Weis Markets Q4 Profit Declines - Quick Facts

(RTTNews) - Food retailer Weis Markets Inc. (WMK) Tuesday reported fourth-quarter net income of $15.7 million or $0.59 per share, compared to $22.1 million or $0.83 per share last year.

Net sales for the latest fourth quarter inched down 1.1 percent to $686.39 million from $694.31 million last year. Comparable store sales for the same period were down 3.5 percent.

The company said its fourth quarter results were impacted by a decline in food stamp/SNAP spending in its stores and a shortened holiday season, which impacted sales in key center store categories. Its results were affected by fuel price deflation, which resulted in lower retail gas sales. Deli sales were also lower due to manufacturer recalls.

The company attributed its lower fourth quarter net income to these sales trends and the recognition of a $680,000 future liability associated with the lease commitment of a closed store property.