US: Weis Markets Q1 profits leap

By: just-food.com | 16 April 2009

US retailer Weis Markets today (16 April) posted a jump in first-quarter profits.

The Pennsylvania-based retailer booker net income of US$16.5m for the three months to 28 March - up 82.4% on the year.

The company's sales rose by 1.8% to $606.2m, with comparable-store sales up 1.6%.

Weis said its first-quarter results in 2008 including last year's earlier Easter period.

"Our results reflect the continued improvement in our operating performance. We have done a better job at balancing the needs of our business and managing our expenses," said Weis president and CEO David Hepfinger.

The Weis chief said the retailer, which yesterday announced its latest round of price cuts, is seeing "cautious" spending by consumers.

"Our core markets are clearly affected by higher unemployment rates and a record low consumer confidence index, which has resulted in cautious overall spending by our customers," Hepfinger said.

Sectors: Retail

Companies: Weis Markets