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Weis Markets grows Q3 net income


Sunbury, Penn. –- Weis Markets Inc. reported net income of $13.7 million in the third quarter of fiscal 2014, a 17% increase from $11.7 million in the same period a year earlier. The elimination of a one-time severance charge and impairment charge from the loss of four properties helped boost net income for the quarter.

Net sales increased 3% to $683.9 million from $661.4 million, while its same-store sales increased 2.6%.

"Our company continues to make progress in a market impacted by a stagnant economy,” said Jonathan Weis, Weis Markets' president and CEO. “We attribute our increased sales to our continued investments in lower pricing and disciplined sales building programs. Our results also benefited from increased operational efficiencies and improved in-stock conditions at store level."
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