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Weis Markets Reports 15th Consecutive Quarter of Sales Growth, Jonathan Weis Comments

Weis Markets Reports 15th Consecutive Quarter of Sales Growth, Jonathan Weis Comments

Wednesday, May 9th, 2018

Weis Markets clearly knows what it's doing—the retailer is reporting increased profits for the fifteenth straight quarter. This news comes on the heels of its recent announcement of a $101 million investment plan, as we reported on our sister site, AndNowUKnow. It revealed its results for first quarter fiscal 2018, showing improved sales, earnings per share, and net income.

Jonathan Weis, Chairman & CEO, Weis Markets“Our operating income was positively impacted by store improvements in overall efficiency levels, particularly with inventory management, which resulted in an improved store gross profit rate and our 15th consecutive quarter of comparable store sales increases,” said Jonathan Weis, Chairman and Chief Executive Officer, in a press release.

Highlights from Weis Markets’ first quarter include:

  • Sales increased 2.8 percent to $876.1 million compared to the same period in 2017
  • Comparable store sales, adjusted for the holiday shift, increased 1.5 percent
  • Net income increased 36.8 percent to $16.2 million compared to $11.8 million for the same period in 2017
  • Earnings per share increased 36.4 percent to $0.60 compared to $0.44 in 2017
  • Operating income increased 12.8 percent to $22.8 million

“Our operating income also benefited from store labor efficiencies, in which multiple winter weather events were a contributing factor, and improvements to some of our key marketing and advertising programs. We look to build on our momentum in the coming months,” noted Weis.

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