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Village Super Market Inc. Class A Common Stock (VLGEA-1.20%) has filed its 10-Q filing for the quarterly period ending October 26, 2024.
The filing details financial results for the quarter, with sales increasing to $557,697,000 from $536,354,000 in the same period the previous year, marking a 4.0% increase. This growth is attributed to a 2.4% rise in same-store sales, the opening of a new store in Old Bridge, NJ, and higher pharmacy sales.
Gross profit for the quarter was $161,878,000, up from $152,948,000 the previous year. The gross profit margin improved to 29.03% from 28.52% due to increased patronage dividends and rebates from Wakefern, among other factors.
Operating and administrative expenses rose to $137,519,000 from $130,292,000, largely due to increased employee costs and external fees associated with digital sales growth.
Net income for the quarter was $12,803,000, compared to $11,585,000 in the previous year. The effective tax rate for the quarter was 31.2%, slightly lower than the 31.5% in the prior year.
The company reported cash provided by operating activities of $20,175,000, with capital expenditures totaling $11,701,000. Planned capital expenditures for fiscal 2025 are budgeted at $75,000,000.
Village Super Market Inc. continues to operate 34 supermarkets and three specialty markets, with plans for further store renovations and expansions.
The company maintains a credit facility with Wells Fargo, with $67,664,000 available under the unsecured revolving line of credit as of October 26, 2024.
Village Super Market Inc. does not anticipate any significant changes in its liquidity position in the near future, with sufficient cash and cash equivalents on hand to meet anticipated requirements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Village Super Market Inc. Class A Common Stock quarterly 10-Q report dated December 4, 2024. To report an error, please email earnings@qz.com.