SUNBURY, Pa. - Weis Markets Inc. issued its third-quarter unaudited sales and net income results. Sales were up year over year, but earnings were down. The same was true for the first nine months of the year.
The net income decline in the third quarter was attributed to aggressive promotional and pricing programs; produce vegetables and fruit, deli, bakery, seafood and food service price deflation; and inventory management challenges in its recently acquired stores.
The third-quarter decline continued to impact year-to-date earnings, even though sales continued to increase substantially. Sales increased by 15 percent while earnings fell 58 percent.
Sales and net income, year-to-date, reached $2.6 billion and $35 million, respectively.
The Sunbury-based company’s comparable store sales have increased for 14 consecutive quarters.
Highlighted below are comparable 13- and 39-week sales, net income, and earnings per share information:
COMPARATIVE SUMMARY OF SALES AND EARNINGS (000)
Net sales $854,261 $742,986 +15.0%
Income before taxes $6,851 $16,629 -58.8%
Net income $4,449 $10,628 -58.1%
Basic and diluted EPS $0.16 $0.40 -$0.24
Net Sales (000) $2,583,059 $2,211,622 +16.8%
Income before taxes $56,055 $73,274 -23.5%
Provision for income taxes 21,295 27,253 -21.9%
Net income $34,760 $46,021 -24.5%
Basic and diluted EPS $1.29 $1.71 -$0.42
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