Weis Posts Solid Comp-Store Sales in Q3
Weis Markets Inc. reported net sales of $1.19 billion for its third quarter ended Sept. 28, a 2.2% increase from last year. Third-quarter comparable-store sales excluding fuel increased 3.0% on an individual year-over-year basis and increased 4.1% on a two-year stacked basis.
The company’s Q3 net income totaled $25.84 million, which included a $4.58 million gain on disposition of fixed assets, compared with $23.23 million in 2023, up 11.3%. Q3 earnings per share totaled 96 cents, compared to 86 cents per share in 2023.
“We continue to make progress in a post-inflationary environment affecting our year-over-year comparisons,” said Weis Markets Chairman, President and CEO Jonathan H. Weis. “Despite the challenge, we posted a solid comparable-store sales increase in the period and generated net income results that remain in line with our expectations.”
Mr. Weis continued, “We attribute our results to our popular Weis Rewards loyalty marketing program, continuing investments in our Low, Low Price program of more than 10,000 high-demand products, which added 448 household essential items across eight nonfood categories during the period, and disciplined store-level efficiencies that help us effectively balance customer experience and cost management. The hard work and commitment of our associates have been crucial to our progress.”
Weis also released its year-to-date 2024 results. Net sales totaled $3.55 billion for the 39-week year-to-date period ended Sept. 28, compared with $3.48 billion for the same period in 2023, up 1.8%. Year-to-date comparable-store sales excluding fuel increased 2.2% on an individual year-over-year basis and increased 5.3% on a two-year stacked basis.
The company’s year-to-date net income totaled $75.26 million, which included a $4.58 million gain on disposition of fixed assets in the third quarter of 2024, compared with $83.31 million in 2023, down 9.7%. Year-to-date earnings per share totaled $2.80, compared with $3.10 per share for the same period in 2023.
Weis Markets’ board of directors declared on Oct. 31, a quarterly cash dividend of 34 cents per share to shareholders of record as of Nov. 12, payable on Nov. 26.
Sunbury, Pa.-based Weis Markets operates 198 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.
