US: Weis Markets sees jump in FY income

By just-food.com | 8 February 2010

US grocer Weis Markets has posted a 33.6% jump in income for the 52-weeks to 26 December, driven by an improved operating performance and sales gains.

The company said net income for the 12-month period rose to US$62.8m, up from $47m in the previous year.

Earnings per share rose 33.9% in the fiscal year to $2.33 a share.

Sales also increased 3.9% to $2.5bn, while comparable-store sales gained 1.8%.

"We continue to make progress in a difficult market environment, marked by cautious customer spending and price deflation in key categories," said David Hepfinger, Weis Markets' president and CEO.

"Despite these challenges, we have produced five consecutive quarters of strong operating results through improved operating performance, more focused promotional programs and increased efficiencies at store and distribution levels."