SUNBURY, Pa. — Weis Markets here yesterday said its profits rose sharply in the third quarter on a slight increase in sales.
The 165-store operator said net income of $15.6 million rose 92.2% for the 13-week period, which ended Sept. 26, compared with year-ago results. Sales for the quarter rose 3.2%, and comparable-store sales rose 1.1%.
The results included about one month of volume from the Giant of Binghamton, N.Y., locations that were acquired Aug. 23 and reopened Aug. 25, contributing the majority of the sales gain for the quarter. Income from operations was up 123.2%, to $24.2 million.
Through three quarters, net income was up 57.7%, to $47.3 million, on a 2.3% gain in sales, to $1.8 billion. Year-to-date comps rose 1.7%.
“At a time of changing customer spending patterns and during a period of considerable deflation in key categories, we continue to make significant progress in our core markets due to improved operating performance throughout our company,” said Weis Markets’ president and chief executive, David J. Hepfinger. “We are encouraged with our results and hope to build on them in the fourth quarter.”
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