Weis Markets posts record sales of $3.5 billion for 2017
Weis Markets Tuesday afternoon recorded a 10.5% increase in annual 2017 sales to $3.5 billion.
"In 2017, we achieved record sales of $3.5 billion and generated our 15th consecutive quarter of increased comparable store sales. During this time, we also worked to efficiently integrate 44 newly acquired stores," Jonathan Weis, Weis Markets chairman and CEO, said. "We have done much to position our company for future profitable sales growth."
The company attributed its comparable annual sales increases of 1.5% in 2017 to continuing price investments, disciplined sales promotions and enhanced customer experience.
For the fourth quarter, the Sunbury, Pa.-based grocer posted sales increases of 2.2% while comparable store sales were up 1.2% when adjusted for the extra week in 2016. During the thirteen-week period ended Dec. 30, the company's fourth quarter sales were $883.7 million compared to $925.1 million for the fourteen-week period ended on Dec. 31, 2016. The company's net income increased 54.7% to $63.7 million while earnings per share totaled $2.37 primarily driven by a $49.3 million decrease in deferred income tax due to the U.S. Government enacting the Tax Cuts and Jobs Act.
Fourth quarter operating income was $22.3 million compared to $27 million for the same period in 2016. Approximately, $1.8 million of the difference was due to the additional week in 2016. The remainder of the difference in operating income was due to the company's promotional programs and price investments; continued retail deflation combined with cost inflation and assimilation of 44 stores acquired in 2016.
"In 2017, we achieved record sales of $3.5 billion and generated our 15th consecutive quarter of increased comparable store sales. During this time, we also worked to efficiently integrate 44 newly acquired stores," Jonathan Weis, Weis Markets chairman and CEO, said. "We have done much to position our company for future profitable sales growth."
The company attributed its comparable annual sales increases of 1.5% in 2017 to continuing price investments, disciplined sales promotions and enhanced customer experience.
For the fourth quarter, the Sunbury, Pa.-based grocer posted sales increases of 2.2% while comparable store sales were up 1.2% when adjusted for the extra week in 2016. During the thirteen-week period ended Dec. 30, the company's fourth quarter sales were $883.7 million compared to $925.1 million for the fourteen-week period ended on Dec. 31, 2016. The company's net income increased 54.7% to $63.7 million while earnings per share totaled $2.37 primarily driven by a $49.3 million decrease in deferred income tax due to the U.S. Government enacting the Tax Cuts and Jobs Act.
Fourth quarter operating income was $22.3 million compared to $27 million for the same period in 2016. Approximately, $1.8 million of the difference was due to the additional week in 2016. The remainder of the difference in operating income was due to the company's promotional programs and price investments; continued retail deflation combined with cost inflation and assimilation of 44 stores acquired in 2016.