Weis Markets' Q2 earnings up by 34.9% to US$20.5M, sales up by 6.2% to US$653.7M, while comparable-store sales remain unchanged year-over-year
July 12, 2010
– Weis Markets, Inc. (NYSE: WMK) today reported a 34.9% increase in its second quarter earnings. For the 13-week period ending June 26, 2010, the Company's second quarter earnings totaled $20.5 million and its earnings per share increased $.20 to $.76 per share compared to the same period a year ago.
In the second quarter, the Company's sales increased 6.2% to $653.7 million while its comparable store sales remained unchanged compared to the same period a year ago.
"It is clear the economy continues to be a major concern for our customers, who continue to be extremely cautious in their spending," said David J. Hepfinger, Weis Markets' President and CEO. "In this environment, we have maintained our sales base and produced our seventh consecutive quarter of earnings increases. We attribute our results to improved efficiencies and productivity at store and distribution levels. We have also benefited from improvements in the procurement arena and our perishable departments, notably meat and produce, continue to perform well."
Year to Date
For the 26-week period ending June 26, 2010, the Company's earnings increased 19.4% to $37.9 million and earnings per share increased $.23 to $1.41 per share compared to the same period a year ago.
Year-to-date sales increased 7.9% to $1.3 billion.
About Weis Markets
Founded in 1912, Weis Markets marked its 98th year of operation in May. It currently operates 164 stores in its home state of Pennsylvania and in Maryland, New York, New Jersey and West Virginia. For more information about Weis Markets, Inc., please visit www.weismarkets.com.