Weis Markets on Friday reported that its third quarter sales increased 3.4 percent to $683.9 million, while its comparable store sales increased 2.6 percent compared to the same period in 2013.
The company’s third quarter net income increased 17.2 percent to $13.7 million compared to $11.7 million for the same period in 2013. During the same period, the Sunbury, Pennsylvania-based grocer’s earnings per share increased to $0.51 compared to $0.43 in 2013.
“Our company continues to make progress in a market impacted by a stagnant economy. We attribute our increased sales to our continued investments in lower pricing and disciplined sales building programs. Our results also benefited from increased operational efficiencies and improved in-stock conditions at store level,” said Jonathan Weis, president and CEO. “As a result, we are generating an increased customer count and higher sales per customer. It is also important to note that we continue to achieve these sales increases despite a significant amount of self-imposed grocery deflation. We hope to build on our sales momentum in the fourth quarter, particularly during the key holiday sales period.”
The company says its third quarter net income benefited from a favorable comparison to the same period in 2013 when its net income was impacted by $8.2 million in one-time charges related to an executive severance agreement and the impairment loss for four properties.
Year-to-date results
The company’s year-to-date sales increased 2.8 percent to $2.1 billion while comparable store sales are up 1.4 percent for the year compared to the same period in 2013. The company’s year-to-date net income totaled $41.3 million, down 26.3 percent. During the same period, the company’s earnings per share totaled $1.53, compared to $2.08 per share in 2013.
