SUNBURY, Pa. -- Weis Markets here said Wednesday its sales for the fourth quarter ended Dec. 27 rose primarily because of sustained promotional activity in key markets.
on," said Norman Rich, the company's president and chief executive officer.
In the 13-week quarter, sales increased 2.7% to $520.8 million, and comparable-store sales rose 3.1%, but net income declined 11.9% to $14.1 million.
The company, which maintains self-insurance programs for the majority of its employee health care benefits and workers' compensation claims, noted that its income was affected by an unanticipated $5.6 million increase in employee and business insurance costs due to several large cases.
In the 52-week fiscal year, sales rose 2.2% to $2 billion, and comps grew 2.7%, but net income declined 7.6% to $54.6 million vs. the previous fiscal year.