Weis Markets Reports Q2 Results, 20 Percent Increase in Sales
- 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.
"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.
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.
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