Weis Markets Reports Strong Increases in Second-quarter Earnings
SUNBURY, Pa. - East Coast retailer Weis Markets Inc. today said its second-quarter diluted earnings per share increased 92.3 percent to $.50 per share, and net income increased 55.7 percent to $13.6 million compared to the second quarter of 2001.
In the second quarter of 2002, the company's income from operations increased 94.6 percent to $18.4 million. Excluding $5.3 million in non-recurring expenses related to the company's stock repurchase in the second quarter of 2001, operating income increased 24.9 percent compared to the second quarter of last year.
For the 13-week period ending June 29, 2002, Weis' second-quarter sales increased .6 percent to $491.9 million, and identical store sales also increased .6 percent.
The company, which operates 162 stores in Pennsylvania, Maryland, New Jersey, New York, Virginia and West Virginia, said second-quarter year-over-year earnings per share and net income comparisons were affected by the continued progress of its expense control initiatives and improved gross margins; the repurchase of 14.5 million shares of company stock on May 7, 2001; and a $2.4 million decline in 2001 investment income as a result of the stock repurchase.
Founded in 1912, Weis Markets marked its 90th year of operation in May. In addition to its 162 stores, the company also owns and operates 33 pet supply superstores in 11 states under the SuperPetz banner.
In the second quarter of 2002, the company's income from operations increased 94.6 percent to $18.4 million. Excluding $5.3 million in non-recurring expenses related to the company's stock repurchase in the second quarter of 2001, operating income increased 24.9 percent compared to the second quarter of last year.
For the 13-week period ending June 29, 2002, Weis' second-quarter sales increased .6 percent to $491.9 million, and identical store sales also increased .6 percent.
The company, which operates 162 stores in Pennsylvania, Maryland, New Jersey, New York, Virginia and West Virginia, said second-quarter year-over-year earnings per share and net income comparisons were affected by the continued progress of its expense control initiatives and improved gross margins; the repurchase of 14.5 million shares of company stock on May 7, 2001; and a $2.4 million decline in 2001 investment income as a result of the stock repurchase.
Founded in 1912, Weis Markets marked its 90th year of operation in May. In addition to its 162 stores, the company also owns and operates 33 pet supply superstores in 11 states under the SuperPetz banner.