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Village Super Market, Inc. reported net income of $6,439,000 in the second quarter of its fiscal 2008, a 27 percent surge from the second quarter of the prior year. Net income improved mainly because of improved sales and gross profit percentages, noted the operator of ShopRite-bannered stores, based in Springfield, N.J.
Sales were $292,829,000 during the quarter ended Jan. 26, a 8.3 percent rise from last year, due the opening of new stores in Galloway and Franklin Township, N.J. last autumn, and a 2.3 percent increase in same-store sales, which grew because of improved sales in one store due after a nearby competitor closed, higher sales in the Somers Point, N.J. replacement store, and food inflation.
These improvements were partially offset by lower sales at five stores due to three competitive store openings and cannibalization from the opening of the Galloway and Franklin Township locations, the company said.
"We expect same store sales in the third quarter of fiscal 2008 of -1 percent to +1 percent based on our February sales, as consumers appear to be more cautious due to concerns about the economy and rising fuel and food prices," Village Super Market said in a statement.
Net income was $10,737,000 in the six-month period of fiscal 2008, an increase of 16 percent from the year-ago year. Sales for the six-month period of fiscal 2008 were $556,388,000, an increase of 6.6 percent from last year. Same store sales grew 2.9 percent.
Village Super Market operates a chain of 25 supermarkets under the ShopRite banner in New Jersey and eastern Pennsylvania.