Weis Markets' Q1 net income up 7% to US$18.6M, but net sales down 0.7% to US$659.5M on divestiture of 18 unprofitable SuperPetz units and two underperforming stores; comparable store sales up 0.6%
April 21, 2011
– Weis Markets, Inc. (NYSE:WMK - News) today reported an increase in its first quarter earnings and comparable store sales.
For the thirteen-week period ending March 26, 2011, the Company's net income increased 7.0% to $18.6 million compared to $17.4 million for the same period in 2010. Basic and diluted earnings per share increased 6.2% to $.69 per share.
The Company's first quarter comparable store sales increased 0.6%. As a result of the divestiture of 18 unprofitable SuperPetz units and two underperforming stores, the Company's net sales declined 0.7% to $659.5 million compared to $664.3 million for the same period in 2010.
The Company attributed its higher earnings to an increase in store level operating income due to the increasingly efficient operation of its stores and disciplined marketing and advertising along with targeted promotional activity in key markets.
"Our current results mark our ninth consecutive quarter of strong operating results," said David J. Hepfinger, Weis Markets' President and CEO. "Our company achieved these results at a time of continuing consumer caution and during a period when increased wholesale inflation continues to outpace retail price inflation."
About Weis Markets
Weis Markets currently operates 162 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.