Weis Markets Reports Q2 Results, 20 Percent Increase in Sales


Fri. August 4th, 2017
- by Robert Schaulis     

SUNBURY, PA – Reporting robust sales and income growth in a competitive market, Weis Markets announced the results of the second quarter of the company’s fiscal year this week.

Jonathan Weis, Chairman & CEO, Weis Markets"Our comparable stores have now increased for the thirteenth consecutive quarter," said Chairman and Chief Executive Officer Jonathan Weis, in a company release. "During this period our sales and net income benefited from the strong performance of our pharmacy and deli-food service departments, sustained and varied promotions throughout our seven-state market area, and increased store level efficiencies and expense controls."

Throughout the 13 week period ending July 1st, 2017, the retailer reported that sales increased 20 percent to $876.6 million, compared to $730.4 million for the same period in 2016.

Weis Store Front

Other highlights of the second quarter report include:

  • Second quarter comparable store sales, adjusted down for the Easter Holiday shift, increased 2.7 percent
  • Operating income increased 15.2 percent to $27.7 million compared to $24.1 million for the same period in 2016
  • Net income increased 21.0 percent to $18.5 million
  • Earnings per share totaled $0.69 compared to $0.57 in 2016

The company also noted similar growth in its year-to-date sales. During the 26 week period ending July 1st, 2017, Weis Markets’ sales increased 17.7 percent to $1.7 billion, compared to the same period in 2016, while comparable store sales were up 1.7 percent. Operating income totaled $48.0 million compared to $55.3 million in 2016, and year-to-date net income totaled $30.3 million, down 14.4 percent compared to 2016.

These financial results follow Weis Markets' announcement, this April, that the company would invest $90 in growth over the course of 2017, and income decreases reflect significant investments in store remodels, new facilities, and more.

AndNowUKnow will continue to report on important retail news.

Weis Markets

 
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