Sunbury-based supermarket chain Weis Markets has seen its Q1 earnings per share increase 32% to US$0.54, as compared to the Q1 2001.
Go deeper with GlobalData
During the 13-week period ending 30 March 2002, the company’s sales increased 3.9%, identical store sales increased 3.3%, and operating income increased 14.8%.
Sales reached US$504.4m during the Q1 compared to US$485.7m for the same period a year ago. The company said this increase came as a result of aggressive promotional activity in key markets, continuing enhancements to its loyalty-marketing program, and the Easter holiday sales, which fell in the Q2 last year. This variation in the calendar will affect the company’s results in the Q2.
Q1 net income totalled US$14.8m compared to US$17.2m for the same period in 2001. The decline in net income was a result of a US$6.6m decline in tax-free investment income. On 7 May 2001, the company used its investment portfolio to repurchase 14.5 million shares of its own common stock.
In the Q1, the company opened replacement superstores in Camp Hill, PA and Nanticoke, PA. The company also completed an expansion in Altoona, PA and a remodel in Bethlehem, PA.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataComparative summary of unaudited sales and earnings
13 Week 13 Week
Period Ended Period Ended Increase
March 30, 2002 March 31, 2001 (Decrease)
Net Sales $504,423,000 $485,695,000 3.9%
Income Before Taxes 23,733,000 26,857,000 -11.6%
Provision for Income Taxes 8,957,000 9,663,000 -7.3%
Net Income $14,776,000 $17,194,000 -14.1%
Weighted Average
Shares Outstanding 27,204,000 41,692,000 -14,488,000
Basic and Diluted
Earnings Per Share $0.54 $0.41 $0.13
