Village Super Market(US:VLGEA) ZACKSยท2024-10-10 14:50Core Insights - Village Super Market, Inc. reported steady growth in the fiscal fourth quarter, with total sales reaching $578.2 million, a 4.4% increase from the previous year, driven by strong digital sales and pharmacy segments [1][2] Financial Performance - Earnings per share (EPS) for Class A common stock was $1.04, up from $1.03, while Class B common stock EPS increased to 75 cents from 74 cents [1] - Net income for the fiscal fourth quarter was $15.4 million, slightly up from $15.3 million, with adjusted net income increasing by 10% to $16.9 million [8] - For fiscal 2024, total sales reached $2.24 billion, a 3.2% increase from $2.17 billion in fiscal 2023, with EPS for Class A at $3.40 and Class B at $2.46 [9] Profitability Metrics - Gross profit as a percentage of sales improved to 29.3% in the fiscal fourth quarter, up from 29.1% the previous year, attributed to lower warehouse assessment charges and LIFO charges [4] - Operating and administrative expenses rose to 24.2% of sales from 23.9% in the prior-year quarter, primarily due to increased labor costs and fringe benefits [5] - The company's net income for the fiscal year reached $50.5 million, a slight increase from $49.7 million in fiscal 2023, while adjusted net income grew 7% to $52.6 million [10] Operational Developments - The company closed its automated micro-fulfillment center, resulting in a non-cash impairment charge of $2.1 million, reflecting a strategic shift towards digital sales and store expansions [11] - Digital sales growth was significant, climbing 12%, contributing to the overall sales increase [2]