Friday, May 4, 2012

Weis posts strong earnings, Bottom Dollar exceeding expectations

Weis Markets said yesterday that improvements in store productivity and cost controls contributed to net earnings of $20 million for its fiscal first quarter, an increase of 7.7% compared to the same period last year. In addition, sales increased 0.3% to $661.6 million, and comparable store sales improved by almost 1%.

On the other hand, despite positive results from Bottom Dollar, U.S. sales for the Delhaize Group fell 1.2% to $4.6 billion in the first quarter as compared to a year ago. Profits were down 21.7% to $173 million and comparable store sales fell 0.6%. According to the company, price investments at Food Lion and Hannaford are positioning the stores for long-term success but are coming at a cost to short-term earnings.

In their quarterly filing, Delhaize reported that Bottom Dollar continues to see strong revenue growth, and Philadelphia and Pittsburgh area stores are exceeding revenue expectations.

No comments:

Post a Comment