Q2 Sales Up 3.5% at Weis Markets
Weis Markets Inc. had second quarter 2011 sales of $676.7 million – an increase of 3.5 percent over the $653.7 million in the same period last year – while its comparable store sales for the period increased 5.1 percent.
For the 13-week period ending June 25, the retailer’s net income increased 0.9 percent to $20.7 million, compared to the $20.5 million in 2010, while earnings per share increased to 77 cents per share compared to 76 cents in 2010.
The company attributed its sales increases to grand openings in three key markets, successful sales building programs, operational improvements at store level and improved administrative expense management.
“One year ago, we generated record earnings in the second quarter when our company posted a 35% increase in net income. We have now improved upon those results while posting strong sales and comparable store sales gains,” said David J. Hepfinger, Weis Markets president and CEO. “We continue to invest in our growth through the upgrade of our store base and disciplined sales building programs which have helped us achieve our results. We also continue to benefit from improved productivity and efficiencies at store and distribution levels.”
For the 26-week period ending June 25, Weis Markets’ sales increased 1.4 percent to $1.34 billion, while its comparable stores increased 2.8 percent. Year-to-date net income is up 3.7 percent while earnings per share increased 3.5 percent to $1.46 per share.
Weis Markets operates 163 stores in its home state of Pennsylvania and in Maryland, New York, New Jersey and West Virginia.