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Sales Up At Weis Markets For 2Q But Net Income Down 47 Percent

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Weis Markets today reported that its second quarter sales increased 4.5 percent to $691.9 million during the 13-week period ended June 28, while its comparable store sales increased 2.9 percent. However, the Sunbury, Pa.-based grocer’s second quarter net income totaled only $12.8 million vs $24.2 million in 2013, down 47.1 percent. Earnings per share were $0.48 in the this year’s quarter vs. $0.90 per share in the 2013 quarter.

“This is a year of planned recalibration for our company and one where we are reinvesting in increased sales and market share to better ensure our long-term growth,” said Jonathan Weis, president and CEO of Weis Markets. “We have achieved these sales results despite self-imposed grocery department deflation due to our pricing initiatives. Our investments in these price reductions and other sales-building programs have resulted in higher sales per customer and an increased customer count.”

The company’s year-to-date sales for the 26-week period ended June 28 increased 2.5 percent to $1.4 billion while comparable-store sales increased 0.8 percent. During the same period, the company generated $1.02 in earnings per share compared to $1.65 in 2013. The company’s year-to-date net income is $27.6 million, down 37.8 percent compared to the same period a year ago.

Weis Markets operates 163 stores in Pennsylvania, Maryland, New Jersey, New York and West Virginia.

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