Weis Markets Q3 Profit Down

(RTTNews) - Food retailer Weis Markets Inc. (WMK) Friday reported a 32 percent drop in third-quarter profit to $11.7 million or $0.43 per share, from $17.2 million or $0.64 per share last year.

The company's sales for the quarter inched down 1 percent to $661.4 million from $668.4 million last year. Comparable store sales for the same period were down 2.9 percent.

The company attributed its decline in net income to a $6.1 million charge for the separation agreement of its former Chief Executive Officer. Its third quarter net income was also impacted by a $2.1 million impairment loss for four properties.