Weis Markets reports EPS jump

SUNBURY, Pa. Weis Markets reported a diluted earnings per share increase of 28 cents, compared with the same period one year ago, nearly doubling to 58 cents per share. During the thirteen-week period ended Sept. 26, the company’s net income increased 92.2% to $15.6 million, compared with the same period in 2008.

“At a time of changing customer spending patterns and during a period of considerable deflation in key categories, we continue to make significant progress in our core markets due to improved operating performance throughout our company,” stated Weis Markets’ president and CEO David Hepfinger. “We are encouraged with our results and hope to build on them in the fourth quarter.”

Third-quarter sales increased 3.2% to $623.2 million; comparable sales increased 1.1%.

In the third quarter, Weis Markets completed its acquisition of 11 stores in the Binghamton, N.Y. area on Aug. 23 and reopened the units Aug. 25, which contributed to a majority of the sales increase during the quarter.