Weis Markets Reports Results for 2018 and Fourth Quarter
Weis Markets, Inc. (NYSE: WMK) today reported record total sales of over $3.5 billion for the 52-week period ended December 29, 2018, up 1.2 percent compared to the same period a year ago, while annual comparable store sales increased 0.7 percent. Income from operations rose $7.2 million, or 9.4 percent to $83.6 million compared to $76.4 million for the same period in 2017.
The Company's annual and fourth quarter net income comparisons are impacted by the federal government's implementation of the Tax Cuts and Jobs Act (Tax Reform) in 2017. The Company realized a $49.3 million decrease in its deferred income tax due to this legislation, which improved net income in both its 2017 and fourth quarter results. The current annual results contain ...
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