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Weis Markets Q3 Sales Up, Earnings Down

Weis Markets reported on Tuesday $711.9 million in third-quarter sales, a 4.1 percent increase, driven by a 4 percent increase in comps, compared to the year-ago.

However net income for the Sunbury, Pa.-based company dipped 5.4 percent to $12.8 million, while earnings per share came in at $0.48, compared to $0.50 in 2014.

Additionally, Weis brought in $2.1 billion in net sales for the year-to-date, a 3.9 percent increase, while comps were also up 3.9 percent for the same period. Earnings per share increased 5.3 percent to $1.59 per share while net income increased 5.1 percent to $42.8 million.

According to the company, Weis "discovered potential errors in the application of actuarial methods used to estimate the obligation of future payments resulting from claims due to past events. The resulting restatement was immaterial to the Company's 2015 third quarter and year-to-date results."

Weis Markets Inc. operates 163 stores in Pennsylvania, Maryland, New Jersey, New York and West Virginia. 

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