SUNBURY, Pa., Oct. 23 /PRNewswire-FirstCall/ -- Weis Markets, Inc. today said its third quarter sales increased 1.4% to $565.0 million compared to the same period a year ago and its comparable store sales increased 1.8%.
For the thirteen week period ending September 29, 2007, the Company's net income declined 6.5% to $10.8 million and its earnings per share declined $.03 to $.40 per share as compared to the same period one year ago.
The Company said its sales were impacted by lower pharmacy sales as the result of generic prescriptions supplanting their brand-name counterparts and the shift of Medicare D prescriptions to mail order. The Company's sales continue to benefit from increased perishable sales, successful sales building strategies and aggressive promotional activity in several key markets.
The Company said its net income and earnings per share were impacted by accelerated depreciation and amortization for previous year capital expenditures and increased labor costs. The Company is continuing to implement programs to manage its labor costs.
Year To Date
Year to date, the Company's sales increased 2.9% to $1.7 billion while its comparable store sales increased 3.0%. For the thirty-nine week period ending September 29, 2007, net income increased .9% to $42.4 million and earnings per share increased $.02 to $1.57 per share.
About Weis Markets
This year, Weis Markets, Inc. marked its 95th year of operation. Today, the Company operates 155 stores in five states: Pennsylvania, Maryland, New Jersey, New York and West Virginia. The Company also owns and operates SuperPetz, a pet supply superstore chain with 30 locations in ten states.
In addition to historical information, this news release may contain forward-looking statements. Any forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. For example, risks and uncertainties can arise with changes in: general economic conditions, including their impact on capital expenditures; business conditions in the retail industry; the regulatory environment; rapidly changing technology and competitive factors, including increased competition with regional and national retailers; and price pressures.
The Company undertakes no obligation to publicly revise or update these forward-looking statements to reflect events or circumstances that arise after the date hereof other than through its periodic filings with the Securities and Exchange Commission that are available to the public.
WEIS MARKETS, INC. COMPARATIVE SUMMARY OF UNAUDITED SALES & EARNINGS Third Quarter - 2007 13 Week 13 Week Period Ended Period Ended Increase Sept. 29, 2007 Sept. 30, 2006 (Decrease) Net Sales $ 564,966,000 $ 557,177,000 1.4% Income Before Taxes 15,991,000 17,242,000 (7.3%) Provision for Income Taxes 5,174,000 5,677,000 (8.9%) Net Income $ 10,817,000 $ 11,565,000 (6.5%) Weighted-Average Shares Outstanding 26,999,000 27,029,000 (30,000) Basic and Diluted Earnings Per Share $ 0.40 $ 0.43 ($0.03) 39 Week 39 Week Period Ended Period Ended Increase Sept. 29, 2007 Sept. 30, 2006 (Decrease) Net Sales $1,715,573,000 $1,666,907,000 2.9% Income Before Taxes 64,859,000 64,642,000 0.3% Provision for Income Taxes 22,479,000 22,650,000 (0.8%) Net Income $ 42,380,000 $ 41,992,000 0.9% Weighted-Average Shares Outstanding 26,998,000 27,032,000 (34,000) Basic and Diluted Earnings Per Share $ 1.57 $ 1.55 $0.02
