Weis Sees Boost in 2010 Net Income
Weis Markets Inc. reported an 8.7 percent increase in its fiscal year 2010 net income, with earnings per share up 21 cents to $2.54 compared to last year.
Weis’ net income totaled $68.3 million for the year ending Dec. 25, compared to $62.8 million in 2009. The company’s 2010 sales increased 4.1 percent to $2.6 billion compared to $2.5 billion in 2009. During the same period, the grocer’s comparable store sales increased 1 percent.
“We’ve achieved our 2010 goals and have generated strong earnings increases for two consecutive years while maintaining our sales base and increasing our cap-ex investments in markets impacted by cautious consumer spending and lower consumer confidence,” said Jonathan Weis, Weis Markets’ vice chairman and secretary. “Our results are due to increased productivity and improved cost controls at store level, supply chain improvements, efficient procurement and a disciplined go-to-market strategy.”
The company’s fourth-quarter sales totaled $662.5 million compared to $671.4 million for the same period in 2009, declining 1.3 percent. Fourth-quarter net income totaled $14.1 million, a 9.3 percent decrease compared to the same period in 2009. Fourth-quarter earnings per share totaled 52 cents per share compared to 58 cents per share in 2009.
Weis Markets operates 164 stores in its home state of Pennsylvania and in Maryland, New York, New Jersey and West Virginia.