Weis Markets Inc. today reported its fourth quarter and year-end net income increases. The Sunbury, Pa.-based company says these results were achieved in a 52-week fiscal year compared to a 53-week fiscal year in 2011.
For the 13-week period ending Dec. 29, 2012, the company’s net income increased 14.5 percent to $22.1 million compared to $19.3 million for the 14-week period ending Dec. 31, 2011. Fourth quarter earnings per share increased 15.3 percent to $.83 per share compared to the same period in 2011.
In the fourth quarter, operating income increased 23.5 percent to $34.8 million. For the 13-week period ending Dec. 29, 2012, the company’s sales decreased 5.9 percent to $694.3 million compared to $737.8 million for the 14-week period ending Dec. 31, 2011, while comparable store sales decreased 7.0 percent for the same period.
Adjusting for the 52-week to 53-week comparison, the company’s sales increased 1.1 percent while its net income increased 36.8 percent. The company’s adjusted comparable store sales were flat.
“We continue to operate in an economy significantly impacted by slow economic growth, high unemployment and declining household income. As a result of these continuing trends, our customers were cautious in their spending in 2012,” says David J. Hepfinger, Weis Markets’ president and CEO. “We successfully worked through these challenges by efficiently managing and improving our stores and supply chain which helped us drive strong net income increases and maintain our market share. Our results also benefited from record investments in our store base, which will continue in 2013.”
Year-to-date results
For the 52-week period ending Dec. 29, 2012, the company’s net income increased 9.2 percent to $82.5 million compared to $75.6 million for the 53-week period in 2011.
For the year, the company’s operating income increased 11.2 percent to $127.0 million. During the same period, its earnings per share increased $.26 to $3.07 per share. For the 52-week period ending Dec. 29, 2012, the company’s sales decreased 1.9 percent to $2.7 billion compared to the 53-week period in 2011 while comparable store sales decreased 2.0 percent.
Adjusting for the 52-week to 53-week comparison, the company’s 2012 net income increased 13.9 percent while its sales and comparable store sales were flat.
Weis Markets operates 165 stores in Pennsylvania, Maryland, New Jersey, New York and West Virginia.
