SUNBURY, PA - Weis Markets is, for its fifteenth straight quarter, reporting increased profits. The retailer, which recently announced a $101 million investment plan, announced the results of its first quarter fiscal 2018, noting improved sales, earnings per share, and net income.
“Our operating income was positively impacted by store improvements in overall efficiency levels, particularly with inventory management, which resulted in an improved store gross profit rate and our 15th consecutive quarter of comparable store sales increases,” said Jonathan Weis, Chairman and Chief Executive Officer, in a press release.
Highlights from Weis Markets’ first quarter include:
- Sales increased 2.8 percent to $876.1 million compared to the same period in 2017
- Comparable store sales, adjusted for the holiday shift, increased 1.5 percent
- Net income increased 36.8 percent to $16.2 million compared to $11.8 million for the same period in 2017
- Earnings per share increased 36.4 percent to $0.60 compared to $0.44 in 2017
- Operating income increased 12.8 percent to $22.8 million
“Our operating income also benefited from store labor efficiencies, in which multiple winter weather events were a contributing factor, and improvements to some of our key marketing and advertising programs. We look to build on our momentum in the coming months,” noted Weis.
For more important retail news as it pertains to fresh produce, keep reading AndNowUKnow.
