Weis Markets Reports Mixed 4th-Quarter Results

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Weis Markets Reports Mixed 4th-Quarter Results

02/09/2010
Weis Markets, Inc. posted an 8 percent sales increase of $671 million in the forth quarter vs. $619 million for the same period in 2008, while same store-sales were up 2 percent.

For the 13-week period ending Dec. 26, 2009, however, the Sunbury, Pa.-based regional retailer earned $15.5 million, or 58 cents per share, down from $17 million, or 63 cents per share, a year earlier. The company said the 9 percent dip in fourth-quarter profits was attributable to lower retail prices and an ongoing pullback in consumer spending.

“We continue to make progress in a difficult market environment, marked by cautious customer spending and price deflation in key categories,” said David Hepfinger, Weis Markets’ president and CEO. “Despite these challenges, we have produced five consecutive quarters of strong operating results through improved operating performance, more focused promotional programs and increased efficiencies at store and distribution levels.”

For the 52-week period ending Dec. 26, 2009, Weis Markets’ sales increased 4 percent to $2.5 billion compared with 2008, while its 2009 same-store sales increased 2 percent. The company’s net income increased 34 percent to $63 million, up from $47 million vs. the year-ago period, while its basic and diluted earnings per share also increased 34 percent, or 59 cent to $2.33 per share.

Weis Markets operates 164 stores in Pennsylvania, Maryland, New Jersey, New York and West Virginia.