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Weis Markets 1Q Sales Increase, But Net Income Down 26.6 Percent


Weis Markets reported its first quarter results this week. During the 13-week period ending March 29, the company’s sales increased 0.6 percent to $687.1 million while its comparable store sales were down 1.3 percent compared to the same period a year ago.

During the same period, the company generated earnings per share of $0.55 compared to $0.75 per share in 2013. The company’s first quarter net income totaled $14.8 million compared to $20.1 million in 2013, down 26.6 percent.

The company says its results were impacted by timing of the Easter holiday, which was observed in the first quarter of 2013 and the second quarter of 2014.

“We have met our first quarter sales goals. Adjusted for the Easter holiday shift, our sales increased 1.7 percent despite price reductions on thousands of items,” said Jonathan Weis, president and CEO of Weis Markets. “We achieved our sales goal by reinvesting in sales through our Three More Ways to Save program, which has generated higher per-customer sales and an increase in center store unit sales. These reinvestments are a key part of our long-term strategy to generate increased sales and market share.”

Sunbury, Pa.-based Weis Markets operates 166 stores in Pennsylvania, Maryland, New Jersey, New York and West Virginia.

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