Weis Q1 Earnings Up on Ops, Productivity Improvements
Weis Markets’ first quarter net income rose 7.7% to $20.0 million compared to the same period in 2011 while its earnings per share increased $.05 to $.74 per share during the 13-week period ended March 31, 2012.
The Sunbury, Pa.-based regional retailer attributed its net and operating income gains to improved store level efficiencies, increased productivity, disciplined promotions and marketing and a decrease in depreciation expenses resulting when it changed depreciation methods from accelerated to straight-line.
Weis Markets’ first quarter sales rose slightly by 0.3 percent to $661.6 million while its same store sales increased 0.9 percent vs. the year-ago period.
“Our company continues to generate strong earnings increases, as we have over the past three years,” said David J. Hepfinger, Weis Markets’ president and CEO. “While our market share remains stable, our first quarter sales were clearly impacted by our customers’ continuing caution due to the slow pace of the economy’s recovery and to an unusually mild winter.”
In the first quarter, Weis Markets operated 161 stores in Pennsylvania, Maryland, New York, New Jersey and West Virginia.