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Acquisition of these stores – in Conshohocken, Doylestown and Norristown, Pa. – marks Weis’ first real penetration of the Philly market. The stores will continue to operate as Genuardi’s until after the sale is completed.
“We’re extremely pleased to be adding these stores to our store base,” said David J. Hepfinger, Weis Markets’ president and CEO. “We look forward to serving these communities as the lead local merchant as we have in 33 counties throughout Central, Eastern and Northeastern Pennsylvania. We will also be reaching out to the associates of these stores to discuss employment with our company.”
Meanwhile, Weis is reporting strong fourth-quarter and year-end results for fiscal 2011.
Q4 overall sales increased 11.4 percent compared to the year-ago period, while same-store sales rose 4.8 percent. Q4 net income increased 37 percent compared to the same period a year ago while its earnings per share increased 38.5 percent, or 20 cents, to 72 cents per share.
For the year ending Dec. 31, Weis’ sales increased 5 percent to $2.8 billion, while same-store sales, adjusting for the 53rd week in 2011, increased 4.2 percent. In 2011, net income increased 10.7 percent to $75.6 million while its earnings per share increased 27 cents to $2.81 per share.
“Our organization generated strong results for the year in a market clearly impacted by the slow recovery and continuing high unemployment,” Hepfinger said. “We continue to benefit from our record level cap ex investments in our store base, improved efficiencies and operating discipline in the overall management of our stores, strong increases in our sales per customer and more comprehensive sales building programs during key holiday periods, particularly in the fourth quarter.”
Founded in 1912, Weis Markets operates 161 stores in its home state of Pennsylvania, as well as Maryland, New York, New Jersey and West Virginia.