Weis Markets on Wednesday said net income declined by 26.6% in the fiscal first quarter while price investments to drive sales began to take hold.
Sales for the 13-week period ending March 26 totaled $687.1 million, a 0.6% increase from the same period a year ago. Comparable-store sales were down by 1.3%. When adjusted for the Easter holiday, which fell in the first quarter in 2013 but the second quarter this year, sales increased by 1.7%, the company said. Net income fell to $14.8 million from $20.1 million a year ago.
"We have met our first quarter sales goals. Adjusted for the Easter holiday shift, our sales increased 1.7% despite price reductions on thousands of items," Jonathan Weis, president and CEO, said. "We achieved our sales goal by reinvesting in sales through our Three More Ways to Save program, which has generated higher per customer sales and an increase in unit sales. These reinvestments are a key part of our long-term strategy to generate increased sales and market share."
Sunbury, Pa.-based Weis operates 166 stores in five states.
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