Weis Markets 1Q net income up 82.4%
SUNBURY, Pa. Weis Markets said its first quarter net income increased 82.4% to $16.5 million compared to the same period a year ago and that its basic and diluted earnings per share increased 27 cents to 61 cents per share.
For the thirteen-week period ending March 28, the company’s sales increased 1.8% to $606.2 million and its comparable-store sales increased 1.6%.
“Our results reflect the continued improvement in our operating performance. We have done a better job at balancing the needs of our business and managing our expenses. These improvements are clearly apparent in our income from core operations, which increased 154.2% in the first quarter,” said David Hepfinger, Weis Markets’ president and CEO. “It is also important to note that we operate in a difficult sales environment. Our core markets are clearly affected by higher unemployment rates and a record low consumer confidence index, which has resulted in cautious overall spending by our customers.”
Dick’s chief merchant leaves company
PITTSBURGH, Pa. Gwendolyn Manto has stepped down as EVP chief merchandising officer of Dick’s Sporting Goods, as of April 13, according to a company filing.
The company said it does not expect to replace her in this position but will instead realign its merchandising organization under the leadership of Edward Stack, chairman and CEO, and Joseph Schmidt, president and COO.
Weis Markets implements second 90-day price freeze
SUNBURY, Pa. Weis Markets announced it has implemented a second 90-day price freeze on 3,000 of its staple items effective April 16 through July 15.
“At a time when unemployment continues to surge in many of our markets — in some areas to as high as 10% — our Price Freeze Program is designed to offer meaningful, long-term savings to our customers,” said David Hepfinger, Weis Markets’ president and CEO. “We’ve also expanded our Price Freeze item count to 3,000 products, up 600 compared to our initial program. We estimate our initial Price Freeze program helped our customers save approximately $5 million and hope to save our customers even more in the coming months.”
Of the 3,000 Price Freeze products, Weis Markets first lowered the prices on 2,400 items — and then froze this lower price for 90 days.
The current price freeze program includes private label and brand name products in center store, frozen, dairy, produce, meat, deli and bakery. The Price Freeze program is being promoted in Weis Markets’ current print, television and radio ads. In stores, customers will see special Price Freeze shelf tags on participating items.
Weis Markets programs must be working, as the company reported that its first quarter net income increased 82.4% to $16.5 million compared to the same period a year ago and that its basic and diluted earnings per share increased 27 cents to 61 cents per share.