Weis Continues Progress With 34.9% Net Gain In Quarter

Weis Markets, Inc. on July 12 reported a 34.9 percent increase in its second quarter earnings. For the 13-week period ending June 26, 2010, the Sunbury, PA based regional chain second quarter earnings totaled $20.5 million and its earnings per share increased $.20 to $.76 per share compared to the same period a year ago. In the corresponding period last year, Weis earned $15.2 million, or 56 cents per share.

Weis’ second quarter overall sales increased 6.2 percent to $653.7 million while its comparable store revenue remained unchanged compared to the same period a year ago.

“It is clear the economy continues to be a major concern for our customers, who continue to be extremely cautious in their spending,” said David J. Hepfinger, Weis Markets’ president and CEO.  “In this environment, we have maintained our sales base and produced our seventh consecutive quarter of earnings increases.  We attribute our results to improved efficiencies and productivity at store and distribution levels. We have also benefited from improvements in the procurement arena and our perishable departments, notably meat and produce, continue to perform well.”  

Advertisement

Later that day, at Weis’ annual charity golf outing, Hepfinger told more than 450 vendors that Weis is continuing to position itself for more improvements down the road.

“We are a sales driven organization which is open for business,” Hepfinger noted, asking suppliers to become more proactive in offering opportunities that will make both parties more successful.

For the 26-week period ending June 26, 2010, Weis’ earnings increased 19.4 percent to $37.9 million and earnings per share increased $.23 to $1.41 per share compared to the same period a year ago. Year-to-date sales increased 7.9 percent to $1.3 billion.

Advertisement

Currently in its 98th of business, Weis currently operates 164 supermarkets in Pennsylvania, Maryland, New York, New Jersey and West Virginia.

In related Weis news, according to an SEC filing, on July 9, the company’s board of directors of appointed Gerrald Silverman as an independent member to the retailer’s board. Silverman was also appointed as a member of the company’s audit committee, replacing Dr. Glenn D. Steele Jr., who will now serve as a member of the company’s compensation committee.