Weis Q3 Comps and Sales Up

SUNBURY, Pa. -- Weis Markets, Inc. here said yesterday that perishables volume and sharp promotions helped buoy its third quarter sales, which were up 1.4 percent to $565.0 million. Comparable store sales increased 1.8 percent over the year ago period.

For the 13-week quarter ended September 29, 2007, Weis's net income declined 6.5 percent to $10.8 million, however; and earnings per share fell $.03 compared to the year ago, to $.40 per share.

Weis said sales continue to benefit from increased perishable volume, successful sales building strategies and aggressive promotional activity in several key markets. On the other hand, sales results were negatively affected by lower pharmacy sales as the result of generic prescriptions supplanting their brand-name counterparts, and the shift of Medicare D prescriptions to mail order, the chain said.

Weis also said profits were squeezed in the quarter by accelerated depreciation and amortization for previous year capital expenditures, and increased labor costs. It added it "is continuing to implement programs to manage its labor costs."

Year to date, Weiss sales are up 2.9 percent to $1.7 billion while comps are up 3 percent. For the thirty-nine week period ending September 29, 2007, net income increased 0.9 percent to $42.4 million, while and earnings per share increased $.02 to $1.57 per share.

This year, Weis Markets marked its 95th anniversary. The company oerates 155 stores in Pennsylvania, Maryland, New Jersey, New York and West Virginia; and also owns and operates SuperPetz, a pet supply superstore chain with 30 locations in 10 states.
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