Weis Markets Q2 Sales Up 5 Percent
SUNBURY, Pa. -- Weis Markets, Inc. here recorded a 5 percent sales increased in the second quarter of $562 million, and said its second quarter net income increased 6 percent vs. the same period a year ago.
"Our second quarter results were positively impacted by a record Easter sales period," said Norman S. Rich, Weis Markets' president and c.e.o. Same store sales also increased 3.8 percent during the thirteen-week period ending July 1, 2006, while the company's basic and diluted earnings increased 3 cents to 57 cents per share.
Weis is also moving the needle forward with year-to-date sales, which increased 2.2 percent to $1.1 billion and with year-to-date comps, which climbed 1.4 percent. Net income, however, declined 3.1 percent to $30.4 million.
The company said the quarter's results were significantly affected by a very mild winter in its core markets, particularly in Pennsylvania, where it operates most of its stores.
Year-to-date, most expense items have risen in direct correlation with the increased sales volume. Petroleum and petroleum-based products were major exception, climbing at a much higher pace, with fuel costs up 25.6 percent, utilities up 8.7 percent, and plastic (petroleum-based) packaging supplies up approximately 25 percent compared with the previous first half.
Weis Markets operates 158 stores in Pennsylvania, Maryland, New Jersey, New York and West Virginia. The company also owns and operates SuperPetz, a pet supply superstore chain with 31 locations in 10 states.
"Our second quarter results were positively impacted by a record Easter sales period," said Norman S. Rich, Weis Markets' president and c.e.o. Same store sales also increased 3.8 percent during the thirteen-week period ending July 1, 2006, while the company's basic and diluted earnings increased 3 cents to 57 cents per share.
Weis is also moving the needle forward with year-to-date sales, which increased 2.2 percent to $1.1 billion and with year-to-date comps, which climbed 1.4 percent. Net income, however, declined 3.1 percent to $30.4 million.
The company said the quarter's results were significantly affected by a very mild winter in its core markets, particularly in Pennsylvania, where it operates most of its stores.
Year-to-date, most expense items have risen in direct correlation with the increased sales volume. Petroleum and petroleum-based products were major exception, climbing at a much higher pace, with fuel costs up 25.6 percent, utilities up 8.7 percent, and plastic (petroleum-based) packaging supplies up approximately 25 percent compared with the previous first half.
Weis Markets operates 158 stores in Pennsylvania, Maryland, New Jersey, New York and West Virginia. The company also owns and operates SuperPetz, a pet supply superstore chain with 31 locations in 10 states.