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Weis Markets fiscal Q1 profit climbs 56.4% YOY

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Weis Markets fiscal Q1 profit climbs 56.4% YOY

Weis Markets Inc. said its normalized net income for the fiscal first quarter ended March 26 amounted to 74 cents per share, an increase of 56.4% from 47 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $19.9 million, an increase of 56.4% from $12.7 million in the prior-year period.

The normalized profit margin rose to 2.7% from 1.8% in the year-earlier period.

Total revenue grew on an annual basis to $738.2 million from $712.4 million, and total operating expenses increased on an annual basis to $706.9 million from $692.6 million.

Reported net income rose 51.1% from the prior-year period to $20.1 million, or 75 cents per share, from $13.3 million, or 50 cents per share.