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VILLAGE NET DECLINES 87% IN QUARTER
SPRINGFIELD, N.J. -- Village Super Market, a ShopRite operator based here, said net income fell 87% to $157,000 in the second quarter ended Jan. 22.-quarter income declined slightly as a result of higher expenses, principally promotional costs and an inventory charge, said Perry Sumas, president.Sales at the 24-unit operation rose 0.9% in the 13-week quarter to $176.7 million, from $175.1 million.
March 21, 1994
1 Min Read
SPRINGFIELD, N.J. -- Village Super Market, a ShopRite operator based here, said net income fell 87% to $157,000 in the second quarter ended Jan. 22.
-quarter income declined slightly as a result of higher expenses, principally promotional costs and an inventory charge, said Perry Sumas, president.
Sales at the 24-unit operation rose 0.9% in the 13-week quarter to $176.7 million, from $175.1 million. Same-store sales rose 2.8% in the quarter and 1% through six months. In the six-month period, sales declined 1.5% to $335.5 million.
Sumas said increased promotional spending contributed to the same-store sales gain.
Six-month income totaled $573,000, or 20 cents per share. This included a $400,000 gain related to a change in income-tax accounting. Net totaled $1.4 million, or 47 cents per share, in last year's first half.
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