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Net sales rose 4.5 percent at Sunbury, Pa.-based Weis Markets Inc. to $691.9 million for the second quarter of its 2014 fiscal year ending June 28, while the grocer's comparable store sales increased 2.9 percent.
During the same period, Weis generated earnings per share of 48 cents compared to 90 cents per share in 2013. The company's Q2 net income totaled $12.8 million compared to $24.2 million in 2013, down 47.1 percent.
'Reinvesting to Ensure Growth'
"This is a year of planned recalibration for our company and one where we are reinvesting in increased sales and market share to better ensure our long-term growth," said Jonathan Weis, president and CEO of Weis Markets. "We have achieved these sales results despite self-imposed grocery department deflation due to our pricing initiatives. Our investments in these price reductions and other sales building programs have resulted in higher sales per customer and an increased customer count."
The grocer's year-to-date sales increased 2.5 percent to $1.4 billion, while comparable store sales increased 0.8 percent. During the same period, the company generated $1.02 in earnings per share compared to $1.65 in 2013. The company's year-to-date net income is $27.6 million, down 37.8 percent compared to the same period a year ago.
Founded in 1912, Weis Markets Inc. operates 163 stores in Pennsylvania, Maryland, New Jersey, New York and West Virginia.