Sales jumped in the third quarter of 2017 for Mid-Atlantic retailer Weis Markets Inc., but the company’s income and earnings per share were down sharply.
Sunbury, Pennsylvania-based Weis tallied third-quarter sales of $854 million, 15% more than in the same period of 2016. Third-quarter comparable store sales also were up, by 1.5 percent. Weis has now enjoyed comparable store sales gains for 14 straight quarters.
Weis’s net income, however, declined 58 percent in the third quarter, to $4.4 million. And earnings per share were $.16, down from $.40 in the third quarter of 2016.
The company attributed the declines to aggressive promotions and pricing; price deflation in its produce, deli, foodservice, bakery and seafood departments; and inventory management challenges in some of its recently acquired stores.