year rose 4%.
Village said it paid $6.6 million for the two former SuperFresh locations in Maryland, which it reopened under the ShopRite banner on July 28. The company now operates 28 ShopRites in New Jersey, Maryland and Pennsylvania.