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SPRINGFIELD, N.J. -- Village Super Market, Inc. yesterday posted sales of $263,559,000 in the quarter ended Oct. 27, an increase of 4.8 percent from the first quarter of fiscal 2007.
The ShopRite operator attributed the rise to the opening of a new store in Galloway Township, N.J. in October, and a 3.6 percent increase in same-store sales due to improved sales in one store after a competing store closed, higher sales in the Somers Point, N.J. replacement store, and higher promotional spending in the first quarter.
These improvements were partially offset by lower sales in four stores because of three competitive store openings, the company added.
Net income was $4,298,000 in the quarter, an increase of 2 percent from the year-ago period. Net income improved because of improved sales and higher interest income.
These improvements were partially offset by a lower gross profit percentage because of higher promotional spending during the quarter.
Village Super Market operates a chain of 25 supermarkets under the ShopRite banner in New Jersey and eastern Pennsylvania.