US retailer Weis Markets said it hopes to build on its results as it posted a 58% increase in net income for the year-to-date.
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For the 39-week period to 27 September, net income reached US$47.3m compared to the same period a year ago, while basic and diluted earnings per share increased $65 per share to $1.76.
The company’s year-to-date income from operations increased 72.8% to $72.2m.
Weis’s sales reached $1.8bn, a 2.3% increase on the prior year, while comparable sales were up 1.7%.
“At a time of changing customer spending patterns and during a period of considerable deflation in key categories, we continue to make significant progress in our core markets due to improved operating performance throughout our Company,” said Weis Markets’ president and CEO David Hepfinger. “We are encouraged with our results and hope to build on them in the fourth quarter.”
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By GlobalDataIn the third quarter, net income increased 92.2% to $15.6m compared to the same period in 2008, while sales increased 3.2% to $623.2m on the prior year.
In the third quarter, the company completed its acquisition of eleven stores in the Binghamton, New York area, which Weis said contributed to a majority of the sales increase during the quarter.
