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Weis posts profit, same-store sales gains
April 21st, 2011
SUNBURY, Pa. – Weis Markets Inc. reported an increase in its first-quarter earnings and comparable-store sales.
The regional supermarket chain said Friday that for the 13-week period ended March 26, net income increased 7.0% to $18.6 million from $17.4 million for the same period in 2010. Basic and diluted earnings per share increased 6.2% to 69 cents per share.
Same-store sales in the first quarter edged up 0.6%. As a result of the divestiture of 18 unprofitable SuperPetz units and two underperforming stores, net sales declined 0.7% to $659.5 million from $664.3 million a year earlier, the company said.
Weis attributed its higher earnings to an increase in store-level operating income due to the increasingly efficient operation of its stores and disciplined marketing and advertising, along with targeted promotional activity in key markets.
"Our current results mark our ninth consecutive quarter of strong operating results," David Hepfinger, Weis Markets' president and chief executive officer, said in a statement. "Our company achieved these results at a time of continuing consumer caution and during a period when increased wholesale inflation continues to outpace retail price inflation."
Weis Markets operates 162 stores in Pennsylvania, Maryland, New York, New Jersey and West Virginia.