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Weis Markets – Latest Company News

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Weis Markets Q1 Net Income Down
28 Apr 2008

Sales for the first quarter of 2008 increased 4.2% to $595.7 million while comparable store sales were up 3.9% compared to the same period a year ago.

Basic and diluted earnings per share totaled $0.34 per share, compared to $0.50 per share in 2007. The company said that its earnings were also impacted by increases of 35.4% in diesel fuel costs and 18.1% in higher health insurance costs.

Norman Rich, CEO of Weis Markets, said: “The first quarter was the perfect retail storm with a combination of factors significantly impacting our gross margins. We continue to see considerable wholesale food inflation. Food commodity prices are increasing at a faster pace than retail prices paid by our customers.

“At the same time, due to an uncertain economy and the high cost of gasoline, our customers are more cautious in their spending. In addition, we continue to maintain our aggressive pricing and promotional program throughout our markets.”

Weis Markets Appoints New President and COO
21 Feb 2008

As Weis Markets’s president and COO, Mr Hepfinger will oversee the company’s day-to-day store operations, perishable and center store marketing, merchandising and procurement, pharmacy, distribution, human resources and store support services.

Prior to joining Weis Markets, Mr Hepfinger oversaw Price Chopper’s warehouse, distribution, procurement and store operations. During his 32 year career with Price Chopper, he worked as vice president of merchandising, vice president of retailing operations and regional vice president. Price Chopper is a 116 store supermarket company.

Weis Markets Q4 Sales Up
13 Feb 2008

The company’s basic and diluted earnings per share decreased $0.20 to $0.32 per share compared to the same period of 2006. Net income totaled $8.6 million, compared to $14 million in 2006.

The company said that its fourth quarter earnings were impacted by a 1.3% gross profit rate decline, down from 26% in 2006 to 24.7% in 2007.

For the 52-week period ended December 29, 2007, the company’s sales increased 3.3% to $2.3 billion while its comparable store sales increased 3.5%.Year to date net income decreased 9% to $51 million and basic and diluted earnings per share decreased $0.18 to $1.89 per share.

Weis Markets recalls two fruit sweets due to undeclared allergen
02 Jan 2008

The company said that people who have an allergy or severe sensitivity to walnuts run the risk of serious or life-threatening allergic reaction if they consume these products.

These products, which were sold in Weis Markets’s bakeries, have been removed from store shelves and destroyed. This problem came to the company’s attention after a customer complaint.

Weis Markets Q3 Sales Up
25 Oct 2007

Over the quarter ending September 29, 2007, the company reported a 1.8% increase in comparable store sales, while net income declined by 6.5% to $10.8 million. Earnings per share declined by $0.03 to $0.40 per share compared with the same period one year ago.

In the year to date, the company’s sales have increased by 2.9% to $1.7 billion, while its comparable store sales increased by 3.0%. For the thirty-nine week period ending September 29, 2007, net income increased 0.9% to $42.4 million and earnings per share increased $0.02 to $1.57 per share.

Weis Markets Reports 3% Sales Increase in Q2
23 Jul 2007

The company’s second quarter basic and diluted EPS increased $0.10 to $0.67 per share while net income increased 17.2% to $18.2 million.

Second quarter earnings were favorably impacted by the sale of two properties generating a $5.3 million pre-tax gain. Expenses as a percentage of sales remained consistent, due to recently implemented cost control initiatives, as compared to the same period last year.

The company said its sales continue to benefit from perishable department sales growth, successful sales building strategies and aggressive promotional activity.

For the 26-week period ending June 30, 2007, the company’s year-to-date sales increased 3.7% to $1.2 billion, while comparable store sales were up 3.6%.Year-to-date basic and diluted EPS increased $0.04 to $1.17 and net income increased 3.7% to $31.6 million.