Weis Q2 Sales Up 3%, Comps Rise 3.2%
SUNBURY, Pa. -- Perishable department sales growth, successful sales building strategies, and aggressive promotional activity factored into a solid second quarter for Weis Markets, Inc. here, which posted a 3 percent sales increase of $578.8 million for the 13-week period ending June 30, 2007 vs. the same period a year ago while its same store sales increased 3.2 percent.
The chain’s second quarter net income grew a healthy 17.2 percent to $18.16 million from $15.49 million in the prior year quarter, buoyed by the sale of two properties generating a $5.3 million pre-tax gain. Expenses as a percentage of sales also remained consistent due to recently implemented cost control initiatives, as compared to the same period last year.
For the six-month period, net income was $31.6 million, up 3.7 percent from $30.4 million in the prior year period. On a per share basis, earnings grew to $1.17 from $1.13 in the comparable period last year.
For the 26-week period ending June 30, 2007, Weis Markets’ sales increased 3.7 percent to $1.2 billion while year- to-date same store sales were up 3.6 percent. Year-to-date basic and diluted earnings per share increased $.04 to $1.17 and net income increased 3.7 percent to $31.6 million.
Weis Markets, Inc., which marked its 95th year of operation in May, currently operates 157 stores in five states: Pennsylvania, Maryland, New York, New Jersey and West Virginia.
The chain’s second quarter net income grew a healthy 17.2 percent to $18.16 million from $15.49 million in the prior year quarter, buoyed by the sale of two properties generating a $5.3 million pre-tax gain. Expenses as a percentage of sales also remained consistent due to recently implemented cost control initiatives, as compared to the same period last year.
For the six-month period, net income was $31.6 million, up 3.7 percent from $30.4 million in the prior year period. On a per share basis, earnings grew to $1.17 from $1.13 in the comparable period last year.
For the 26-week period ending June 30, 2007, Weis Markets’ sales increased 3.7 percent to $1.2 billion while year- to-date same store sales were up 3.6 percent. Year-to-date basic and diluted earnings per share increased $.04 to $1.17 and net income increased 3.7 percent to $31.6 million.
Weis Markets, Inc., which marked its 95th year of operation in May, currently operates 157 stores in five states: Pennsylvania, Maryland, New York, New Jersey and West Virginia.