+++ Ihre Meinung ist gefragt: Umfrage zum Thema ETFs +++ -w-
<
News + Analysen
News + Adhoc
Analysen
Kursziele
>
<
Unternehmen
Termine
Profil
>
<
zugeh. Wertpapiere
Strukturierte Produkte
>
07.06.2017 14:00:00

Village Super Market, Inc. Reports Results for the Third Quarter Ended April 29, 2017

SPRINGFIELD, N.J., June 07, 2017 (GLOBE NEWSWIRE) -- Village Super Market, Inc. (NASDAQ:VLGEA) today reported its results of operations for the third quarter ended April 29, 2017.Net income was $6,015,000 in the third quarter of fiscal 2017 compared to $5,882,000 in the third quarter of the prior year.  The third quarter of fiscal 2017 includes a $465,000 (net of tax) non-recurring credit received related to multi-employer health and welfare benefits. The third quarter of fiscal 2016 includes a $545,000 (net of tax) gain due to the recovery of insurance receivables related to Superstorm Sandy.  Excluding these items from both periods, net income increased 4% in the third quarter of fiscal 2017 compared to the prior year due primarily to a higher gross profit percentage, lower operating and administrative expenses and lower sales in the first week of the third quarter of fiscal 2016 due to the impact of Winter Storm Jonas.Sales were $391,984,000 in the third quarter of fiscal 2017 compared to $387,905,000 in the third quarter of the prior year.  Same store sales increased 1.1% due primarily to three competitor store closings, sales growth in recently remodeled and expanded stores in Stirling and Chester and low sales in the first week of the third quarter due to Winter Storm Jonas. These increases were partially offset by four competitor store openings and deflation, particularly in the meat, produce and dairy departments.  Excluding the negative impact of Winter Storm Jonas on the first week of the third quarter of fiscal 2016, same store sales increased .4%.  The Company expects same store sales in fiscal 2017 to range from a 1.0% decrease to flat.  Gross profit as a percentage of sales increased to 27.64% in the third quarter of fiscal 2017 compared to 27.52% in the third quarter of the prior year.Operating and administrative expense as a percentage of sales decreased to 23.35% in the third quarter of fiscal 2017 compared to 23.42% in the third quarter of the prior year.  The third quarter of fiscal 2017 includes a non-recurring credit received related to multi-employer health and welfare benefits (.20%).  The third quarter of fiscal 2016 includes a gain for Superstorm Sandy insurance proceeds received (.24%).  Excluding these items from both periods, operating and administrative expense as a percentage of sales decreased .11% compared to the third quarter of the prior year due primarily to decreased fringe benefit costs partially offset by increased payroll.  Fringe benefit costs decreased due primarily to lower non-union pension expense and lower healthcare costs.  Payroll costs increased due primarily to reduced operating leverage as a result of low same store sales growth and investments in service departments, including the newly remodeled Chester store. Net income was $16,117,000 in the nine-month period of fiscal 2017 compared to $16,596,000 in the nine-month period of the prior year.  The nine-month period of fiscal 2017 includes a $465,000 (net of tax) non-recurring credit received related to multi-employer health and welfare benefits.  The nine-month period of fiscal 2016 includes a $545,000 (net of tax) gain due to the recovery of insurance receivables related to Superstorm Sandy.  Excluding these items from both periods, net income decreased 2% in the nine-month period of fiscal 2017 compared to the prior year due primarily to the .3% decrease in same store sales.Village Super Market operates a chain of 29 supermarkets under the ShopRite name in New ...Full story available on Benzinga.com
Weiter zum vollständigen Artikel bei "Benzinga earnings"