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Weis Markets Reports 4th Quarter Results

Weis Markets Reports 4th Quarter Results


SUNBURY, PA
Wednesday, March 14th, 2018

Finishing up its fiscal 2017 year on a high note, Weis Markets celebrated record sales, including a 2.2% increase in the fourth quarter alone.

Jonathan Weis, Chairman and Chief Executive Officer"In 2017, we achieved record sales of $3.5 billion and generated our 15th consecutive quarter of increased comparable store sales. During this time, we also worked to efficiently integrate 44 newly acquired stores," said Jonathan Weis, Chairman and Chief Executive Officer, in the financial release. "We have done much to position our company for future profitable sales growth."

Highlights for the company’s 13 week fourth quarter, which closed on December 30, 2017, included:

  • Sales were $883.7 million compared to $925.1 million for the 14-week period ended on December 31, 2016
  • Fourth quarter sales increased 2.2 percent while comparable store sales were up 1.2 percent when adjusted for the extra week in 2016
  • The company's net income increased 54.7 percent to $63.7 million
  • Earnings per share totaled $2.37, primarily driven by a $49.3 million decrease in deferred income tax due to the U.S. Government enacting the Tax Cuts and Jobs Act (Tax Reform)
  • Fourth quarter operating income was $22.3 million compared to $27 million for the same period in 2016

Approximately $1.8 million of the difference was due to the additional week in 2016, according to the release, while the remainder of the difference in operating income was due to the company's promotional programs and price investments, continued retail deflation combined with cost inflation and assimilation of 44 stores acquired in 2016.

For the latest in financial and other key reports from the buy-side of our industry, continue to follow Deli Market News.

Weis Markets
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