Weis Q4 net income drops

Sunbury, Pa. – Decreasing pretax income helped reduce net income at Weis Markets Inc. 12% to $13.9 million in the fourth quarter of fiscal 2014 from $15.7 million in the year-ago period. Net sales rose 4% to $713.8 million from $686.4 million, while same-store sales increased 3.5%.



The company attributed its sales increases to its pricing programs, which were fully implemented in the first quarter. Its results also benefited from strong sales increases in pharmacy, HBC and its fresh departments.



"One year ago, we spoke of our plans to recalibrate our go to market strategies and focus on increasing sales and market share," said Weis Markets' president and CEO Jonathan Weis. "Over the past year, we steadily invested in our pricing programs and successfully executed our strategy, which has produced consistent sales increases in key center store and fresh departments.”



During the full fiscal year, net income dropped 23% to $55.2 million from $71.7 million. Net sales increased 3% to $2.8 billion from $2.7 billion. Same-store sales rose 2%.