SPRINGFIELD, N.J., Oct. 4, 2012 (GLOBE NEWSWIRE) -- Village Super Market, Inc. (Nasdaq:VLGEA) today reported its results of operations for the fourth quarter and year ended July 28, 2012.
Net income was $9,019,000 in the fourth quarter of fiscal 2012, an increase of 3% from the fourth quarter of the prior year. Net income increased despite losses in the two new Maryland stores as sales in Maryland are lower than expected, and we continue to build market share and brand awareness.
Sales were $369,859,000 in the fourth quarter of fiscal 2012, an increase of 7.2% from the fourth quarter of the prior year. Sales increased due to the opening of the two new stores in Maryland, the acquisition of the store in Old Bridge, New Jersey on January 29, 2012, and a same store sales increase of 1.8%. Same store sales in the fourth quarter of fiscal 2012 increased due to modest inflation, increased customer counts, and higher sales in two stores due to one competitive store closing. These improvements were offset by reduced sales in five stores due to competitive store openings. Sales continue to be impacted by economic weakness, high gas prices and high unemployment, which has resulted in increased sale item penetration and trading down. Village expects same store sales in fiscal 2013 to increase from 2.0% to 4.0%, including the positive impact from the inclusion of the Maryland stores in same store sales.Net income was $31,445,000 in fiscal 2012 compared to $20,982,000 in the prior year. Excluding the $4,200,000 (net of tax) pension withdrawal charge from the prior year, net income increased 25%. Sales in fiscal 2012 were $1,422,243,000, an increase of 9.5% from the prior year. Same store sales increased 4.9% as the first nine months of the year benefited from seven store closings by competitors in the prior fiscal year.