Weis sees Q2 net income boost
SUNBURY, Pa. — Weis Markets on Tuesday reported a 12.1% increase in its second-quarter net income to $23.2 million. For the period ended June 30, second-quarter earnings per share increased 11.7% to 86 cents per share, compared with 77 cents per share for the same period in 2011.
Second-quarter sales increased 0.1% to $677.1 million while comparable-store sales increased 0.4%.
Weis attributed its net income and operating income increases to disciplined promotions and marketing and a decrease in depreciation expenses when it changed depreciation methods from accelerated to straight-line.