Weis Markets generates comps growth despite cautious consumer spending
SUNBURY, Pa. — Weis Markets reported its third quarter sales increased 6% to $678.6 million and that its comparable-store sales increased 6.5% during the thirteen-week period ending Sept. 24 compared with the same period a year ago.
During the period, the company's net income increased 4.1% to $17 million compared with the same period a year ago. The company's third quarter earnings per share increased to 63 cents compared with 61 cents per share in 2010.
"Our company continues to generate strong results in a difficult economic environment," said Robert Weis, Weis Markets' chairman. "Cautious consumer spending due to the poor economy continues to impact our business. Fuel and wholesale inflation impacted our business during the period. We absorbed a significant portion of these cost increases during the quarter and did not pass them on to our customers. Our company continues to benefit from improved operating performance and execution at store level, increased supply chain efficiencies and a disciplined and effective go-to-market strategy."