Weis Markets increases annual net income by 8%

0

Pennsylvania grocer Weis Markets Inc. announced positive financial results for its second quarter, despite economic uncertainty.

The company’s net sales totaled $1.14 billion for the 13-week second quarter ended June 25, compared to $1.05 billion for the same period in 2021, up 8.4%. Second quarter comparable store sales increased 8.4% on a year-over-year basis and increased 2.6% on a two-year cumulative basis after increasing 24.1% for the same period in 2020.

The Mid-Atlantic food retailer’s second-quarter net income totaled $36.27 million, up from $33.47 million in 2021, up 8.3%. Earnings per share for the second quarter totaled $1.35, compared to $1.24 per share for the same period in 2021.

“We delivered strong second quarter results despite continued inflationary pressures across our business operations, thanks to the hard work and commitment of our associates,” said Weis Markets President and CEO Jonathan H. Weis. “We are also mindful of the impact of inflation on our customers and continue to promote the value of our private brands as well as the savings on fuel and retail products available through our Weis Rewards program.”

For instance, Weis Markets made a multimillion-dollar investment in May to cut prices on hundreds of its top-selling frozen products under its Low, Low Price program. The program includes Weis brand and quality products and features price reductions between 13% and 33%.

Meanwhile, for the 26-week year-to-date period ending June 25, the grocery retailer’s net sales totaled $2.24 billion, compared to $2.05 billion for the same period. in 2021, up 9.0%. Year-to-date, same-store sales increased 8.9% on a standalone year-over-year basis and 6.5% on a two-year cumulative basis, following an increase of 18.5% for the same period in 2020.

The company’s year-to-date net income was $67.66 million, up from $57.73 million in 2021, up 17.2%. Year-to-date earnings per share were $2.52, compared to $2.15 per share for the same period in 2021.

In April, Weis Markets unveiled plans to invest more than $150 million in growth in 2022encompassing new stores, renovations, fuel centers, IT upgrades and smaller store improvement projects.

The grocer has already completed extensive renovations 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, Pennsylvania store, which was damaged in a fire in December 2021.

Based in Sunbury, Pennsylvania Weis Markets operates 197 stores in Pennsylvania, Delaware, Maryland, New Jersey, New York, Virginia and West Virginia. The company is #61 on The PG 100’s 2022 list, Progressive Grocer’s of the leading food and consumables retailers in North America. PG also named him as one of Top 10 regional operators to watch in 2022.

Share.

Comments are closed.