Weis Markets Q1 income, sales up
Weis Markets has reported its 16th consecutive quarter of same-store sales increases.
The grocery store operator said that, for the period ending March 31, its net income increased 36.8% to $16.2 million from $11.8 million in the year-ago period. Earnings per share rose to $0.60, compared to $0.44 in 2017. The company's operating income increased 12.8% to $22.8 million.
Sales rose 2.8% to $876.1 million. Same-store sales increased 1.5%.
The company said its first quarter sales benefited from the holiday shift since the Easter sales week occurred in the last week of the first quarter while the slow post-Easter sales week occurred in the second quarter. In 2017, both the Easter and post-Easter weeks fell in the second quarter.
"Our operating income was positively impacted by store improvements in overall efficiency levels, particularly with inventory management, which resulted in an improved store gross profit rate and our 16th consecutive quarter of comparable store sales increases," said Jonathan Weis, Weis Markets' chairman and CEO. "Our operating income also benefited from store labor efficiencies, in which multiple winter weather events were a contributing factor, and improvements to some of our key marketing and advertising programs.”
At its annual shareholder's meeting on April 26, Weis Markets announced a $101 million growth plan for the construction of two new stores, 20 remodels, four pharmacies and one fuel center.
Weis Markets operates 206 stores in Pennsylvania, Maryland, New Jersey, New York, Delaware, Virginia and West Virginia.
The grocery store operator said that, for the period ending March 31, its net income increased 36.8% to $16.2 million from $11.8 million in the year-ago period. Earnings per share rose to $0.60, compared to $0.44 in 2017. The company's operating income increased 12.8% to $22.8 million.
Sales rose 2.8% to $876.1 million. Same-store sales increased 1.5%.
The company said its first quarter sales benefited from the holiday shift since the Easter sales week occurred in the last week of the first quarter while the slow post-Easter sales week occurred in the second quarter. In 2017, both the Easter and post-Easter weeks fell in the second quarter.
"Our operating income was positively impacted by store improvements in overall efficiency levels, particularly with inventory management, which resulted in an improved store gross profit rate and our 16th consecutive quarter of comparable store sales increases," said Jonathan Weis, Weis Markets' chairman and CEO. "Our operating income also benefited from store labor efficiencies, in which multiple winter weather events were a contributing factor, and improvements to some of our key marketing and advertising programs.”
At its annual shareholder's meeting on April 26, Weis Markets announced a $101 million growth plan for the construction of two new stores, 20 remodels, four pharmacies and one fuel center.
Weis Markets operates 206 stores in Pennsylvania, Maryland, New Jersey, New York, Delaware, Virginia and West Virginia.