Last updated on June 13th, 2024
Weis Markets’ second quarter sales totaled $871.1 million vs. $876.6 million for the same period in 2017. The sales drop snapped a 16-consecutive-quarter streak of rising store sales.
According to Weis, the company’s second quarter sales were adversely affected by the Easter holiday shift, since the 2018 Easter sales week fell on the last week of the first quarter while the slow-selling post-holiday week fell in the second quarter this year.
Last year, both Easter and the post-holiday week were in the second quarter. As a result, total sales for the 13-week period ended June 30 were down 0.6 percent; adjusted comparable store sales were down 0.3 percent.
Sales also were negatively impacted by the timing of the Fourth of July holiday, which fell later in the week following the conclusion of the second quarter. Weis management estimates the incremental sales impact of the holiday shifts was approximately $12.5 million, which is reflected in its adjusted second quarter comparable store sales.
For the 26-week period ending June 30, the company’s sales increased 1.1 percent to $1.7 billion compared to the same period in 2017, while comparable store sales increased 0.7 percent. Year-to-date income increased 16.4 percent to $35.3 million while earnings per share for the same period increased $0.18 to $1.31 per share.
At the annual shareholder’s meeting on April 26, the company announced $101 million in capital investment for the construction of two new stores, 20 remodels, four pharmacies and one fuel center.
Weis also expanded and upgraded its Weis 2 Go online ordering service with curbside pickup. It recently introduced this service in 25 additional stores and currently offers it in 79 locations.
Founded in 1912, Sunbury, Pennsylvania-based Weis Markets is a Mid-Atlantic food retailer operating 206 stores in Pennsylvania, Maryland, Delaware, New Jersey, New York, West Virginia and Virginia.
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