Weis profit drops in Q4 on tight spending

Sunbury, Pa. Weis Markets said Monday that reduced prices and an ongoing pullback in consumer spending pushed its fourth-quarter profit 9% lower.

The company earned $15.5 million for the period ended Dec. 26, down from $17 million a year earlier. Sales grew 8% to $671.4 million from $619.4 million, as same-store sales rose 1.9%.

For the year, profit climbed 34% to $62.8 million, from $47 million in 2008. Annual sales increased to $2.52 billion from $2.42 billion. Meanwhile, same-store sales rose 1.8%.

Weis Markets runs 164 stores in Pennsylvania; Maryland; New Jersey; New York; and West Virginia.