Q3 Sales Up 6% at Weis Markets
Third-quarter sales at Weis Markets Inc. increased 6 percent to $678.6 million and comparable store sales increased 6.5 percent compared to the same period a year ago.
For that period, ending Sept. 24, the company’s net income increased 4.1 percent to $17 million; its Q3 earnings per share increased to 63 cents compared to 61 cents per share in 2010.
“Our company continues to generate strong results in a difficult economic environment,” said Robert F. Weis, Weis Markets chairman. “Cautious consumer spending due to the poor economy continues to impact our business. Fuel and wholesale inflation impacted our business during the period. We absorbed a significant portion of these cost increases during the quarter and did not pass them on to our customers. Our company continues to benefit from improved operating performance and execution at store level, increased supply chain efficiencies and a disciplined and effective go-to-market strategy.”
Year to date ending Sept. 24, the company’s sales increased 2.9 percent to $2 billion while its comparable store sales increased 4 percent. During this period, its earnings per share totaled $2.09, up 7 cents per share compared to the same period in 2010, while its net income increased 3.8 percent to $56.3 million.
Founded in 1912, Weis Markets operates 162 stores in its home state of Pennsylvania and in Maryland, New York, New Jersey and West Virginia.