Weis Shows Growth in Second Quarter


Tue. July 31st, 2012

<p><strong>Sunbury, PA</strong><hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding">Weis Markets has reported its second quarter financials for the thirteen-week period ending June 30, 2012. Weis revealed a 12.1% increase in its second quarter net income. The Company generated $23.2 million in net income while its earnings per share increased 11.7% to $.86 per share, according to a press release. This is compared to $.77 per share for the same period in 2011. Second quarter operating income was $35.3 million, an increase of 11.4%. Second quarter sales increased 0.1% to $677.1 million while comparable store sales increased 0.4%.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"> For the 26-week period ending June 30, 2012, the Company's net income increased 10.0% to $43.2 million. Earnings per share increased 10.3% to $1.61 compared to $1.46 in 2011 for the year to date. During the same period 26-week period, the Company reported a operating income of $65.7 million, an increase of 9.7% to last years comparable period. Year to date sales increased 0.2% to $1.3 billion while comparable store sales increased 0.7%.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"> Weis Markets' President and CEO David J. Hepfinger, stated, "We are operating in a stagnant sales environment resulting from the poor economy and intense competition. 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." He continues, "We also continued to invest in our growth by acquiring and reopening three units in the Delaware Valley and extensively remodeling six units."</p><hr class="legacyRuler"><hr class="invisible minimal-padding"><p><a class="btn btn-sm btn-primary col-lg-12" style="white-space: normal;" href="http://www.weismarkets.com" target="_new"> Weis </a></p><hr class="legacyRuler"><hr class="invisible minimal-padding">