Weis Markets Issues First Quarter Results
SUNBURY, Pa., May 7, 2014
SUNBURY, Pa., May 7, 2014 /PRNewswire/ --Weis Markets, Inc. (NYSE: WMK) today
reported its first quarter results. During the thirteen week period ending
March 29, 2014, the Company's sales increased 0.6% to $687.1 million while its
comparable store sales were down 1.3% compared to the same period a year ago.
Weis Markets, Inc. logo
During the same period, the Company generated earnings per share of $0.55
compared to $0.75 per share in 2013. The Company's first quarter net income
totaled $14.8 million compared to $20.1 million in 2013, down 26.6%.
The Company's results were impacted by timing of the Easter holiday, which was
observed in the first quarter of 2013 and the second quarter of 2014.
"We have met our first quarter sales goals. Adjusted for the Easter holiday
shift, our sales increased 1.7% despite price reductions on thousands of
items," said Jonathan Weis, President and CEO of Weis Markets. "We achieved
our sales goal by reinvesting in sales through our Three More Ways to Save
program, which has generated higher per customer sales and an increase in
center store unit sales. These reinvestments are a key part of our long-term
strategy to generate increased sales and market share."
About Weis Markets
Founded in 1912, Weis Markets, Inc. is a Mid Atlantic food retailer operating
166 stores in Pennsylvania, Maryland, New Jersey, New York and West Virginia.
For more information, please visit: WeisMarkets.com or
In addition to historical information, this news release may contain
forward-looking statements, which are included pursuant to the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995. 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.
Readers are cautioned not to place undue reliance on forward-looking
statements, which reflect management's analysis only as of the date hereof.
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. Readers should carefully review the risk factors described
in other documents the Company files periodically with the Securities and
WEIS MARKETS, INC.
COMPARATIVE SUMMARY OF SALES & EARNINGS
First Quarter – 2014
13 Week 13 Week
Period Ended Period Ended Increase
March 29, March 30, 2013 (Decrease)
Net Sales $ $ 0.6%
Income Before Income Taxes $ $ (27.7)%
Provision for Income Taxes 8,290,000 11,764,000 (29.5)%
Net Income $ $ (26.6)%
Shares Outstanding 26,898,000 26,898,000 ---
Basic and Diluted
Earnings Per Share $0.55 $0.75 $(0.20)
SOURCE Weis Markets, Inc.
Contact: Dennis Curtin, Weis Markets, Inc., 570-847-3636,
email@example.com, Twitter: @WMKSpokesman
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