How Did Weis Markets Fare in Q4, Fiscal Year 2023?

Weis Markets Inc.’s sales took a hit in its fourth quarter. Net sales totaled $1.21 billion for the 13-week period ended Dec. 30, compared with $1.31 billion for the 14-week period ended Dec. 31, 2022, down 7.1%. Fourth-quarter comparable-store sales, adjusted for an additional week in 2022 and excluding fuel, slightly increased 0.2% on an individual year-over-year basis, but grew 9.8% on a two-year stacked basis.

The Mid-Atlantic food retailer’s fourth-quarter net income (after provision for income taxes) totaled $20.52 million, compared with $28.88 million in 2022, down 28.9%. Fourth-quarter earnings per share totaled 76 cents, compared with $1.07 per share in 2022.

Weis also reported its financial results for fiscal year 2023. Net sales virtually remained unchanged, totaling $4.70 billion, as opposed to last year’s $4.70 billion, up 0.02%, according to the company. Fiscal year 2023 comparable-store sales, adjusted for an additional week in 2022 and excluding fuel, increased 2.3% on an individual year-over-year basis and jumped 9.8% on a two-year stacked basis.

The company’s fiscal year 2023 net income (after provision for income taxes) totaled $103.83 million, compared with $125.20 million in 2022, down 17.1%. Fiscal year 2023 earnings per share totaled $3.86. Last year it was $4.65 per share.

“Our fiscal year 2023 and fourth-quarter results are in line with our expectations despite an additional week in 2022 and declining government benefits,” said Weis Markets Chairman, President and CEO Jonathan H. Weis.

“In 2023, we continued to make significant price investments that help us to effectively compete in all our markets and meet the expectations of our customers impacted by the inflationary pressures of recent years,” added Weis. 

Some of these initiatives include expanding its Low, Low Price program, which now includes pantry items. The red Low, Low Price tag on shelves at Weis Markets indicates the best everyday price on items throughout the store. The program now includes lower prices on more than 700 of the grocer’s most popular brand-name and Weis Quality pantry items. 

Since the launch of the Low, Low Price program in 2019, Weis Markets customers have saved $30 million-plus on more than 10,000 brand-name and Weis Quality grocery, produce and frozen products, according to the company.

Weis also upgraded its mobile app to allow for easier navigation of e-coupons to customers’ Weis Rewards Card and to allow for a full view of its print circular so customers can easily click through and order items.

In addition, Weis was quick to point out that the company has “carefully managed our business processes and expenses at every level of our company and invested in technologies that improved efficiencies."

For instance, Weis Markets worked with Sona Energy Solutions on the implementation of duct-sealing technology from Aeroseal to increase the regional grocer’s energy efficiency and improve indoor air quality. The partnership began as a single-store pilot in 2022, with expansion to additional sites in 2023. Further expansion is planned for 2024.

On Feb. 8, the Weis Markets board of directors declared a quarterly cash dividend of 34 cents per share to shareholders of record as of Feb. 19, payable on March 4.

Sunbury, Pa.-based Weis Markets operates roughly 200 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.