Weis Markets net income up 12.7%
SUNBURY, Pa. — Weis Markets reported that it's net income increased 12.7% to $23.2 million in net income while its earnings per share increased 11.7% to 86 cents per share, compared with 77 cents per share for the same period in 2011. Second quarter operating income increased 11.4% to $35.3 million.
Second quarter sales increased 0.1% to $677.1 million while comparable-store sales increased 0.4%.
"We are operating in a stagnant sales environment resulting from the poor economy and intense competition. In the second quarter, we continued to improve efficiencies and productivity at store level and in our supply chain while enhancing quality of our customer shopping experience in terms of our in-stock position and overall freshness," said Weis Markets' president and CEO David Hepfinger. "We also continued to invest in our growth by acquiring and reopening three units in the Delaware Valley and extensively remodeling six units."
The company also attributed its net income and operating income increases to disciplined promotions and marketing and a decrease in depreciation expenses when it changed depreciation methods from accelerated to straight-line.