Weis Markets profit rises in Q2; sales flat
Sunbury, Pa. — Weis Markets reported Tuesday that net income for the quarter ended June 30 rose 12.1% to $23.2 million, compared with $20.7 million in the year-ago period.
Sales were essentially flat at $677.1 million, and same-store sales inched up 0.4%.
President and CEO David Hepfinger cited a “stagnant sales environment” for the near-flat sales but said the grocer continues to improve efficiencies and store-level productivity.
NRF leads fight against unfair trucking regulations
Washington, D.C. — The National Retail Federation and its National Council of Chain Restaurants division joined a coalition of manufacturers, shippers and transportation providers to file an amicus brief before the U.S. Court of Appeals opposing new federal trucking regulations on drivers’ hours-of-service, stating the regulations were arbitrary and capricious.
“The retail industry is at the crossroads of the supply chain, interconnecting manufacturers and suppliers with vendors and customers,” NRF president and CEO Matthew Shay said. “It is the retail industry’s responsibility to get products to market and into consumers’ hands in a safe and timely manner. It is a responsibility that we hold dear. Any new regulation that impedes that ability increases our transportation costs, increases consumer prices, and jeopardizes the fragile economic recovery.”
The joint friend-of-the-court brief challenges the Federal Motor Carrier Safety Administration’s new hours-of-service regulations. The new rules require mandatory and specified truck driver work breaks, rest periods, and changes the already existing 34-hour restart period to include consecutive nights off.
NRF had previously filed comments with the FMCSA during the rulemaking process to express the retail industry’s concerns. “NRF and NCCR believe that the new requirements will only drive up costs, make trucking less safe, increase congestion, and ultimately hurt job growth and the economy,” said Shay.
Energy company Valero to spin off $5 billion network of fuel stations
San Antonio — A Tuesday report by Bloomberg said that Valery Energy Corp. has unveiled plans to sell or spin off its network of 1,000+ gas and diesel stations across the United States and Canada, valued at up to $5 billion.
CEO Bill Klesse told investors that the retail business generates $500 million in earnings annually. Spinning off the retail business is a move toward increasing shareholder returns. “As independent companies, both retail and the remaining business will be better-positioned to focus on their industry- specific strategies,” Klesse said in a statement.