US retailer Weiss Markets has reported on a sales increase to US$671m through the fourth quarter of 2009, up from US$619m in 2008, with same-store sales also jumping by 2 per cent.
However, it was not all good news through the 13-week period, with a 9 per cent drop in net earnings to US$15.5m (US$0.58 per share), down from the US$17m recorded in 2008 (US$0.63 per share).
According to the retailer, the drop in net profit was due to lower retail prices and consumers cutting back on spending, the Progressive Grocer reported.
'We continue to make progress in a difficult market environment, marked by cautious customer spending and price deflation in key categories,' said group president and CEO David Hepfinger. 'Despite these challenges, we have produced five consecutive quarters of strong operating results through improved operating performance, more focused promotional programmes and increased efficiencies at store and distribution levels.'
For the full year of 2009, net sales increased by 4 per cent to US$2.5bn, with net income increasing 34 per cent to US$63m.
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