Weis Markets Reports Increased Sales, Lower Net Income in Third Quarter
SUNBURY, Pa. - Regional supermarket chain Weis Markets Inc. on Friday said its third-quarter sales increased 1.8 percent to $504.7 million compared to the same period a year ago, while third-quarter comparable store sales increased 2.4 percent.
During the 13-week period ending Sept. 27, 2003, the company's net income was $10.9 million compared to $14.8 million for the same period a year ago. Third-quarter basic and diluted earnings per share were $.40 compared to $.55.
The company said its third-quarter year-over-year comparisons of net income and earnings per share were affected by:
-- Last year's gain of $2.9 million from the sale of two former store sites.
-- Increased costs of $3.1 million for store merchandising supplies and advertising expenses.
-- Significant cost increases for certain commodities such as beef, poultry and dairy (eggs and milk) combined with competitive activity that has restrained increasing retails in these categories.
Founded in 1912, Weis Markets currently operates 159 stores in six states: Pennsylvania, Maryland, New Jersey, New York, Virginia and West Virginia. It also owns SuperPetz, a pet supply superstore chain with 33 locations in eleven states.
During the 13-week period ending Sept. 27, 2003, the company's net income was $10.9 million compared to $14.8 million for the same period a year ago. Third-quarter basic and diluted earnings per share were $.40 compared to $.55.
The company said its third-quarter year-over-year comparisons of net income and earnings per share were affected by:
-- Last year's gain of $2.9 million from the sale of two former store sites.
-- Increased costs of $3.1 million for store merchandising supplies and advertising expenses.
-- Significant cost increases for certain commodities such as beef, poultry and dairy (eggs and milk) combined with competitive activity that has restrained increasing retails in these categories.
Founded in 1912, Weis Markets currently operates 159 stores in six states: Pennsylvania, Maryland, New Jersey, New York, Virginia and West Virginia. It also owns SuperPetz, a pet supply superstore chain with 33 locations in eleven states.