Q2 Same-store Sales Up for Weis Markets
Weis Markets reported a 28.4 percent increase in its second-quarter net income, while its sales for the same period increased 3.8 percent.
During the 13-week period ended June 27, the company's net income increased to $16.4 million compared to the year-ago period. Q2 earnings per share increased 27.1 percent to 61 cents compared to 48 cents per share for the same period in 2014.
The company's Q2 sales hit $718.4 million while its comparable store sales for the same period increased 4.3 percent.
Investment in building sales
"Our second-quarter results reflect our continuing investments in sales-building strategies and disciplined promotions that helped us generate strong sales and net income increases," said Jonathan Weis, Weis Markets' chairman and CEO. "During the period, our results benefited from strong unit sales growth throughout our fresh and center store departments."
Year to date, Weis' net income increased 7.2 percent to $29.5 million while earnings per share increased 7.8 percent to $1.10. The company's year-to-date sales increased 3.8 percent to $1.4 billion compared to the year-ago period. Year-to-date comparable store sales increased 3.8 percent.
Founded in 1912, Sunbury, Pa.-based Weis Markets operates 163 stores in Pennsylvania, Maryland, New Jersey, New York and West Virginia.