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Weis Markets 1Q net income up 82.4%


SUNBURY, Pa. Weis Markets said its first quarter net income increased 82.4% to $16.5 million compared to the same period a year ago and that its basic and diluted earnings per share increased 27 cents to 61 cents per share.

For the thirteen-week period ending March 28, the company's sales increased 1.8% to $606.2 million and its comparable-store sales increased 1.6%.

"Our results reflect the continued improvement in our operating performance. We have done a better job at balancing the needs of our business and managing our expenses. These improvements are clearly apparent in our income from core operations, which increased 154.2% in the first quarter," said David Hepfinger, Weis Markets' president and CEO. "It is also important to note that we operate in a difficult sales environment. Our core markets are clearly affected by higher unemployment rates and a record low consumer confidence index, which has resulted in cautious overall spending by our customers."

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