CEO departure hurts Weis in Q3 earnings; Church & Dwight up
A midstate grocery chain and consumer products company with a major facility in York County reported third-quarter earnings on Friday.
Northumberland County-based Weis Markets Inc. posted net income of $11.7 million, or 43 cents per diluted share, compared to $17.2 million, or 64 cents per diluted share, in the same quarter a year ago.
Weis attributed its decline in net income to a $6.1 million charge for the separation agreement of its former CEO, David Hepfinger. Its third quarter also was affected by a $2.1 million impairment loss for four properties.
In addition, the grocer cited stagnant sales in select center store categories and significant fuel deflation, resulting in lower retail gas sales. Weis recently stepped up its promotional and sales building activities, including expansion of its loyalty marketing programs, to drive fourth-quarter sales.
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New Jersey-based Church & Dwight Co. Inc., the maker of Arm & Hammer products and Trojan condoms, reported net income of $107.9 million, or 76 cents per diluted share, compared to net income of $93.9 million, or 66 cents per diluted share, in the third quarter of 2012.
Net sales growth of 11 percent for the quarter was driven largely by the company’s acquisition of Avid gummy vitamins in October 2012. Organic sales also increased 1.6 percent.
Church & Dwight reported a 14.1 percent increase in consumer domestic net sales.