SUNBURY, Pa. -- Weis Markets here said increased promotional spending in its core markets in Pennsylvania and Maryland was partly to blame for an earnings decline for the second quarter ended June 27.
promotional spending, a deflationary price environment, an increase in competitive store openings and delays in new-store openings.
Sales rose 2.4% to $457.6 million for the quarter and 0.9% to $912.3 million for the half, while same-store sales rose 1.6% for the quarter and 0.05% for the half.
The company said it has stores under construction in Lancaster and Selinsgrove, Pa.; Glen Burnie and Laurel, Md.; and Franklin, N.J., plus two remodelings and four store expansions under way. "A number of other projects have been delayed due to a slow approval process," the company said.
However, overall expansion plans remain unchanged, the company said, including construction of 11 stores; expansion of 11 others, and seven remodelings.
Weis said it is interested in acquisitions in both current markets and markets contiguous to its trade area.
