Weis Markets Reports Strong Third Quarter Results
SUNBURY, PA - After an onslaught of strategic moves in the online and brick-and-mortar grocery spaces, including rolling out online grocery delivery services and a whole host of fresh store remodels, Weis Markets reported strong third quarter financial results for the thirteen-week period ended September 29, 2018.
Excitingly for produce, Weis attributes its third quarter success, particularly the 172 percent increase of its income before income taxes to $186 million, to a disciplined fresh department sell-through, as well as improved efficiencies in the stores it acquired in 2016, price optimization improvements, and improved store-level inventory management.
According to a press release, Weis Markets’ sales increased 1.7 percent to $869.1 million compared to the same period in 2017. Third quarter comparable sales also increased by 0.7 percent. In addition, the retailer’s net income increased 219.3 percent to $14.2 million compared to $4.4 million in 2017. Additional third quarter highlights included earnings per share increasing from $0.37 to $0.53 per share.
Year to Date (YTD) Results included the following for the 39-week period ended September 29, 2018:
- Sales increased 1.3 percent to $2.6 billion compared to the same period a year ago
- Comparable store sales increased 0.7 percent
- Net income increased 42.4 percent to $49.5 million
- Income before income taxes increased 19.7 percent to $67.1 million.
- Earnings per share increased $0.55 to $1.84 per share.
Throughout 2018, Weis Markets expanded its online ordering program, Weis 2 Go Online, as well as teamed up with Shipt. These strategic online grocery advancements gave the retailer’s online sales a 36 percent increase, a company press release noted.
With Weis Markets on a roll, where will the retailer set its sights next? AndNowUKnow will keep you apprised of all movement happening in grocery.