Village Super Market Reports Pandemic Gains
Village Super Market reported a 13.6% percent year-over-year increase in same-store sales for its most recent financial quarter, the latest evidence of how the pandemic has boosted revenue for food retailers.
The results, announced Wednesday, cover the company’s fiscal third quarter, which ended April 25. “Same store sales increased due primarily to the impact of the COVID-19 outbreak and related stay-at-home measures, most significantly in March where sales reached unprecedented levels,” the food retailer said. “Same store sales also increased due to continued sales growth in the Bronx, New York City, store opened on June 28, 2018.”
Overall revenues for Village Super Market reached $485.3 million, a year-over-year increase of 15.9%. Digital sales also grew by 41.8%, another sign of the impact of the COVID-19 outbreak on the company. The chain expanded its mobile scan program to 10 stores as well.
Monetary figures for same-store and digital sales were not immediately available. The food retailer also posted a 97% net income increase, to about $11.2 million, for its fiscal third quarter.
Village Super Market said that during its most recently completed financial quarter, it created a centralized call center to provide our associates with consistent, accurate, reliable guidance regarding company policies and CDC recommended protocols, along with a text communication platform to provide enrolled associates with real-time alerts and updates. The food retailer expanded remote work options for office employees and also donated over 150,000 meals, including two hot meals during the day to all associates on duty and a boxed lunch to all night crew associates, through the Feeding Our Village Heroes Program.
Village Super Market operates a chain of 35 supermarkets under the ShopRite and Fairway names in New Jersey, Maryland, New York and eastern Pennsylvania, along with three specialty markets under the Gourmet Garage name in New York City. It holds the No. 78 spot on The PG 100, Progressive Grocer’s 2020 list of the top food retailers in North America.