Weis Markets Reports 6.2 Percent Increase in Q2 Sales
Weis Markets, Inc. has reported an increase in second-quarter sales of 6.2 percent to $653.7 million, while comparable-store sales remained unchanged compared with the same period a year ago.
Meanwhile, Weis reported a 34.9 percent increase in its second-quarter earnings. For the 13-week period ending June 26, second-quarter earnings totaled $20.5 million, while earnings per share increased 20 cents to 76 cents per share vs. the same period a year ago.
“It is clear the economy continues to be a major concern for our customers, who continue to be extremely cautious in their spending,” said David Hepfinger, Weis Markets president and CEO. “In this environment, we have maintained our sales base and produced our seventh consecutive quarter of earnings increases. We attribute our results to improved efficiencies and productivity at store and distribution levels. We have also benefited from improvements in the procurement arena, and our perishable departments, notably meat and produce, continue to perform well.”
For the 26-week period ending June 26, earnings increased 19.4 percent to $37.9 million, and earnings per share increased 23 cents to $1.41 per share compared with the same period a year ago. Year-to-date sales increased 7.9 percent to $1.3 billion.
Sunbury, Pa.-based Weis Markets operates 164 stores in Pennsylvania, Maryland, New York, New Jersey and West Virginia.