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Weis Q2 Earnings Rise on Flat Sales

SUNBURY, Pa. — Weis Markets here on Tuesday said improved operating efficiencies and decreased depreciation expenses led to a 12.1% increase in net earnings in the second quarter, despite flat sales.

“We are operating in a stagnant sales environment resulting from the poor economy and intense competition,” Weis Markets President and Chief Executive Officer David Hepfinger said in a statement. “In the second quarter we continued to improve efficiencies and productivity at store level and in our supply chain while enhancing quality of our customer shopping experience in terms of our in-stock position and overall freshness.”

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Overall sales improved 0.1% to $677 million, while comparable-store sales increased 0.4%, Weis said. Net earnings totaled $23.2 million, while operating income climbed 11.4% to $35.3 million. The 13-week quarter ended June 30.

Weis said disciplined promotions and marketing also helped to increase operating and earnings increases. The company also realized a decrease in depreciation expenses resulting from a change in methods from accelerated to straight-line.

For the 26-week period, net income was up 10% to $26.9 million on sales gains of 0.2% to $1.3 billion.

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