SUNBURY, Pa. -- Weis Markets here said continuing operational problems at its SuperPetz subsidiary had a negative effect on earnings for the first 39 weeks of 1997, despite healthier supermarket sales.
id total sales for the 13-week third quarter ended Sept. 27 increased 4.7% to $444.7 million. But net earnings declined 2.4% to $19.1 million, compared with $19.6 million for the year-ago quarter. Earnings per share for the quarter declined 1 cent to 46 cents. Year-to-date, Weis Markets sales increased 4.5% to $1.35 billion as net profit declined 3.7% to $56.6 million. Earnings per share in the 39 weeks of 1997 were $1.35, compared with $1.39 in the year-ago period.
Same-store sales increased 1.8% in both the third quarter and 39-week period.
Excluding SuperPetz figures, Weis Markets third-quarter sales increased 4.9% and its net profit increased 3.0%.
Year-to-date, excluding SuperPetz figures, Weis Markets 1997 sales increased 4.0% and its 1997 net profit increased 4.5%, the company said.
In the third quarter, Weis Markets opened a replacement superstore and completed two remodels. In the fourth quarter, Weis Markets said, it will open three replacement superstores and complete two remodels.