SPRINGFIELD, N.J., March 6, 2013 (GLOBE NEWSWIRE) -- Village Super Market, Inc. (Nasdaq:VLGEA) today reported its results of operations for the second quarter ended January 26, 2013.
Net income was $9,104,000 in the second quarter of fiscal 2013 compared to $9,147,000 in the second quarter of the prior year. The second quarter of fiscal 2013 includes income from a partnership distribution of $840,000 (net of tax) and the second quarter of the prior year includes a favorable settlement of a pension withdraw liability of $374,000 (net of tax). Excluding these two items, net income decreased 6% in the second quarter of fiscal 2013 compared to the prior year.
Sales were $382,175,000 in the second quarter of fiscal 2013, an increase of 5.4% compared to the second quarter of the prior year. Sales increased due to the acquisition of a store in Old Bridge, NJ, on January 29, 2012 and a same store sales increase of 3.4%. Same store sales increased due to strong sales in several stores that reopened quickly after hurricane Sandy hit our area on October 29, 2012 and higher sales in the two stores in Maryland, which opened on July 28, 2011 and are now included in same store sales. These improvements were partially offset by lower sales in stores that were closed for periods of up to eight days due to the hurricane. 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. The Company expects same store sales in fiscal 2013 to increase from 2.0% to 3.5%.Gross profit as a percentage of sales decreased to 26.9% in the second quarter of fiscal 2013 compared to 27.4% in the second quarter of the prior year primarily due to decreased departmental gross margin percentages and lower patronage dividends.