US: Weis Markets sees profits slide
By: just-food.com | 22 July 2008
US supermarket group Weis Markets has posted a 29% slump in second-quarter earnings despite an increase in sales during the period ended 28 June.
Net income for the quarter fell to US$12.8m, or $0.48 per share, from $18.2m, or $0.67 per share, during the comparable period of last year.
The company said earnings were hit by an increase of $1m in fuel costs and a 9.4% increase in fees linked to credit and debit transactions.
During the second quarter of the previous year the retailer also reported a pre-tax gain of $5.3m related to the sale of two properties.
Net sales at Weis Markets rose 4% to $603.4m during the quarter, up from $578.8m posted for the year-ago period. Same-store sales rose 4.3% during the quarter.
Sectors: Retail
Companies: Weis Markets
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