Weis Q2 Sales, Earnings Up
Second-quarter sales and earnings are up at Weis Markets Inc., the Pennsylvania-based retailer has reported.
Weis reported a 12.1 percent increase in its net income for the 13 weeks ending June 30; the company generated $23.2 million in net income while its earnings per share increased 11.7 percent to 86 cents per share, compared to 77 cents for the year-ago period. Q2 operating income increased 11.4 percent to $35.3 million.
Q2 sales increased 0.1 percent to $677.1 million while same-store sales increased 0.4 percent.
“We are operating in a stagnant sales environment resulting from the poor economy and intense competition,” said David J. Hepfinger, Weis Markets’ president and CEO. “In the second quarter, we continued to improve efficiencies and productivity at store level and in our supply chain while enhancing quality of our customer shopping experience in terms of our in-stock position and overall freshness. We also continued to invest in our growth by acquiring and reopening three units in the Delaware Valley and extensively remodeling six units.”
Weis also attributed the increases to disciplined promotions and marketing, and a decrease in depreciation expenses when it changed depreciation methods from accelerated to straight-line.
Year to date, the company’s net income increased 10 percent to $43.2 million while earnings per share increased 10.3 percent to $1.61, versus $1.46 a year ago. During the same period, Weis’ operating income increased 9.7 percent to $65.7 million. YTD sales increased 0.2 percent to $1.3 billion while comparable store sales increased 0.7 percent.
Weis Markets operates 162 stores in Pennsylvania, Maryland, New York, New Jersey and West Virginia.