Weis Markets Reports 4th Quarter Results
SUNBURY, PA - Weis Markets finished its fiscal 2017 year on a high note. Among its achievements was a record sales number during the year, including a 2.2 percent increase in the fourth quarter alone.
"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."
Approximately $1.8 million of the difference between fiscal 2016 and 2017 was due to an 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, as well as continued retail deflation combined with cost inflation and assimilation of 44 stores acquired in 2016.
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 fourteen-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
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