US: Weis Markets sees H1 profits rise
US regional retailer Weis Markets has reported a rise in half-year profits despite lapping last year's second quarter, when the company posted record earnings.
The company yesterday (18 July) booked a 3.7% increase in net income to US$39.3m for the six months to 25 June.
In the second quarter of the financial year, Weis Markets' net income inched up 0.9% but president and CEO David Hepfinger pointed to last year's results.
"One year ago, we generated record earnings in the second quarter when our company posted a 35% increase in net income," Hepfinger said. "We have now improved upon those results while posting strong sales and comparable store sales gains."
The retailer's half-year sales rose 1.4% to $1.34bn on the back of a 2.8% increase in comparable-store sales.
In the second quarter, Weis Markets saw its sales climb 3.5% to $676.1m. The company's comparable-store sales rose 5.1%.
- Unilever 2016 investor day - the top takeaways
- The key questions for digital strategists in 2017
- Wessanen's move for Spain's Biogran - analysis
- Have food promotions reached tipping point?
- How Tyson's new CEO plans to grow the meat group
- General Mills jobs to go in business revamp
- Japan's Nagatanien buys Chaucer Food Group
- B&G acquires pasta sauce group Victoria Fine Foods
- Tyson sets up US$150m investment fund
- Ferrero entity acquires Delacre