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Village Super Market Inc Announces Impressive Net Income for Fiscal Year 2023
Annual Revenue Reaches Record Levels
VILLAGE SUPER MARKET INC [VLGEA], a leading supermarket chain, has recently announced its financial results for the fiscal year 2023, ending on July 29, 2023. The company reported a remarkable net income of $49.7 million, showcasing a significant increase compared to the previous year. Moreover, Village Super Market achieved record-breaking annual revenue of $2.17 billion, reflecting its continued growth and success in the highly competitive retail industry.
The strong financial performance of Village Super Market can be attributed to several factors. The company's gross profit reached $616.5 million, representing a solid growth of $36.8 million compared to the previous year. This increase in gross profit was driven by higher sales, which amounted to $2.17 billion, an impressive 5% increase from the previous year's revenue of $2.06 billion. Village Super Market effectively managed its operating and administrative expenses, which stood at $516.9 million, contributing to the improved operating income of $65.5 million.