Online Fuels Q3 Gains for Weis
Weis Markets increased revenue 14.4% year-over-year in the third quarter ended Sept. 26, with revenue reaching $1 billion.
The food retailer also said that third-quarter comparable-store sales increased 14.8%.
The company’s third-quarter net income increased 118.8% to $31.3 million, while earnings per share totaled $1.16 compared with 53 cents per share for the same period in 2019.
Third-quarter e-commerce sales, meanwhile, increased 160%.
"Our sales and current demand continue to be impacted by a significant number of people working remotely, often with children attending school the same way, which results in more at-home meals," said Jonathan Weis, chairman and CEO of Weis Markets. "Our customers have also adjusted the way they shop, making fewer trips to our stores, but buying larger orders. Additionally, our e-commerce sales continue to grow at a record rate."
He also addressed how the food retailer is dealing with ongoing pandemic issues and increased demand.
"We've adjusted to meet this increased demand with agile procurement, consistent in-stock conditions, disciplined marketing and pricing programs, and accelerated replenishment schedules,” Weis said. “Over the past seven months, our associates have adapted and taken on additional challenges, cleaning and sanitizing our stores throughout the day, and doing their best to ensure social distancing and a safe shopping environment during challenging times. We are grateful for all they do."
Weis added that his company has taken steps to secure sufficient inventory to remain in stock and serve its customers during the upcoming holiday season.
Sunbury, Pennsylvania-based Weis Markets operates 197 stores in Pennsylvania, Maryland, Delaware, New Jersey, New York, West Virginia and Virginia. The company is No. 58 on The PG 100, Progressive Grocer’s 2020 list of the top food and consumables retailers in North America.