Weis Markets Posts Sales Increase in 2Q
SUNBURY, Pa. - Weis Markets, Inc. on Friday cited its strong performance in perishables and successful promotional programs as reasons for a 3.2 percent surge in comparable store sales in its second quarter -- its twelfth consecutive quarterly increase in comps.
The Sunbury, Pa.-based Mid-Atlantic grocery chain reported that sales for the 13-week period ending June 26, 2004 increased 2.6 percent to $521.4 million.
Meanwhile, Weis generated $13.6 million in second-quarter net income, which was a 1.0 percent decline compared to the same period a year ago.
Weis's net income and earnings per share were affected by healthcare cost increases that it said continue to exceed the rate of inflation. During the period, the company's medical insurance costs increased $2.2 million. The company said it is developing healthcare cost containment strategies to control and reduce these costs.
"While the continuing increase in healthcare costs and a loss related to the sale of an asset affected our net income and earnings per share, our core business continues to perform well in a competitive marketplace where the economy is beginning to slowly rebound," said Weis Markets' c.e.o. and president Norman S. Rich. "In addition to the sales and comparable store sales increases, our income from operations in the second quarter increased 7.3 percent to $18.4 million. In the coming months, we will continue to focus our efforts on increasing efficiencies and reducing costs while at the same time executing on our go-to-market strategies."
Weis Markets, Inc. operates 157 stores in six states: Pennsylvania, Maryland, New Jersey, New York, Virginia and West Virginia. The company also owns and operates SuperPetz, a pet supply superstore chain with 33 locations in eleven states.
The Sunbury, Pa.-based Mid-Atlantic grocery chain reported that sales for the 13-week period ending June 26, 2004 increased 2.6 percent to $521.4 million.
Meanwhile, Weis generated $13.6 million in second-quarter net income, which was a 1.0 percent decline compared to the same period a year ago.
Weis's net income and earnings per share were affected by healthcare cost increases that it said continue to exceed the rate of inflation. During the period, the company's medical insurance costs increased $2.2 million. The company said it is developing healthcare cost containment strategies to control and reduce these costs.
"While the continuing increase in healthcare costs and a loss related to the sale of an asset affected our net income and earnings per share, our core business continues to perform well in a competitive marketplace where the economy is beginning to slowly rebound," said Weis Markets' c.e.o. and president Norman S. Rich. "In addition to the sales and comparable store sales increases, our income from operations in the second quarter increased 7.3 percent to $18.4 million. In the coming months, we will continue to focus our efforts on increasing efficiencies and reducing costs while at the same time executing on our go-to-market strategies."
Weis Markets, Inc. operates 157 stores in six states: Pennsylvania, Maryland, New Jersey, New York, Virginia and West Virginia. The company also owns and operates SuperPetz, a pet supply superstore chain with 33 locations in eleven states.