Village Super Market, Inc. Reports Results for the First Quarter Ended October 24, 2015

Net income was $4,430,000 in the first quarter of fiscal 2016 compared to $3,879,000 in the first quarter of the prior year. The first quarter of the prior year includes a charge to write-off all remaining insurance receivables related to Superstorm Sandy of $1,340,000 (net of tax) and a higher tax rate due to $404,000 of accrued interest and penalties related to the New Jersey tax dispute. Excluding these items from both fiscal years, net income decreased 21% in the first quarter of fiscal 2016 compared to the prior year due primarily to higher operating and administrative expenses.

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