Weis Markets (WMK) Lowers Prices on Thousands of Grocery Items

By IBTimes Staff Reporter | January 04 2010 6:48 AM

Weis Markets lowered prices on 2,600 products that it carries in its stores, and froze prices for an additional 624 items. The two measures will run for 90 days, until April 1, 2010, and are spread across the produce, frozen, dairy, meat, deli and bakery sections.

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The company took the action to help its customers during the recession and financial crisis. David J. Hepfinger, the CEO of Weis Markets, said, “It is clear our customers remain in a cautious mood due to the weak economy. Over the past year, our Price Freeze program has generated $16 million in savings for our customers.”

Weis Markets owns and operates a chain of 165 grocery stores located in five states in the Northeastern United States. The company also owns a chain of 27 pet supply stores under the Superpetz brand name. The company was founded in 1912.

Weis Markets reported a strong financial performance in the third quarter ending Sept 26, 2009. The company had net income of $15.5 million, or $0.54 per share, up 92% from the same quarter of 2008. Revenues came in at $623.2 million, up 3.2% from 2008.

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