Weis Markets Posts 28.3 Percent Increase in Fourth-quarter Net Income

SUNBURY, Pa. - Weis Markets Inc. on Monday said its fourth-quarter net income increased 28.3 percent to $16 million compared to an 18.2 percent increase in 2002. In the 13-week period ending Dec. 28, 2002, the company's income from operations increased 22.9 percent to $23.1 million.

Weis Markets said its fourth-quarter sales increased 0.7 percent to $507.2 million, while identical store sales were up 0.9 percent. Overall sales increased 1.4 percent to $2 billion in 2002, with identical store sales also increasing 1.4 percent for the year. The company said a soft economy and a competitive sales environment in key markets affected its fourth-quarter sales.

The company said fourth-quarter net income and diluted earnings per share were affected by continuing improvements in its gross margins, the continued success of its expense control initiatives at store level and in marketing, and productivity increases at store level and in the company's supply chain network.

Founded in 1912, Weis Markets currently operates 160 stores in six states: Pennsylvania, Maryland, New Jersey, New York, Virginia and West Virginia. It also owns and operates 33 pet supply superstores in eleven states under the SuperPetz banner.
This ad will auto-close in 10 seconds