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Costs Hit Weis' Bottom Line

SUNBURY, Pa. -- Weis Markets here said yesterday higher energy costs and other expenditures contributed to a decline in profits for the 13-week fourth quarter, which ended Dec. 30.

SUNBURY, Pa. -- Weis Markets here said yesterday higher energy costs and other expenditures contributed to a decline in profits for the 13-week fourth quarter, which ended Dec. 30. The company said its net income for the period was down about 24%, to $14 million, compared with the 14-week period of a year ago. Sales in fourth-quarter 2006 were down 4%, to $577.6 million, but were up 2.7% when adjusted for the extra week in 2005. Comparable-store sales rose 2.1%. For the full year, net income was down 11.7%, to $56 million, while sales rose 1%, to $2.24 billion. Adjusted for the extra week, 2006 sales rose 2.8%, and comps were up 2%. The decline in net income for the year was attributed to higher credit card fees, increased labor expenses for new stores and other factors, including a $1.2 million write-down on a closed store.