Weis delivers Q1 income growth on increased productivity
SUNBURY, Pa. — Weis Markets experienced a jump in its net income and operating income during the first quarter ended March 31, the retailer said.
First-quarter net income realized a 7.7% gain to $20 million, compared with the year-ago period, while earnings per share rose 5 cents to 74 cents for the quarter. Weis said its net income and operating income increases were prompted by "improved store level efficiencies, increased productivity, disciplined promotions and marketing and a decrease in depreciation expenses resulting when it changed depreciation methods from accelerated to straight line."
Weis also reported that for the 13-week period ended March 31, sales increased 0.3% to $661.6 million, while its comparable-store sales increased 0.9%, compared with the same period last year.
"Our company continues to generate strong earnings increases, as we have over the past three years," Weis' president and CEO David Hepfinger said. "While our market share remains stable, our first-quarter sales were clearly impacted by our customers' continuing caution due to the slow pace of the economy's recovery and to an unusually mild winter."