Village Super Market Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended April 23, 2016. For the quarter, the company reported net income was $5,882,000 in the third quarter of fiscal 2016 compared to $13,206,000 in the third quarter of the prior year. The third quarter of fiscal 2016 includes a $545,000 (net of tax) gain due to the recovery of insurance receivables related to Superstorm Sandy, while the third quarter of the prior year includes a tax benefit of $7,293,000 as a result of the settlement reached with the New Jersey Division of Taxation. Sales were $387,905,000 in the third quarter of fiscal 2016, an increase of 0.2% compared to the third quarter of the prior year.  Same store sales also increased 0.2% primarily due to the closing of two competitor stores and continued sales growth in the expanded or replaced stores in Stirling and Greater Morristown.  Operating income was $10,065,000 compared to $10,574,000 a year ago. Income before income taxes was $9,602,000 compared to $10,044,000 a year ago. Net income per share was $0.42 compared to $0.93 a year ago.

Net income was $16,596,000 in the nine-month period of fiscal 2016 compared to $23,688,000 in the nine-month period of the prior year. Fiscal 2016 includes a $545,000 (net of tax) gain due to the recovery of insurance receivables related to Superstorm Sandy. Sales were $1,197,603,000 compared to $1,178,035,000 a year ago. Operating income was $29,678,000 compared to $31,147,000 a year ago. Income before income taxes was $28,091,000 compared to $29,572,000 a year ago. Net income was $16,596,000 compared to $23,688,000 a year ago. Net income per share was $1.17 compared to $1.68 a year ago.

The company expects same store sales in fiscal 2016 to range from a 0.5% to 1.5% increase.