Weis Markets Increases Y-O-Y Net Income by 8%
Pennsylvania grocer Weis Markets Inc. has reported positive financial results for its second quarter, despite economic uncertainty.
Net sales for the company totaled $1.14 billion for the 13-week second quarter ended June 25, compared with $1.05 billion for the same period in 2021, up 8.4%. Second-quarter comparable-store sales increased 8.4% on an individual year-over-year basis and increased 2.6% on a two-year stacked basis following an increase of 24.1% for the same period in 2020.
The Mid-Atlantic food retailer’s second-quarter net income totaled $36.27 million, compared with $33.47 million in 2021, up 8.3%. Second-quarter earnings per share totaled $1.35, versus $1.24 per share for the same period in 2021.
"We generated strong results in the second quarter despite ongoing inflationary pressures throughout our business operations, due to the hard work and commitment of our associates," said Weis Markets Chairman, President and CEO Jonathan H. Weis. "We are also mindful of inflation's impact on our customers and continue to promote the value of our private brands along with the fuel and retail product savings available through our Weis Rewards program."
For example, Weis Markets made a multimillion-dollar investment in May to reduce prices on hundreds of its best-selling frozen products as part of its Low, Low Price program. The program includes brand-name and Weis Quality products and features price reductions between 13% and 33%.
Meanwhile, for the 26-week year-to-date period ended June 25, net sales for the food retailer totaled $2.24 billion, compared with $2.05 billion for the same period in 2021, up 9.0%. Year-to-date comparable-store sales increased 8.9% on an individual year-over-year basis and increased 6.5% on a two-year stacked basis, following an increase of 18.5% for the same period in 2020.
The company's year-to-date net income totaled $67.66 million, compared with $57.73 million in 2021, up 17.2%. Year-to-date earnings per share totaled $2.52, compared with $2.15 per share for the same period in 2021.
In April, Weis Markets revealed plans to invest $150 million-plus toward growth in 2022, encompassing new stores, remodels, fuel centers, IT upgrades and smaller store improvement projects.
The grocer has already completed extensive remodels in Pennsylvania at its Hawley, Mifflinburg and Gettysburg stores. Additionally, the company recently opened a Gas N’ Go Fuel Center at its Muncy, Pa., location and reopened its West Hazleton, Pa., store that was damaged in a fire in December 2021.
Sunbury, Pa.-based Weis Markets operates 197 stores in Pennsylvania, Delaware, Maryland, New Jersey, New York, Virginia and West Virginia. The company is No. 61 on The PG 100, Progressive Grocer’s 2022 list of the top food and consumables retailers in North America. PG also named it as one of the Top 10 Regional Operators to Watch in 2022.
