First Quarter Highlights
- Net income of
$11.6 million , an increase of 5% compared to$11.1 million in the first quarter of the prior year - Sales increased 3.2% and same store sales increased 2.0%
- Same store digital sales increased 13%
First Quarter of Fiscal 2024 Results
Sales were
Gross profit as a percentage of sales decreased to 28.52% in the 13 weeks ended
Operating and administrative expense as a percentage of sales increased to 24.29% in the 13 weeks ended
Depreciation and amortization expense in the 13 weeks ended
Interest expense in the 13 weeks ended
Interest income increased in the 13 weeks ended
The effective income tax rate was 31.5% in the 13 weeks ended
Forward-Looking Statements
All statements, other than statements of historical fact, included in this Press Release are or may be considered forward-looking statements within the meaning of federal securities law. The Company cautions the reader that there is no assurance that actual results or business conditions will not differ materially from future results, whether expressed, suggested or implied by such forward-looking statements. The Company undertakes no obligation to update forward-looking statements to reflect developments or information obtained after the date hereof. The following are among the principal factors that could cause actual results to differ from the forward-looking statements: general economic conditions; competitive pressures from the Company’s operating environment; the ability of the Company to maintain and improve its sales and margins; the ability to attract and retain qualified associates; the availability of new store locations; the availability of capital; the liquidity of the Company; the success of operating initiatives; consumer spending patterns; the impact of changing energy prices; increased cost of goods sold, including increased costs from the Company’s principal supplier, Wakefern; disruptions or changes in Wakefern's operations; the results of litigation; the results of tax examinations; the results of union contract negotiations; competitive store openings and closings; the rate of return on pension assets; and other factors detailed herein and in the Company’s filings with the
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(In thousands, except per share amounts) (Unaudited) | ||||||||
13 Weeks Ended | ||||||||
2023 | 2022 | |||||||
Sales | $ | 536,354 | $ | 519,689 | ||||
Cost of sales | 383,406 | 370,404 | ||||||
Gross profit | 152,948 | 149,285 | ||||||
Operating and administrative expense | 130,292 | 125,562 | ||||||
Depreciation and amortization | 8,506 | 8,547 | ||||||
Operating income | 14,150 | 15,176 | ||||||
Interest expense | (1,064 | ) | (1,087 | ) | ||||
Interest income | 3,825 | 1,968 | ||||||
Income before income taxes | 16,911 | 16,057 | ||||||
Income taxes | 5,326 | 4,976 | ||||||
Net income | $ | 11,585 | $ | 11,081 | ||||
Net income per share: | ||||||||
Class A common stock: | ||||||||
Basic | $ | 0.87 | $ | 0.85 | ||||
Diluted | $ | 0.78 | $ | 0.76 | ||||
Class B common stock: | ||||||||
Basic | $ | 0.56 | $ | 0.55 | ||||
Diluted | $ | 0.56 | $ | 0.55 | ||||
Gross profit as a % of sales | 28.52 | % | 28.73 | % | ||||
Operating and administrative expense as a % of sales | 24.29 | % | 24.16 | % | ||||
Contact: | |
(973) 467-2200 | |
villageinvestorrelations@wakefern.com |
Source:
2023 GlobeNewswire, Inc., source