Weis Comps Up for 13th Straight Quarter
Buoyed by stellar pharmacy and deli/prepared food sections, Weis Markets Inc. continued to rack up double-digit sales gains, recovered its net income momentum and marked its 13th straight quarter of comparable-store increases.
Weis reported second-quarter sales for the 13-week period ended July 1 of $876.6 million, a 20 percent increase from the $730.4 million posted in the year-ago period. The Sunbury, Pa.-based grocer’s second-quarter comps, adjusted down for the Easter holiday shift, climbed 2.7 percent.
In the second quarter, the company's operating income rose 15.2 percent to $27.7 million, versus $24.1 million last year. Weis Markets’ second-quarter net income grew 21 percent to $18.5 million.
"Our comparable-stores have now increased for the 13th consecutive quarter," noted Weis Markets Chairman and CEO Jonathan Weis. "During this period, our sales and net income benefited from the strong performance of our pharmacy and deli-foodservice departments, sustained and varied promotions throughout our seven-state market area, and increased store-level efficiencies and expense controls.”
For the 26-week period ended July 1, the company's sales rose 17.7 percent to $1.7 billion, compared with the same period in 2016, and comps edged up 1.7 percent. Year-to-date operating income totaled $48 million, versus $55.3 million in 2016, while year-to-date net income came to $30.3 million, a 14.4 percent decline from last year.
Weis Markets operates 204 stores in Pennsylvania, Maryland, Delaware, New Jersey, New York, Virginia and West Virginia.