Weis Markets Still Experiencing COVID-19 Gains
The ongoing pandemic has continued to benefit Weis Markets Inc., which posted a healthy sales increase of 23.7% to $1.1 billion for the 13-week period ended June 27, versus the same period in 2019, while second-quarter comparable-store sales soared 24.1%.
The Mid-Atlantic grocer’s Q2 net income shot up 102.5% to $41.5 million, compared to $20.5 million in the year-ago period, while earnings per share came to $1.54, from to 76 cents per share last year. Ecommerce sales skyrocketed a stunning 243% during the same period.
“The coronavirus pandemic has altered most aspects of daily life in our seven-state market area, which was impacted by full and partial shutdowns initially, and cautious reopenings in June," noted Weis Markets Chairman and CEO Jonathan Weis. “This has resulted in customers taking an increased number of meals at home, which shifted foodservice demand to food retail.”
Added Weis: “Our dedicated associates helped us adjust to these new market conditions with accelerated replenishment schedules, strategic procurement and an ongoing commitment to ensuring a safe shopping environment. Their essential work makes this possible. We remain grateful for all that they do.”
For the 26-week period ending June 27, the company’s sales rose 18.1 percent to $2.1 billion from the same period in 2019, while comps were up 18.5 percent. Year-to-date net income increased climbed 96% to $68.2 million, while earnings per share for the same period increased by $1.24 to $2.53 per share. Year-to-date ecommerce sales grew 141%.
In Q1, Weis Markets logged a 12.4% sales increase to $985.8 million during its 13-week first quarter ended March 28, compared with the same period in 2019, while Q1 comps sales grew 12.8%. Adjusting for the pandemic’s impact, the company estimated that its comps increased 1.5% from the year-ago period.
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.