Weis Comps Still Up in Q3
Weis Markets Inc. reported that its third-quarter sales for the 13-week period ended Sept. 30, rose 15 percent to $854.3 million, versus $743 million for the year-ago period, while its third-quarter comparable-store sales edged up 1.5 percent, marking 14 consecutive quarters of comps growth.
The grocer’s third-quarter net income plunged 58.1 percent to $4.4 million, however, and earnings per share came to 16 cents, compared with 40 cents last year. The declines were due to the company’s aggressive promotional and pricing initiatives; price deflation in produce, deli and foodservice, bakery, and seafood; and inventory management issues in some recently acquired stores, according to the company.
For the 39-week period ended Sept. 30, 2017, Weis Markets’ sales grew 16.8 percent to $2.6 billion, versus $2.2 billion for year-ago period, while comps were up 1.6 percent. Year-to-date net income was $34.8 million, down 24.5 percent compared with the same period in 2016 and earnings per share came to $1.29, compared with $1.71 last year.
The grocer also recently released a report detailing its strides in sustainability, including upgrades at the 44 stores it acquired in 2016.
Sunbury, Pa.-based Weis Markets operates 204 stores in Pennsylvania, Maryland, Delaware, New Jersey, New York, Virginia and West Virginia.