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March 5, 2014

US: Weis Markets sales, earnings fall

US supermarket group Weis Markets has booked lower sales and earnings for 2013 as a "stagnant" performance from centre-store categories and declining food stamp spending took effect.

US supermarket group Weis Markets has booked lower sales and earnings for 2013 as a “stagnant” performance from centre-store categories and declining food stamp spending took effect.

The company said sales fell 0.3% in the 52 weeks to 28 December, dropping to US$2.69bn from $2.7bn in the prior year period.

Weis Markets’ earnings decline was steeper. Pre-tax profit fell to $115.9m in 2013, down 11.5% year-on-year. Net earnings dropped 13.1% to $71.7m, dented by one-time charges including a severance agreement with its former CEO.

“While the company’s market share remained stable, the company’s year-to-date results were impacted by the trends affecting its fourth quarter results: stagnant sales performance in key centre store categories, lower comparable store gas sales due to significant fuel price deflation and a decline in SNAP sales, which accelerated in the fourth quarter,” Weis said.

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