Store costs, taxes hit Village Super Market Q4 net income

Springfield, N.J. – Store closing and pre-opening costs, as well as an unfavorable state tax ruling, reduced net income at Village Super Market Inc. 5% to $5.87 million in the fourth quarter of fiscal 2014, from $6.2 million in the same quarter the prior year. Two new store openings helped boost net sales 5.5% to $383.8 million, from $376.3 million.



Same-store sales rose 9%. For fiscal 2015, Village Super Market expects same-store sales to range from flat to slightly positive.



During the full fiscal year, store closure and preopening costs and an unfavorable state tax ruling reduced net income 80% to $5.04 million from $25.78 million the prior fiscal year. Fiscal 2013 net income also included benefit from lawsuit settlements and a partnership distribution. Net sales rose 3% to $1.52 billion, from $1.48 billion. Same-store sales grew 0.2%.