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SPRINGFIELD, N.J., Oct. 8, 2010 (GLOBE NEWSWIRE) -- Village Super Market, Inc. (Nasdaq:VLGEA) today reported its results of operations for the fourth quarter and year ended July 31, 2010.
Net income was $8,897,000 in the fourth quarter of fiscal 2010, an increase of 33% from the fourth quarter of the prior year. Fiscal 2010 contains 53 weeks, with the additional week included in the fourth quarter. Excluding the $1,200,000 estimated positive impact of this 53
rd week and a $708,000 after tax charge related to litigation in the fourth quarter of fiscal 2009, net income increased 4% in the fourth quarter compared to the prior year.
Sales were $342,741,000 in the fourth quarter of fiscal 2010, an increase of 10.2% from the prior year. Sales increased due to the inclusion of the 14
th week in the fourth quarter of fiscal 2010, the opening of the Washington replacement store on February 21, 2010, and a full quarters sales of the Marmora store, which opened on May 31, 2009. Same store sales, excluding the 14
th week, were flat in the fourth quarter compared to the prior year. Same stores sales continue to be affected by cannibalization from the opening of the Marmora store and reduced sales in two stores due to competitive store openings. In addition, sales continue to be impacted by changing consumer behavior due to economic weakness, which has resulted in increased coupon usage, sale item penetration and trading down. The Company expects same store sales for all of fiscal 2011 to range from 0% to 2%, excluding the impact of the 53
rd week, as we expect the deflationary trend to end.
Net income in fiscal 2010 was $25,381,000, a decrease of 7% from the prior year. Excluding the estimated positive impact of the 53
rd week in fiscal 2010 and the litigation charge in the prior year, net income decreased 13%. Sales in fiscal 2010 were $1,261,825,000 an increase of 4.4% from the prior year. Same store sales, excluding the impact of the 53
rd week, declined .7%. Net income in fiscal 2010 declined compared to the prior year due to lower same store sales and reduced gross profit percentages.
Village Super Market operates a chain of 26 supermarkets under the Shop Rite name in New Jersey and eastern Pennsylvania.