Weis reports strong Q2 earnings

7/20/2009

SUNBURY, Pa. Weis Markets reported a net income spike of 18.5% in its second quarter, compared with the year-ago period.

During the 13-week period ending June 27, Weis reported a $15.2 million net income, compared with its $12.8 earnings for the same period a year ago. The company delivered a positive set of results during the second quarter with a 2% sales increase to $615.4 million, from $603.4 million in 2008.

"We made significant investments in our sales programs during the second quarter which helped drive the increases in our sales and net income," said David J. Hepfinger, Weis Markets' president and CEO. "In addition, our best of class private -abel program continues to generate strong sales, exceeding the national average, due to the depth and variety of our program and the value driven needs of our customers. Our second-quarter results were also positively impacted by the improved sales performance of our perishable departments, particularly in meat and the continued improvement in our store-level operating performance."

For the 26-week period closing June 29, Weiss' year-to-date net income increased 44.9% to $31.7 million, compared with $21.9 million a year ago.

Weiss also announced plans to acquire Binghamton-based Giant Markets. The acquisition is scheduled for completion August 23.

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