Weis Markets earlier this month reported strong fourth quarter and year-end results for fiscal 2011.
In the fourth quarter, for the 14 week period ending December 31, 2011, the Sunbury, PA retailer saw sales increase 11.4 percent compared to the 13 week period ending on December 25, 2010. Comparable sales, adjusting for the extra week in 2011, rose a healthy 4.8 percent.
The retailer reported that its fourth quarter net income increased 37.0 percent compared to the same period a year ago while its earnings per share increased 38.5 percent or $0.20 per share to $0.72 per share. Weis said it estimates the additional week in 2011 resulted in a $1.3 million increase in net income.
For the 53-week period ending on December 31, 2011, Weis Markets sales increased 5.0 percent to $2.8 billion. Comparable sales, adjusting for the 53rd week, increased 4.2 percent.
In 2011, Weis Markets’ net income increased 10.7 percent to $75.6 million while its earnings per share increased $.27 to $2.81 per share.
“Our organization generated strong results for the year in a market clearly impacted by the slow recovery and continuing high unemployment,” said David J. Hepfinger, Weis Markets president and CEO. “We continue to benefit from our record level cap ex investments in our store base, improved efficiencies and operating discipline in the overall management of our stores, strong increases in our sales per customer and more comprehensive sales building programs during key holiday periods, particularly in the fourth quarter.”
As the regional retailer begins the year-long celebration of its 100th anniversary, it also announced that it has entered into an agreement to purchase three Genuardi’s locations from Safeway.
The stores are located at: 200 Ridge Pike in Conshohocken, 13 Old Dublin Pike in Doylestown and 25 West Germantown Pike in Norristown.
The stores will continue to operate as Genuardi’s prior to the completion of the sale.
“We’re extremely pleased to be adding these stores to our store base,” said Hepfinger. “We look forward to serving these communities as the lead local merchant as we have in 33 counties throughout Central, Eastern and Northeastern Pennsylvania. We will also be reaching out to the associates of these stores to discuss employment with our company.”
In January, Safeway said it would be exiting the Delaware Valley market with the closure and sales of its 27 Genuardi’s stores. Weis’ acquisition follows the recent acquisition by Giant/Carlisle of 16 Pennsylvania Genuardi’s stores. The three stores that will be closed are: Exton, PA; Norristown, PA (1930 Main Street); and Royersford, PA.
There is also speculation in the trade that Weis is on the verge of acquiring three of A&P’s shuttered Super Fresh stores in the Baltimore area.