SPRINGFIELD, N.J. (AP) â¿¿ Village Super Market Inc. said Wednesday its fiscal second-quarter profit jumped 38 percent as its competitors shuttered stores, boosting sales at a handful of its locations.
For the quarter ended Jan. 28, the Springfield, N.J.-based company earned $9.1 million, or 66 cents per Class A share, up from $6.6 million, or 49 cents per share, in the same quarter last year.
Revenue rose 9.9 percent to $362.6 million from $329.9 million, boosted by the openings of two new stores in Maryland and a 6.2 percent increase in sales at stores open at least a year.
Sales at stores open at least a year is considered a key measure of a retailer's performance because it excludes the impact of recently opened or closed stores.Village Super Market said its same-store sales got a boost from decisions by competitors to close stores near seven of theirs, which in turn increased business at those locations. At quarter-end, the company operated 28 supermarkets under the ShopRite name in New Jersey, Maryland and eastern Pennsylvania. The company said its sales continue to be hurt by tough economic conditions and high unemployment this year. It projected a 2012 same-store increase of between 5 percent and 6.5 percent, with small increases coming in the second half of the year. In afternoon trading, Village Super Market shares rose 78 cents, or 2.8 percent, to $28.49.