Village Tops $1B in Annual Sales

SPRINGFIELD, N.J. — Village Super Markets surpassed $1 billion in sales for its fiscal year ending July 28, the retailer here said Monday. Village, which operates 23 ShopRite stores, said sales increased 2.6% to $269.3 million during the fourth quarter, boosted by sales improvements at a renovated store and by the closure of a competitor, and offset by four competitive openings. Net income of $6.3 million in the quarter increased by 26% compared with the same period a year ago, boosted by higher sales and higher gross profit percentages, along with lower expenses as a percentage of sales. Village said it will open a store in Galloway Township, N.J., this week. The store was a former Stop & Shop acquired earlier this year for $3.5 million. For the fiscal year, Village posted sales of $1.05 billion and profits of $20.5 million. Same-store sales for the year improved by 2.9%.

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