Weis Markets reported net income of $17.4 million, or $0.65 per share, in the first quarter of 2010 ending March 27, 2010. The company earned $16.5 million, or $0.61 per share, in the same quarter last year.
Revenues also showed a large increase on a year over year basis, from $606.2 million in the first quarter of 2009 to $664.3 million in the quarter just ended. Weis Markets also reported a 3% increase in comparable store sales in the first quarter of 2010.
The company attributed the increase in net income and revenues to increased promotions, and better efficiency and execution in the store base.
David J. Hepfinger, the CEO of Weis Markets, said, “This is our sixth consecutive quarter of strong earnings and sales performance. We continued to improve our overall level of execution and increase efficiencies at store and distribution levels, which helped us generate solid sales and earnings increases along with a 6.1% increase in operating income.”
Weiss Markets owns more than 160 grocery stores in the Northeastern United States, focused on Pennsylvania, Maryland, New York, New Jersey and West Virginia. The company was founded in 1912, and will soon celebrate its 100th anniversary. Weiss Markets is headquartered in Sunbury, Pennsylvania.