Village Super Market on Tuesday said increased sales at replacement stores in Morristown and Sterling, N.J., drove higher quarterly sales and earnings during the fourth quarter and fiscal year.
For the period ending July 25, sales increased 2.3% to $405.8 million, with comparable-store sales also increasing by 2.3%. Same-store sales increased as a result of higher sales at the replacement stores, higher average transaction size and increased customer counts.
The Springfield, N.J.-based company, which operates 29 ShopRite supermarkets in New Jersey, Maryland and northeastern Pennsylvania, said it expects same store sales in fiscal 2016 to range from a 1% to 3% increase.
Net earnings in the period totaled $6.9 million, an increase of 16.9% from the fourth quarter last year. When adjusted for charges in both periods, earnings increased by 5%. Gross profit as a percent of sales was up slightly to 27.62% from 27.47%.
For the fiscal year, Village reported sales of $1.6 billion, a 4.3% increase from 2014. Net income improved 505.6% to $30.6 million. Adjusted for one-time costs in fiscal 2014 including a $10.5 million tax charge and a $1.3 million charge for insurance related to Hurricane Sandy, and for costs in fiscal 2015, annual income improved by 27%.
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