Weis Markets adjusted net income up 13.9% for fiscal 2012
SUNBURY, Pa. — Weis Markets on Tuesday reported net income of $82.5 million for the 52-week period ended Dec. 29. Even with one less week of sales, that's up 9.2% versus fiscal 2011, which was a 53-week period, the grocer noted. Sales were down slightly by 1.9% to $2.7 billion compared with the week-longer year-ago period. Comparable sales were down 2%.
Adjusting for the 52-week to 53-week comparison, the grocer's 2012 net income increased 13.9% while sales and comparable store sales were flat.
"We continue to operate in an economy significantly impacted by slow economic growth, high unemployment and declining household income," stated David Hepfinger, Weis president and CEO. "As a result of these continuing trends, our customers were cautious in their spending in 2012," he said. "We successfully worked through these challenges by efficiently managing and improving our stores and supply chain, which helped us drive strong net income increases and maintain our market share. Our results also benefited from record investments in our store base, which will continue in 2013."