Regional US retailer Weis Market saw both its earnings and sales decline in the third quarter.
In the three months ended 28 September, net income slumped 31.9% to US$11.7m. The decline was down to a $6.1m charge for the separation agreement of its former CEO and a $2.1m impairment loss for four properties.
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Sales in the period amounted to $661.4m, a 1% decline on the prior year. Comparable store sales were down 2.9%.
Revenues were impacted by a “stagnant” sales performance in its select centre store categories and “significant” fuel deflation resulting in lower retail gas sales, Weis said.
Click here to view the full earnings release.
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