Weis Markets Q3 sales up 4.1%

SUNBURY, Pa.- Weis Makets on Tuesday reported that sales for the third quarter of 2015 increased 4.1% to $711.9 million, while comparable store sales increased 4% compared to the third quarter in 2014. 

 

For the 39-week period ended Sept. 26, 2015, the company's sales increased 3.9% to $2.1 billion while comparable store sales increased 3.9% compared to the same 39-week period ended September 27, 2014. 

 

Weis Markets provided preliminary unaudited sales results for the third quarter ended Sept. 26 pending a full release of its third quarter results following a review and analysis of self-insurance reserves to determine if any adjustments to its historical financial statements are necessary. The company expects to file its quarterly report on Form 10-Q prior to Dec. 1, 2015.  

 

While researching alternative methods to calculate retained claim liability for the company's self-insured workers compensation and general liability insurance programs, it was determined that adjustments would be necessary to the prior application of actuarial methods used to estimate the obligation of future payments resulting from claims due to past events.