Wed, Jun 5, 7:21 PM (138 days ago)
Village Super Market, Inc. reported a 3.2% increase in sales for Q3 FY2024, reaching $546,396, driven by a 2.3% rise in same-store sales and the opening of a replacement store in Old Bridge, NJ. However, net income decreased to $8,966 from $11,017 in the same period last year, primarily due to higher operating and administrative expenses, which rose to 25.19% of sales from 24.33%. The company’s gross profit margin slightly decreased by 0.03% due to increased promotional spending and unfavorable product mix changes. Interest income increased due to higher rates and larger investments, while interest expenses decreased due to lower debt balances. Operating cash flow was $58,040, down from $68,244, impacted by changes in working capital and tax payments. Capital expenditures for the quarter were $54,103, with a budget of $70,000 for FY2024. The company expects same-store sales growth of 2.0%-2.5% and plans to continue dividends at current rates. Future liquidity is supported by cash, operating cash flow, and a $75,000 credit facility.