WEIS MARKETS REPORTS THIRD-QUARTER 2017 FINANCIAL RESULTS
Comparable Store Sales Increase for the 14th Consecutive Quarter
Sunbury, PA (November 3, 2017) – Weis Markets, Inc. (NYSE:WMK) today reported its third-quarter sales for the thirteen week period ended September 30, 2017 increased 15.0 percent to $854.3 million compared to $743.0 million for the same period in 2016 while third quarter comparable store sales increased 1.5 percent. The Company’s comparable store sales have now increased 14 consecutive quarters.
In the third quarter, the Company’s net income decreased 58.1 percent to $4.4 million while earnings per share totaled $0.16 compared to $0.40 in 2016. The Company attributed this decline to its aggressive promotional and pricing programs; price deflation in produce, deli and food service, bakery and seafood; and inventory management challenges in some of its recently acquired stores.
Year to Date
For the 39-week period ended September 30, 2017, the Company’s sales increased 16.8 percent to $2.6 billion compared to $2.2 billion for the same period in 2016 while comparable store sales were up 1.6 percent. Year-to-date net income totaled $34.8 million, down 24.5 percent compared to the same period in 2016 while earnings per share totaled $1.29 compared to $1.71 in 2016.