An expanding Weis Markets records Q3 revenue growth of 4.4%
SUNBURY, Pa. - Weis Markets on Monday posted a third quarter sales increase of 4.4% to $743 million compared the same period in 2015. Comparable store sales for the 13-week period ended Sept. 24, 2016 increased 2.7%.
In the third quarter, the company's net income declined 16.9% to $10.6 million compared to $12.8 million for the same period in 2015. The company's earnings per share totaled $0.40 compared to $0.48 per share for the same period in 2015.
"In the third quarter, we invested in driving sales during a time of record growth for our company despite significant deflation in key categories, notably meat and dairy," stated Jonathan Weis, Weis Markets' chairman and CEO.
The company attributed the decline in its third quarter net-income primarily to $4.4 million in net costs related to the acquisition, conversion and reopening of five former Mars Super Markets in the Baltimore market and 10 former Food Lion units in Maryland. In the fourth quarter, it will complete the conversion of 28 additional former Food Lion units in Maryland, Delaware and Virginia.