Weis Markets shows grocers how it's done
Innovative promotions, plus good pharmacy and deli programs, helped Weis Markets beat competitive pressures to deliver an impressive 13th quarter of positive comps.
For the second quarter ended July 1, 2017 increased 20.0 percent to $876.6 million compared to $730.4 million for the same period in 2016. The company's second quarter comparable store sales, adjusted down for the Easter Holiday shift, increased 2.7 percent.
"Our comparable stores have now increased for the thirteenth consecutive quarter," said Weis Markets Chairman and Chief Executive Officer Jonathan Weis. "During this period our sales and net income benefited from the strong performance of our pharmacy and deli-food service departments, sustained and varied promotions throughout our seven state market area and increased store level efficiencies and expense controls."
In May the chain announced it is planning to invest $90 million on a new format in Pennsylvania, 14 store remodels, a new store in Brunswick, Md., two fuel centers and the continued expansion of the company's distribution center in Milton, Pa.
Last year Weis Markets acquired 38 Food Lion stores and five Mars Super Markets locations.
In the second quarter, the company's operating income increased 15.2 percent to $27.7 million compared to $24.1 million for the same period in 2016. The company's second quarter net income increased 21.0 percent to $18.5 million while earnings per share.
For the 26 week period ended July 1, 2017, the company's sales increased 17.7 percent to $1.7 billion compared to the same period in 2016 while comparable store sales were up 1.7 percent. Operating income totaled $48.0 million compared to $55.3 million in 2016. Year-to-date net income totaled $30.3 million, down 14.4 percent compared to 2016.
Weis Markets, Inc. is a food retailer with 204 stores in Pennsylvania, Maryland, Delaware, New Jersey, New York, Virginia and West Virginia.