WEIS MARKETS ANNOUNCES SECOND QUARTER RESULTS
Year to date sales, comparable store sales and net income up
Sunbury, PA (August 3, 2018) – Weis Markets. Inc (NYSE:WMK) today reported its second quarter sales totaled $871.1 million compared to $876.6 million for the same period in 2017. The Company’s second quarter net income increased 3.4 percent to $19.1 million compared to $18.5 million in 2017 while second quarter earnings per share increased $0.02 to $0.71 per share.
The Company’s second quarter sales were adversely affected by the Easter holiday shift, since the 2018 Easter sales week fell on the last week of the first quarter while the slow-selling post-holiday week fell in the second quarter this year. Last year both Easter and the post-holiday week were in the second quarter. Total sales for the 13-week period ended June 30, 2018 were down 0.6 percent while adjusted comparable store sales were down 0.3 percent.
Sales were also negatively impacted by the timing of the fourth of July holiday, which fell later in the week following the conclusion of the second quarter. Management estimates the incremental sales impact of the holiday shifts was approximately $12.5 million, which is reflected in its adjusted second quarter comparable store sales.
Year to Date
For the 26-week period ending June 30, 2018, the Company’s sales increased 1.1 percent to $1.7 billion compared to the same period in 2017 while comparable store sales increased 0.7 percent. Year-to-date income increased 16.4 percent to $35.3 million while earnings per share for the same period increased $0.18 to $1.31 per share.