US grocery operator Weis Markets announced mixed results yesterday (3 February), posting increasing annual profits despite a fall in fourth-quarter earnings.
For the year ended 25 December, the retailer said net income reached US$68.3m, up 8.7%. However, fourth-quarter net income totalled $14.1m, down 9.3%.
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For the full year, sales were up 4.1% to US$2.6bn. Sales in the fourth quarter fell 1.3% to $662.5m.
The retailer, based in Pennsylvania and with stores around the north-east of the US, said comparable-store sales for the year were up 1%.
While the company did not give any reasons for its weaker fourth quarter results, it remained positive around its full-year performance.
“We’ve achieved our 2010 goals and have generated strong earnings increases for two consecutive years, while maintaining our sales base and increasing our capex investments in markets impacted by cautious consumer spending and lower consumer confidence,” said vice chairman and secretary Jonathan Weis.
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By GlobalData“Our results are due to increased productivity and improved cost controls at store level, supply chain improvements, efficient procurement and a disciplined go-to-market strategy.”
Shares in the company were down 0.1% at the market’s close yesterday to $39.76 a share.
