US: Weis Markets sales, earnings rise
US food retailer Weis Markets today (13 April) posted an increase in earnings and sales as it drove efficiencies and invested in promotional activity.
During the first quarter of 2010, Weis Markets said sales were boosted by a US$3m investment in promotional programmes. Sales rose by 9.6% during the three months, increasing from $606.2m to $666.4m. Identical store sales rose by 3%, the company revealed.
First quarter earnings rose 5.2% to $17.38m, up from $16.52m in the comparable period of last year.
Weis president and chief executive David Hepfinger said that the group's profitability had been driven by increased efficiencies and improved execution.
"We continued to improve our overall level of execution and increase efficiencies at store and distribution levels, which helped us generate solid sales and earnings increases,” he said.
Weis Markets posted a 34.9% increase in its second quarter earnings to reach US$20.9m. The US grocery retailer posted a 6.2% sales increase to reach $653.7m while like-for-likes remained flat....
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