Springfield, N.J. – Village Super Market Inc. reported a 69% decrease in net income during the second quarter of fiscal 2014, compared to the same period in the prior year. Net income fell to $2.8 million from $9.1 million.
Village Super Market cited a charge for future lease obligations due to the closure of a store, an $840,000 partnership distribution realized in the second quarter of fiscal 2013, flat same-store sales, higher operating expenses as a percentage of sales and an increase in the income tax rate as a result of an unfavorable New Jersey Tax Court decision as all driving its substantial net income decline.
Net sales fared better, rising 2.6% to $392.2 million from $382.1 million. The company expects same-store sales in fiscal 2014 to range from a decrease of .5% to an increase of 1%.