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March 5, 2013

US: Weis profits rise on cost control

Weis Markets has booked an increase in net profit, as effective supply chain management allowed it to navigate the difficult economic conditions and maintain market share.

Weis Markets has booked an increase in net profit, as effective supply chain management allowed it to navigate the difficult economic conditions and maintain market share.

The company said today that 2012 net income increased 9.2% to US$82.5m, up from $75.6m in 2011 – when the bottom line was boosted by an extra trading week. Operating income rose 11.2% to $127m.

Higher profitability was achieved in the face of declining sales, as consumers cut spending in the face of weak economic conditions. Sales in the period were down 1.9% to $2.7bn.

“We continue to operate in an economy significantly impacted by slow economic growth, high unemployment and declining household income,” David Hepfinger, president and CEO, commented. “We successfully worked through these challenges by efficiently managing and improving our stores and supply chain which helped us drive strong net income increases and maintain our market share.”

The group said the result benefitted from “record” investment in its store base and indicated that this investment will continue in 2013.

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