SPRINGFIELD, N.J. (AP) — Village Super Market's fiscal second-quarter net income was basically flat as revenue climbed thanks in part to the quick reopening of several stores after Superstorm Sandy struck.
The Springfield, N.J., company cautioned that its sales continue to be pressured by economic softness, increased gas prices and high unemployment.
The operator of ShopRite supermarkets earned $9.1 million, or 65 cents per Class A share, for the period ended Jan. 26. That compares with earnings of $9.1 million, or 66 cents per share, a year ago.
Revenue rose 5 percent to $382.2 million from $362.6 million.
The company said Wednesday that its sales were helped by the acquisition of an Old Bridge, N.J., store and a 3.4 percent increase in revenue at stores open at least a year. This figure is a key indicator of a retailer's health because it excludes results from stores recently opened or closed.
Village Super Market said it experienced strong sales at several stores that managed to reopen quickly after Sandy hit in October. But it said that there was also a drop in sales at stores that were closed for up to eight days due to the storm.
For fiscal 2013, it anticipates revenue at stores open at least a year rising 2 percent to 3.5 percent.
Village Super Market Inc. has 29 ShopRite stores in New Jersey, Maryland and eastern Pennsylvania. (backslash)
Its stock fell 50 cents, or 1.5 percent, to $33.60 in midday trading Wednesday. Its shares have traded in a 52-week range of $24.29 to $38.30.