US: Weis Markets Q4 earnings almost double

By just-food.com | 5 February 2009

US supermarket group Weis Markets saw its fourth-quarter earnings almost double as a result of sales promotions and "improved efficiency".

For the thirteen-week period to 27 December, net income jumped 97.6% to US$17m.

Fourth-quarter sales increased 2.7% to US$619.4m, while the company's comparable-store sales increased 2.2%.

Weis said the performance was due to the continuing success of "targeted promotional and transaction-building programmes, combined with improvements in store operating practices."

"We continue to operate in a tough economic environment, which is clearly impacting our customers' purchasing decisions," said David Hepfinger, Weis Markets' president and CEO. "However, we believe our continuing operational improvements along with our aggressive merchandising and marketing programmes will help us to make substantial progress with our sales and profits in 2009."

For the 52-week period ending 2 December, net income declined 7.8% to $47m, while company sales increased 4.5% to $2.4bn.

Sectors: Retail

Companies: Weis Markets