Weis Earnings Fall on Increased Costs

Rising costs for fuel and credit and debit transaction fees contributed to a 29% drop in quarterly earnings for Weis Markets, the retailer said Monday.

SUNBURY, Pa. — Rising costs for fuel and credit and debit transaction fees contributed to a 29% drop in quarterly earnings for Weis Markets, the retailer here said Monday. Net earnings of $12.8 million for the 13-week second quarter ending June 28 fell from $18.2 million in the same period last year, which included a $5.3 million gain from the sale of two properties. Sales in the quarter increased by 4.3% to $603.4 million with comparable sales increasing by 4.3% as Weis benefited from “aggressive promotional, pricing and transaction building programs.” Year to date, sales are up 4.2% to $1.2 billion with comps up 4.5%, Weis said. Net income of $21.9 million is down 30.7% year-to-date.

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