Weis Q1 Sales, Earnings Increase on Aggressive Promos
Buoyed by a $3 million investment in aggressive promotional programs, Weis Markets posted a 10 percent increase in first-quarter sales of $664 million, vs. $606 million in the year-ago period. For the 13-week period ended March 27, 2010, the Sunbury, Pa.-based regional grocery company’s same-store sales were up 3 percent, while its basic and diluted earnings per share rose four cents to 65 cents per share, in addition to a net income increase of 5 percent to $17.4 million, vs. 16.5 million for the same period in 2009.
Commenting on the company’s sixth consecutive quarter of strong earnings and sales performance, Weis Markets president/CEO David J. Hepfinger said: “We continued to improve our overall level of execution and increase efficiencies at store and distribution levels, which helped us generate solid sales and earnings increase,s along with a 6.1 percent increase in operating income.” Hepfinger also cited the multimillion-dollar investment Weis made in promotional activities throughout its marketing territory.
Weis Markets, which will mark its 98th year of operation in May, currently operates 164 stores in its home state of Pennsylvania, as well as in Maryland, New York, New Jersey and West Virginia.
Commenting on the company’s sixth consecutive quarter of strong earnings and sales performance, Weis Markets president/CEO David J. Hepfinger said: “We continued to improve our overall level of execution and increase efficiencies at store and distribution levels, which helped us generate solid sales and earnings increase,s along with a 6.1 percent increase in operating income.” Hepfinger also cited the multimillion-dollar investment Weis made in promotional activities throughout its marketing territory.
Weis Markets, which will mark its 98th year of operation in May, currently operates 164 stores in its home state of Pennsylvania, as well as in Maryland, New York, New Jersey and West Virginia.