Weis Markets here on Friday said it increased net earnings by 4.2% in the fiscal second quarter, but sales were down as the company cycled grand openings in the year-ago period.
Sales for the 13-week period that ended June 29 totaled $662.1 million, a 2.2% decline. Comparable-store sales decreased by 4.4%.
“While our market share remains stable, our sales were impacted by the continuing trend of cautious consumer spending and a challenging comparison to the same period in 2012 when we opened three new stores and were aggressively promoting a new replacement unit,” David Hepfinger, Weis’ president and chief executive officer, said in a statement. “As a result, we fell short of our sales goals. We are encouraged by some recent sales trends and expect to improve our sales results in the coming quarters.”
Sales and comps in last year’s second quarter were up just slightly.
Net income of $24.2 million was up 4.2% and operating income increased 6.5% to $37.6 million due to productivity initiatives and improved efficiencies in distribution that improved in-stock positions, the company said.
For the 26-week year-to-date, Weis has earned $44.3 million on sales of $1.3 billion. Sales for the first half are up by 0.5%, and net earnings are up by 2.5%.
