Weis Markets posted strong sales results for the third quarter but said full financials were awaiting completion of a review of its self-insurance reserves, which could result in adjustments historical financial reports.
Weis said it expects to file earnings with the SEC by Dec. 1.
For the third quarter ended Sept. 26, sales increased 4.1% to $711.9 million, while comparable store sales increased 4%, the Sunbury, Pa.-based retailer said. For the 39-week period sales increased 3.9% to $2.1 billion while comparable store sales increased 3.9%, Weis said.
The company informed federal authorities that its financial reports would be delayed last week.
“While researching alternative methods to calculate retained claim liability for the company’s self-insured workers compensation and general liability insurance programs, it was determined that adjustments would be necessary to the prior application of actuarial methods used to estimate the obligation of future payments resulting from claims due to past events,” the company said in a statement.
“Although we are not yet in a position to estimate the amount of any required adjustments, our current expectation is that the principal line items impacted in the company’s consolidated financial statements are accrued self-insurance, deferred tax liabilities, retained earnings, and operating, general, and administrative expenses.”
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