Weis Markets generates Q4 same-store sales growth of 3.4%
SUNBURY, Pa. — Weis Markets on Thursday posted a fourth-quarter sales increase of 17.6% to $925.1 million, adjusted for the extra week in 2016, driven by comparable-store sales gains of 3.4% for the 14-week period ended Dec. 31.
For the year, the company's sales increased 9% to $3.1 billion. Year-to-date net income increased 46.9% to $87.2 million, while earnings per share increased 46.6 percent to $3.24 compared to $2.21 in 2015. Year-to-date operating income increased 8.3% to $98.3 million.
"In 2016, we acquired and converted 44 stores in 96 days and generated more than $3 billion in sales for the first time in our 104 year history," stated Jonathan Weis, chairman and CEO, Weis Markets. "We continued to improve every aspect of our operations in 2016, including supply chain, merchandising and in-store experience, which resulted in a year of strong sales and earnings growth."
The company attributes its comparable sales and net income increases in 2016 to continuing price investments, disciplined sales promotions, an enhanced customer experience and improved supply chain efficiencies. It also benefited from strong increases in its pharmacy and fresh department sales.
Also Thursday, Weis Markets celebrated the grand opening of its latest flagship store, featuring a drive-thru pharmacy and dedicated in-store dietician.
Effort to repeal and replace Obamacare takes step forward
WASHINGTON — The U.S. House Ways and Means Committee gave a thumb’s-up early Thursday to legislation in an effort to repeal and replace a major part of the Affordable Care Act. Republicans on the panel passed the legislation after 4 a.m. approximately 18 hours after they worked on the project, according to media reports.
The House and Ways Committee voted 23-16 in favor of the measure, which is considered a first step in an effort to replacing Obamacare. The legislation would end the financial penalty for not owning health insurance, reverse most Obamacare taxes, introduce a smaller system of tax credits based on age rather than income, and dramatically alter Medicaid.
"This is an historic step, an important step in the repeal of Obamacare," said Republican Representative Kevin Brady, chairman of the House Ways and Means Committee.
The American Hospital Association, the American Medical Association and other hospital groups have come out against the bill. “As organizations that take care of every individual who walks through our doors, both due to our mission and our obligations under federal law, we are committed to ensuring health care coverage is available and affordable for all,” hospital groups wrote in a letter to politicians.