Weis Income Takes Hit in Q3

Weis Markets, Inc. has reported its financial results for the 13-week third quarter and the 39-week year-to-date period ended Sept. 30.

Net sales totaled $1.16 billion for third quarter, compared to $1.15 billion for the same period in 2022, up 0.8%. Third quarter comparable store sales slightly increased 0.8% on an individual year-over-year basis and grew 8.7% on a two-year stacked basis.

The regional grocer's third quarter net income totaled $23.23 million compared to $28.66 million in 2022, down 19.0%. Third quarter earnings per share totaled $0.86, while last year's was $1.07 per share.

For year-to-date 2023 results, net sales totaled $3.48 billion for the 39-week year-to-date period ended Sept. 30, compared to $3.39 billion for the same period in 2022, up 2.8%. Year-to-date comparable store sales increased 2.5% on an individual year-over-year basis and rose 11.1% on a two-year stacked basis.

The company’s year-to-date net income totaled $83.31 million, while last year's was $96.31 million, down 13.5%. Year-to-date earnings per share totaled $3.10. The same period in 2022 was $3.58 per share.

“Our 2023 results remain in line with our expectations despite a challenging marketplace of ongoing inflation, higher interest rates, and declining government benefits,” said Weis Markets Chairman, President and CEO Jonathan H. Weis. “We are grateful to our associates for their hard work and commitment to serve our customers and drive efficiencies in our business. During the quarter, we expanded our Low, Low Price program which now offers strong, everyday savings and values on more than 10,000 products. We also continue to make prudent reinvestments in long-term profitable growth which benefits all our stakeholders now and in the years ahead.”

One of these investments included the recently upgraded mobile app. Improvements include:

• An overall design refresh focusing on shopping experience through Weis 2 Go Online ordering, available for pickup or delivery.
• Easier navigation, including when adding e-coupons to customers’ Weis Rewards Card.
• A full view of its print circular that allows customers to click through and order items.

Weis Markets board of directors declared on Oct. 26, a dividend of $0.34 per share to shareholders of record as of Nov. 6, payable on Nov. 20.

Sunbury, Pa.-based Weis Markets operates 197 stores in Pennsylvania, Delaware, Maryland, New Jersey, New York, Virginia and West Virginia. The company is No. 60 on The PG 100, Progressive Grocer’s 2023 list of the top food and consumables retailers in North America. PG also named the company one of its 2023 Top Regionals.