Sunbury, Pa. – Net income at Weis Markets Inc. plummeted close to 47% during the second quarter of fiscal 2014, compared to the prior year period. Weis reported net income of $12.8 million, compared to $21.18 million a year earlier.
Weis cited company reinvestment and price discounting as driving the net income decline. Second quarter sales increased 4.5% to $691.9 million, from $662.1 million and same-store sales increased 2.9%.
"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."