Weis Markets today [Monday] reported US$507.9m in Q4 sales for the 13-week period ending 29 December 2001, compared to US$546.4m for the comparable 14-week period in 2000. Adjusting for the extra week in 2000, the company’s current fourth quarter sales increased 0.3% and identical store sales increased 0.4%.

Fourth quarter net income, which was affected by a US$4.7m decline in tax-free investment income as a result of the Company’s stock buyback last year, totaled US$12.5m compared to US$15.2m for the same period in 2000. Current fourth quarter basic and diluted earnings per share increased to US$0.46 compared to US$0.36 per share for the same period in 2000.

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2001 Year-to-Date Results

For the 52-week period ending 29 December 2001, Weis Markets’ sales totaled US$1.988bn compared to US$2.061bn for the 53-week period ending 30 December 2000, a period that included US$37.1m in sales from the company’s food service division prior to its sale. Adjusting for the extra week, Weis Markets sales decreased 1.6% in 2001 and same store sales increased 0.5%

Weis’ 2001 net income totaled US$50.1m compared to US$73.8m for 2000. The company’s net income for the year was affected by the 52-week to 53-week fiscal year comparison; US$5.3m in non-recurring expenses related to the stock buyback; an US$8.7m decline in tax-free investment income; and a US$3.7m increase in employee wage and benefit costs. In addition, the company’s year-over-year comparisons were affected by the US$5.9m in pre-tax income generated in the second quarter of 2000 by the sale of its food service division.

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The company generated US$1.55 in basic and diluted earnings per share in 2001 compared to US$1.77 in 2000. The impact from the stock buyback was partially realized in the earnings per share calculation in 2001 and will be fully realized in 2002.

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Norman S. Rich, Weis Markets’ president, commented: “Our net income was affected by increasing employee benefit costs, a decline in investment income as a result of our stock buyback last year and other one-time costs associated with the buyback. Despite these challenges, we have worked hard over the past year to build on our strengths.

“Over the past twelve months, we have launched a new advertising campaign, increased our promotional spending and continued to make significant investments in our store base and in technology.

“We believe our Company is well-positioned in the coming year as the economy begins to improve.”