SUNBURY, Pa. -- Weis Markets here said sales and earnings increased in both the fourth quarter and fiscal year ended Dec. 25.
1 million credit to 1992 income for the effects of accounting changes, net would have increased 1.8% last year.
In the 13-week fourth quarter, net increased 13.9% to $19.5 million.
Sales increased 11.8% for the year to $1.4 billion and 13.3% for the quarter to $371.8 million. Same-store sales declined 1.2% for the year and 0.3% for the quarter.
Overall sales were boosted by the addition of 14 IGA Food Mart stores in the Pocono Mountains area of northeastern Pennsylvania that Weis acquired at the outset of 1993. The retailer also opened its first New Jersey store last year, on the first day of 1993's third quarter.
George Zimmerman, a securities analyst with the Philadelphia office of Gruntal & Co., New York, estimated the 14 acquired stores added about $42 million to annual volume.
The drop in same-store sales was due to strong competition and the absence of price increases at the retail level due to a lack of inflation, he said.
Zimmerman said most of Weis' earnings come not from the stores, but from tax-free municipal bonds.
"As more of those bonds are called, earnings will start to taper off," he said. "What Weis needs is new blood. Management should be resolute enough to find another chain to acquire so it can move into a new area and bring in more aggressive management."