Weis Markets 4Q sales up, earnings down

SUNBURY, Pa. Weis Markets announced its fourth-quarter sales increased 8.4% to $671.4 million compared with $619.4 million for the same period in 2008. The company's fourth-quarter comparable-store sales increased 1.9%.

Weis Markets reported diluted earnings per share of 58 cents for the fourth quarter compared with 63 cents for the same period a year ago.  

"We continue to make progress in a difficult market environment, marked by cautious customer spending and price deflation in key categories," said David Hepfinger, Weis Markets' president and CEO.  "Despite these challenges, we have produced five consecutive quarters of strong operating results through improved operating performance, more focused promotional programs and increased efficiencies at store and distribution levels."

For the 52-week period ending Dec. 26, the company's net income increased 33.6% to $62.8 million up from $47 million compared with the same period a year ago, while its basic and diluted earnings per share increased 33.9% or 59 cents to $2.33 per share.

For the year, the company's sales increased 3.9% to $2.5 billion compared to 2008.  In 2009, the company's comparable-store sales increased 1.8%.