EXHIBIT 99.1
WEIS MARKETS, INC. | 1000 S. 2nd Street |
Sunbury, Pennsylvania 17801 | |
Phone 570-286-3636 | |
Fax 570-286-3692 |
Press Release |
Contact: Dennis V. Curtin | FOR IMMEDIATE RELEASE |
Phone: (570) 286-3636 | February 4, 2009 |
E-Mail: Dcurtin@weismarkets.com |
(Sunbury, PA) - Weis Markets, Inc. (NYSE: WMK) today said its fourth quarter sales increased 2.7% to $619.4 million while basic and diluted earnings per share increased $.31 to $.63 per share.
For the thirteen-week period ending December 27, 2008, the Company's comparable store sales increased 2.2% and its net income increased 97.6% to $17.0 million.
"Our fourth quarter sales and net income increases were due to the continuing success of our targeted promotional and transaction building programs combined with key improvements in our store operating practices and increased efficiencies at store and distribution levels," said David J. Hepfinger, Weis Markets' President and CEO. "We continue to operate in a tough economic environment, which is clearly impacting our customers' purchasing decisions. However, we believe our continuing operational improvements along with our aggressive merchandising and marketing programs will help us to make substantial progress with our sales and profits in 2009."
YEAR TO DATE
Company sales increased 4.5% to $2.4 billion for the 52-week period ending December 27, 2008, and comparable store sales increased 4.3%. Basic and diluted earnings per share declined $.15 to $1.74 per share, while net income declined 7.8% to $47.0 million.
ABOUT WEIS MARKETS
Founded in 1912, Weis Markets is a Mid-Atlantic supermarket company. It currently operates 154 stores in five Mid-Atlantic States: Pennsylvania, Maryland, New Jersey, New York and West Virginia.
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In addition to historical information, this news release may contain forward-looking statements. Any forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. For example, risks and uncertainties can arise with changes in: general economic conditions, including their impact on capital expenditures; business conditions in the retail industry; the regulatory environment; rapidly changing technology and competitive factors, including increased competition with regional and national retailers; and price pressures.
The Company undertakes no obligation to publicly revise or update these forward-looking statements to reflect events or circumstances that arise after the date hereof other than through its periodic filings with the Securities and Exchange Commission that are available to the public.
Weis Markets, Inc. |
Comparative Summary of Unaudited Sales & Earnings |
Fourth Quarter - 2008 |
13 Week | 13 Week | ||
Period Ended | Period Ended | Increase | |
Dec. 27, 2008 | Dec. 29, 2007 | (Decrease) | |
Net Sales | $619,408,000 | $602,977,000 | 2.7% |
Income Before Taxes | 26,365,000 | 12,900,000 | 104.4% |
Provision for Income Taxes | 9,353,000 | 4,290,000 | 118.0% |
Net Income | $17,012,000 | $8,610,000 | 97.6% |
Weighted-Average | |||
Shares Outstanding | 26,966,000 | 26,986,000 | (20,000) |
Basic and Diluted | |||
Earnings Per Share | $0.63 | $0.32 | $0.31 |
52 Week | 52 Week | ||
Period Ended | Period Ended | Increase | |
Dec. 27, 2008 | Dec. 29, 2007 | (Decrease) | |
Net Sales | $2,422,361,000 | $2,318,551,000 | 4.5% |
Income Before Taxes | 70,113,000 | 77,759,000 | (9.8%) |
Provision for Income Taxes | 23,118,000 | 26,769,000 | (13.6%) |
Net Income | $46,995,000 | $50,990,000 | (7.8%) |
Weighted-Average | |||
Shares Outstanding | 26,967,000 | 26,994,000 | (27,000) |
Basic and Diluted | |||
Earnings Per Share | $1.74 | $1.89 | ($0.15) |