Weis Markets on Friday said sales in the fiscal third quarter increased by 3.4%, citing improvements in pricing and stock levels at stores. Earnings for the period, which ended Sept. 27, increased by 17.2% to $683.9 million while comparable store sales showed a 2.6% increase.
"Our company continues to make progress in a market impacted by a stagnant economy. We attribute our increased sales to our continued investments in lower pricing and disciplined sales building programs. Our results also benefited from increased operational efficiencies and improved in-stock conditions at store level," Jonathan Weis, president and CEO, said. "As a result, we are generating an increased customer count and higher sales per customer. It is also important to note that we continue to achieve these sales increases despite a significant amount of self-imposed grocery deflation. We hope to build on our sales momentum in the fourth quarter, particularly during the key holiday sales period."
The company's third quarter net income benefited from a favorable comparison to the same period in 2013 when its net income was impacted by $8.2 million in one-time charges related to an executive severance agreement and the impairment loss for four properties.
Year-to-date sales increased 2.8% to $2.1 billion while comparable store sales are up 1.4% for the year compared to the same period in 2013. Net income of $41.3 million is down 26.3%. Sunbury, Pa.-based Weis operates 163 stores in Pennsylvania, New York, New Jersey, Maryland and West Virginia.
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