Weis Markets Issues Second Quarter Results

SUNBURY, Pa., Aug. 1, 2014 /PRNewswire/ -- Weis Markets, Inc. (NYSE: WMK) today reported its second quarter sales increased 4.5% to $691.9 million during the 13-week period ending June 28, 2014 while its comparable store sales increased 2.9%.

During the same period, the Company generated earnings per share of $0.48 compared to $0.90 per share in 2013. The Company's second quarter net income totaled $12.8 million compared to $24.2 million in 2013, down 47.1%.

"This is a year of planned recalibration for our company and one where we are reinvesting in increased sales and market share to better ensure our long-term growth," said Jonathan Weis, President and CEO of Weis Markets. "We have achieved these sales results despite self-imposed grocery department deflation due to our pricing initiatives. Our investments in these price reductions and other sales building programs have resulted in higher sales per customer and an increased customer count."

Year-to-Date
The Company's year-to-date sales for the 26-week period ending June 28, 2014 increased 2.5% to $1.4 billion while comparable store sales increased 0.8%. During the same period, the Company generated $1.02 in earnings per share compared to $1.65 in 2013. The Company's year-to-date net income is $27.6 million, down 37.8% compared to the same period a year ago.

About Weis Markets
Founded in 1912, Weis Markets, Inc. is a Mid Atlantic food retailer currently operating 163 stores in Pennsylvania, Maryland, New Jersey, New York and West Virginia. For more information, please visit: WeisMarkets.com or Facebook.com/WeisMarkets.

In addition to historical information, this news release may contain forward-looking statements, which are included pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995.  Any forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected.  For example, risks and uncertainties can arise with changes in: general economic conditions, including their impact on capital expenditures; business conditions in the retail industry; the regulatory environment; rapidly changing technology and competitive factors, including increased competition with regional and national retailers; and price pressures.  Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's analysis only as of the date hereof.  The Company undertakes no obligation to publicly revise or update these forward-looking statements to reflect events or circumstances that arise after the date hereof.  Readers should carefully review the risk factors described in other documents the Company files periodically with the Securities and Exchange Commission.

 

WEIS MARKETS, INC.

COMPARATIVE SUMMARY OF SALES & EARNINGS


Second Quarter – 2014

(Unaudited)








13 Week


13 Week




Period Ended


Period Ended


Increase


June 28, 2014


June 29, 2013


(Decrease)

Net Sales

$     691,875,000


$    662,072,000


4.5%







Income Before Income Taxes

$       20,094,000


$      39,441,000


(49.1)%

Provision for Income Taxes

7,296,000


15,262,000


(52.2)%

Net Income

$       12,798,000


$      24,179,000


(47.1)%







Weighted-Average Shares Outstanding

26,898,000


26,898,000


---







Basic and Diluted Earnings Per Share

$0.48


$0.90


$(0.42)














26 Week


26 Week




Period Ended


Period Ended


Increase


June 28, 2014


June 29, 2013


(Decrease)

Net Sales

$  1,379,002,000


$ 1,344,784,000


2.5%







Income Before Income Taxes

$       43,150,000


$      71,334,000


(39.5)%

Provision for Income Taxes

15,586,000


27,027,000


(42.3)%

Net Income

$       27,564,000


$      44,307,000


(37.8)%







Weighted-Average Shares Outstanding

26,898,000


26,898,000


---







Basic and Diluted Earnings Per Share

$1.02


$1.65


$(0.63)

 

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SOURCE Weis Markets, Inc.



RELATED LINKS
http://www.WeisMarkets.com

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