Weis Markets adjusted net income up 13.9% for fiscal 2012
SUNBURY, Pa. — Weis Markets on Tuesday reported net income of $82.5 million for the 52-week period ended Dec. 29. Even with one less week of sales, that’s up 9.2% versus fiscal 2011, which was a 53-week period, the grocer noted. Sales were down slightly by 1.9% to $2.7 billion compared with the week-longer year-ago period. Comparable sales were down 2%.
Adjusting for the 52-week to 53-week comparison, the grocer’s 2012 net income increased 13.9% while sales and comparable store sales were flat.
"We continue to operate in an economy significantly impacted by slow economic growth, high unemployment and declining household income," stated David Hepfinger, Weis president and CEO. "As a result of these continuing trends, our customers were cautious in their spending in 2012," he said. "We successfully worked through these challenges by efficiently managing and improving our stores and supply chain, which helped us drive strong net income increases and maintain our market share. Our results also benefited from record investments in our store base, which will continue in 2013."
Reports: Meijer to eliminate double coupons at some Mich., Ind. stores
NEW YORK — Meijer is ending double coupons at some of its stores in Michigan and Indiana, according to published reports.
A sign at a Meijer store in Jackson, Mich., shown in a photo posted on the bargain website bargainstobounty.com, read, "To keep our everyday prices low, we will no longer double coupons after 3/30/13. Enjoy even easier savings with digital coupons."
According to published reports, the mass merchandise chain was planning to eliminate double coupons in the Battle Creek and Lansing, Mich., markets, as well as Fort Wayne and South Bend, Ind. Double coupons are when a retailer promises to double the face value of a coupon, for example, offering a $2 discount on a coupon valued at $1.
Mperks, Meijer’s digital coupon system, was launched in late August 2010, and the number of subscribers hit the 1 million mark in January 2013, gaining 101,000 new members in December 2012, as well as 13.7 million clipped offers and $5 million in savings.
Target to soft-open first three Canadian stores
MISSISSAUGA, Ontario — Target will open its first locations in Canada on Tuesday, the mass merchandise retailer said.
Target announced Monday that it would soft open the three stores in Guelph, Milton and Fergus, Ontario, the first of the 124 stores it plans to open across the country in 2013. The openings are part of a testing process designed to prepare systems, train employees and determine operational readiness as the company plans to open 24 stores in the province this month. The three stores will open Tuesday at 8 a.m., and each will include a pharmacy and in-store Starbucks.
"The Target team is excited to open these test locations as we put the finishing touches on our stores, assortments and inventory," Target Canada president Tony Fisher said. "We look forward to delivering on our ‘Expect More. Pay Less.’ brand promise and providing an outstanding shopping experience as we approach our grand opening in early April."