Weis Markets announced its third quarter earnings recently, which were highlighted by a 1.2% increase in net income to $17.2 million.
In addition:
- Earnings per share increased 1.6% to $0.64 per share as compared to the same period one year ago.
- Operating income increased 1.3% to $26.5 million.
- Sales decreased 1.5% to $668.4 million.
- Comparable store sales decreased 1.7%.
According to the company, net income and operating income increases were due to its continuing focus on disciplined promotions and marketing, increased store-level productivity, improved operational and supply chain efficiencies, and a decrease in depreciation expenses.
The decrease in sales was attributed to spikes in sales in the third quarter of 2011 as a result of Hurricane Irene and Lee. Weis also pointed to higher gas prices as well as cautious consumer spending due to high unemployment in Northeastern Pennsylvania, New York’s Southern Tier, and parts of Central Pennsylvania.
For the year-to-date, the company’s sales were down 0.4% and comparable store sales were down 0.2% as compared to the same period one year ago. Net income rose 7.3% and operating income rose 7.1%.