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Sales were down for the fourth quarter and overall at Weis Markets for its 2012 fiscal year, while the Pennsylvania-based grocer reported strong income increases for both periods.
Company sales decreased 1.9 percent to $2.7 billion during the 52-week period ending Dec. 29, compared to the 53-week period in 2011, while comparable store sales decreased 2 percent. Net income in FY 2012 increased 9.2 percent to $82.5 million compared to $75.6 million for the year-ago period.
FY 2012 operating income increased 11.2 percent to $127 million, while earnings per share increased 26 cents to $3.07 per share. Adjusted for the extra week in 2011, Weis’ net income increased 13.9 percent while its sales and comparable store sales were flat.
Q4 net income increased 14.5 percent to $22.1 million compared to $19.3 million last year. Earnings per share increased 15.3 percent to 83 cents per share compared to the same period in 2011. Operating income increased 23.5 percent to $34.8 million. Sales decreased 5.9 percent to $694.3 million compared to $737.8 million a year ago, while comparable store sales decreased 7 percent for the same period.
Adjusting for the 52-week to 53-week comparison, sales increased 1.1 percent while its net income increased 36.8 percent; adjusted same-store sales were flat.
“We continue to operate in an economy significantly impacted by slow economic growth, high unemployment and declining household income. As a result of these continuing trends, our customers were cautious in their spending in 2012,” said David J. Hepfinger, Weis Markets’ president and CEO. “We successfully worked through these challenges by efficiently managing and improving our stores and supply chain which helped us drive strong net income increases and maintain our market share. Our results also benefited from record investments in our store base, which will continue in 2013.”
Sunbury, Pa.-based Weis Markets Inc. operates 165 stores in Pennsylvania, Maryland, New Jersey, New York and West Virginia.