US supermarket chain Weis Markets has reported a fall in quarterly profits as a result of a higher commodity costs and a slowdown in consumer spending.
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For the thirteen-week period to 29 March, net income declined to US$9.1m compared to $13.4m the previous year.
“We continue to see considerable wholesale food inflation,” said CEO Norman Rich. “Due to an uncertain economy and the high cost of gasoline, our customers are more cautious in their spending.”
First-quarter sales increased 4.2% to $595.7m. Comparable-store sales were up 3.9%.
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