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SPRINGFIELD, N.J., Oct. 2, 2013 (GLOBE NEWSWIRE) -- Village Super Market, Inc. (Nasdaq:VLGEA) today reported its results of operations for the fourth quarter and year ended July 27, 2013.
Net income was $6,203,000 in the fourth quarter of fiscal 2013, a decrease of 31% from the fourth quarter of the prior year. Net income decreased due to lower gross profit percentages and higher operating expenses as a percentage of sales.
Sales were $376,323,000 in the fourth quarter of fiscal 2013, an increase of 1.7% from the fourth quarter of the prior year. Same store sales also increased 1.7%. Sales continued 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 2014 to increase from 1.5% to 3.5%.
Net income was $25,784,000 in fiscal 2013 compared to $31,445,000 in fiscal 2012. Fiscal 2013 includes income from partnership distributions of $840,000 (net of tax), income from the national credit card lawsuit of $693,000 (net of tax) and a charge for the settlement of a landlord dispute of $376,000 (net of tax), while fiscal 2012 includes a favorable settlement of a pension withdrawal liability of $374,000 (net of tax). Excluding these items from both fiscal years, net income in fiscal 2013 declined 21% compared to the prior year primarily due to lower gross profit percentages and higher operating expenses as a percentage of sales, partially offset by reduced losses in the two Maryland stores compared to the prior year, which was their initial year of operations. Sales in fiscal 2013 were $1,476,457,000, an increase of 3.8% from the prior year. Sales increased due to the acquisition of a store in Old Bridge, New Jersey on January 29, 2012 and a same store sales increase of 2.9%.