Weis Markets reported that sales for its 13-week third quarter ended Sept. 30 increased 15 percent to $854.3 million vs. $743.0 million for the same period in 2016. Third quarter comparable store sales increased 1.5 percent, marking the company’s 14th consecutive quarter of comparable store sales increases.
Net income for the quarter decreased 58.1 percent to $4.4 million, while earnings per share totaled $0.16 vs. $0.40 in 2016. The company attributed this decline to its “aggressive” promotional and pricing programs; price deflation in produce, deli and foodservice, bakery and seafood; and inventory management challenges in some of its recently acquired stores.
For the 39 weeks year to date, Weis’ sales increased 16.8 percent to $2.6 billion compared to $2.2 billion for the same period in 2016, while comparable store sales were up 1.6 percent. Year-to-date net income totaled $34.8 million, down 24.5 percent vs. the same period in 2016. Earnings per share were down to $1.29 vs. $1.71 in 2016.
Weis Markets operates 204 stores in Pennsylvania, Maryland, Delaware, New Jersey, New York, Virginia and West Virginia.
Veterans Day campaign launching
In other news, in honor of Veterans Day on Nov. 11, Weis Markets will launch a two-week campaign to support the Paralyzed Veterans of America’s “Mission: ABLE” campaign, designed to give the most severely injured veterans access to what they’ve earned and deserve: care, jobs and benefits.
To support the initiative, Weis Markets and its associates are encouraging customers to make small donations at checkout by rounding up their orders or purchasing $1, $3, $5 or $10 vouchers through Nov. 15. Weis also will make a corporate donation to the cause at the end of the campaign.
“Veterans are not only an essential part of the fabric of this country, they’re part of the fabric of Weis Markets. Over the years, many of our associates—past and present—have served their country, including our late Chairman Robert F. Weis, who served in the U.S. Air Force during World War II. We are proud of them and all the veterans who served our country,” said Ron Bonacci, Weis Markets VP of marketing and advertising. “The work that Paralyzed Veterans of America does provides much-needed support to veterans that have sacrificed so much for our country. We are honored to begin this new relationship and look forward to raising funds to support this very important cause.”
Weis also announced its stores raised more than $270,000 to support local food banks during the company’s 10th annual Fight Hunger campaign. In addition to the local donations, Weis and its customers joined together to donate $250,000 to hurricane relief efforts in the first week of the campaign, bringing the 2017 Fight Hunger grand total to $520,000 and the 10-year campaign total to more than $2.5 million.
The Fight Hunger campaign runs annually in conjunction with Feeding America’s Hunger Action Month. It raises awareness of food insecurity and provides food and donations to more than 150 local food banks and emergency food providers in Weis Markets’ seven-state service area. From Aug. 30-Oct. 4, customers were encouraged to make small donations at Weis checkouts by rounding up their orders; purchasing $1, $4 or $10 vouchers; or donating non-perishable items.
“We are overwhelmed by the enthusiasm with which our associates promoted this year’s campaign and the amazing generosity of our customers—for our local efforts and in response to the natural disasters facing communities in the South,” said Weis Markets COO Kurt Schertle.