Weis Markets has reported in a press release an 18.5 per cent increase in its second quarter net income compared with the same period last year, while its basic and diluted earnings per share increased US$0.08 to US$0.56 per share.

During the 13-week period ended 27 June 2009, Weis Markets generated US$15.2m in net income compared with US$12.8m for the same period a year ago. The company’s second quarter sales increased by 2.0 per cent to US$615.4m against US$603.4m in 2008 while comparable sales were up 2.4 per cent.

“We made significant investments in our sales programs during the second quarter which helped drive the increases in our sales and net income,” said David J. Hepfinger, Weis Markets’ president and CEO.

“In addition, our best of class private label program continues to generate strong sales, exceeding the national average, due to the depth and variety of our program and the value driven needs of our customers. Our second quarter results were also positively impacted by the improved sales performance of our perishable departments, particularly in meat and the continued improvement in our store-level operating performance.”

For the 26-week period ended 27 June 2009, the company’s year-to-date net income increased 44.9 per cent to US$31.7m compared with US$21.9m a year ago while earnings per share increased US$0.37 to US$1.18 per share. Year-to-date sales increased 1.9 per cent to US$1.2bn and comparable sales were up 2.0 per cent.

During the second quarter, Weis Markets announced its plans to acquire Binghamton-based Giant Markets, which currently operates 12 stores in southern New York. Mr Hepfinger said the company would complete its acquisition as scheduled on 23 August 2009.

Founded in 1912, Weis Markets is a Mid-Atlantic food retailer operating 154 stores in five states: Pennsylvania, Maryland, New Jersey, New York and West Virginia.

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