US retailer Weis Markets has reported a 7.7% increase in first-quarter net income, because of improved efficiencies in-store and “disciplined” promotions.
Net income for the three months ended 31 March reached US$20m, compared to $18.6m the year before. EPS increased $.05 to $.74 per share and income before taxes was up 7.3% to $31.5m.
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Weis said the increases in net and operating income were due to improved efficiencies in store, increased productivity and “disciplined” promotions and marketing.
“Our company continues to generate strong earnings increases, as we have over the past three years,” Weis Markets president and CEO David Hepfinger said yesterday (3 May).
However, Hepfinger said the US economy had affected the company’s sales. “While our market share remains stable, our first-quarter sales were clearly impacted by our customers’ continuing caution due to the slow pace of the economy’s recovery and to an unusually mild winter,” he said.
Net sales climbed 0.3% to $661.6m, while comparable-store sales rose 0.9%.
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By GlobalData
