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SPRINGFIELD, N.J. -- Citing improved sales, higher gross profit percentages, and lower operating expenses as a percentage of sales, Village Super Market, Inc. here reported net income of $6,332,000 for the fourth quarter ended July 28, 2007, an increase of 26 percent from the year-ago period.
Sales were $269,256,000 in the fourth quarter of fiscal 2007, a rise of 2.6 percent from last year. Same-store sales also grew 2.6 percent. The company attributed the sales increase to higher sales in one store following the closure of competing store and in the Somers Point replacement store. According to Village Super Market, however, these improvements were partly offset by lower sales in four stores due to three competitive store openings.
Net income for the fiscal year was $20,503,000, an increase of 24 percent from last year. Sales were $1,046,435,000, a rise of 2.9 percent from the year-ago period, and same-store sales went up 2.9 percent as well. Net income in fiscal 2007 increased because of the higher same-store sales and improved gross profit percentages, the company said.
Village Super Market operates 23 supermarkets under the ShopRite name in New Jersey and eastern Pennsylvania. Two additional stores, a remodel and a superstore, are scheduled to open this month in Galloway Township and Franklin, N.J., respectively.