US: Private label boosts Weis Markets profits
Weis Markets has seen its second-quarter profits climb 18.5%, boosted by improved sales performance at the US retailer's perishable departments and private-label goods.
For the 13 weeks to 27 June, net income reached US$15.2m compared with $12.8m a year earlier.
Net sales for the period also increased, edging up 2% to reach $615.4m. Same-store-sales increased 2.4%.
"We made significant investments in our sales programmes during the second quarter which helped drive the increases in our sales and net income," said Weis Markets' president and CEO David Hepfinger yesterday (20 July).
"In addition, our best of class private-label programme 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."
For the 26-week period, the company's year-to-date net income increased 44.9% to reach $31.7m, and year-to-date sales increased 1.9% to reach $1.2bn. Comparable sales were up 2%.
During the second quarter, Weis Markets announced plans to acquire Binghamton-based Giant Markets, which operates 12 stores in southern New York.
Hepfinger said the company will complete its acquisition, as scheduled, on 23 August.
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