Weis Markets Q2 Sales Come In Flat
Regional grocer Weis Markets Inc. has reported its financial results for the 13-week second quarter and 26-week year-to-date period ended June 29.
For Q2, net sales totaled $1.18 billion, only 0.2% up from last year. The company estimated that its net sales were negatively affected by $14.0 million, or 1.2%, because of the Easter holiday occurring in Q1 of 2024 compared with Q2 in 2023.
During its latest quarter, Weis Markets’ comparable-store sales rose 0.5% on an individual year-over-year basis and increased 4.0% on a two-year stacked basis.
The Mid-Atlantic food retailer’s net income totaled $26.26 million, compared with $34.27 million in 2023, dropping 23.4%. Q2 earnings per share totaled 98 cents, compared to $1.27 per share in 2023.
“Our second-quarter 2024 results, which were negatively impacted by the Easter holiday shift, are in line with our expectations despite an extremely challenging market environment marked by continuing customer caution,” noted Weis Markets Chairman, President, and CEO Jonathan H. Weis.
Mr. Weis noted that the grocer increased its price investments in Q2 by lowering the prices on 600 high-demand dairy items as part of the expansion of its Low, Low, Price program. The red Low, Low Price tag on Weis shelves indicates the best everyday price on items throughout the store.
“We also continue to invest in our Weis Rewards loyalty marketing program, which now offers an increased array of fuel and retail product savings to our customers,” added Mr. Weis.
Speaking of fuel, Weis Markets increased its fuel offerings in Q2 with a new Gas N’ Go Fuel Center at its Lock Haven, Pa., store.
The grocer also completed several major store models in the quarter. Its stores in Hagerstown, Md., and Lebanon, Pa., now feature fresh looks, including new interior décor and increased variety.
In addition, Weis Markets celebrated its first groundbreaking since 2020. In May, the retailer held a ceremony to celebrate the construction of its new Lake Linganore, Md., store.
Meanwhile, for the company's year-to-date 2024 results, net sales totaled $2.36 billion for the 26-week period ended June 29, compared with $2.32 billion for the same period in 2023, up 1.6%. Year-to-date comps increased 1.8% on an individual year-over-year basis and jumped 5.1% on a two-year stacked basis.
The company’s year-to-date net income totaled $49.42 million, compared with $60.08 million in 2023, dropping 17.7%. Year-to-date earnings per share totaled $1.84, compared with last year's $2.23 per share.
On July 18, the Weis Markets board of directors declared a quarterly cash dividend of 34 cents per share to shareholders of record as of July 29, payable on Aug. 12.
Sunbury, Pa.-based Weis Markets operates 196 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 2024 list of the top food and consumables retailers in North America.
