US: Weis Markets profits rise 7%
US retailer Weis Markets has booked a 7% rise in first-quarter profits thanks to increased operating efficiencies, the company said last week.
Net income for the quarter ended 26 March totalled US$18.6m, or 69 cents per share, versus net income of $17.4m, or 65 cents per share, for the year-ago period.
First-quarter net sales dropped 0.7% to $659.5m due to the divestiture of 18 unprofitable SuperPetz units and two under performing stores, the company said. Identical store sales increased 0.6%, the group emphasised.
"Our company achieved these results at a time of continuing consumer caution and during a period when increased wholesale inflation continues to outpace retail price inflation," Weis president and CEO David Hepfinger said.
US regional retailer Weis Markets has posted an increase in its third quarter results, despite a "difficult" economic environment....
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