Weis posts 2010 sales gain
SUNBURY, Pa. — Weis Markets on Thursday reported an 8.7% increase in its fiscal-year 2010 net income to $68.3 million for the 52-week period ended Dec. 25, and said its earnings per share for the year increased 21 cents to $2.54 per share, compared with the same period a year ago.
The central Pennsylvania grocer reported a sales increase of 4.1% for the year to $2.6 billion. Comparable-store sales were up 1%.
"We've achieved our 2010 goals and have generated strong earnings increases for two consecutive years while maintaining our sales base and increasing our cap ex investments in markets impacted by cautious consumer spending and lower consumer confidence," stated Jonathan Weis, Weis Markets' vice chairman and secretary. "Our results are due to increased productivity and improved cost controls at store level, supply chain improvements, efficient procurement and a disciplined go-to-market strategy."