Weis Markets reports Q1 sales increase of 15.4%
SUNBURY, Pa. — Weis Markets earlier this week reported a sales increase of 15.4% to $852.2 million in the first quarter. Comparable store sales, adjusting for the New Year's and Easter holiday shift in 2017, increased 1.1%, the company reported, representing the grocer's 12th consecutive quarter of increased comparable store sales.
During the 13-week period ended April 1, net income declined 41.2% to $11.8 million while earnings per share totaled $0.44 compared to $0.75 in 2016.
"Our net income was impacted by the Easter and New Year holiday shift compared to 2016, a mild winter and overall price deflation," stated Jonathan Weis, Weis Markets chairman and CEO. "We also continued to make significant investments in our pricing and promotional programs throughout our seven state market area."