/C O R R E C T I O N -- Weis Markets/
In the news release, Weis Markets Reports Third Quarter Results, issued 01-Nov-2021 by Weis Markets over PR Newswire, we are advised by the company that material changes have been made throughout the release. The complete, corrected release follows:
Weis Markets Reports Third Quarter Results
Company's comparable store sales increase 4.6 percent in third quarter
SUNBURY, Pa., Nov. 1, 2021 /PRNewswire/ -- Weis Markets, Inc. (NYSE: WMK) today reported its financial results for the thirteen-week period and 39-week period ended September 25, 2021.
Net sales totaled
The Company's third quarter net income totaled
"We continued to generate strong results in the third quarter," said Weis Markets' Chairman, President and CEO Jonathan H. Weis. "Our hard-working and dedicated associates are the key to our success. They continue to help us navigate through the challenges of a pandemic-impacted marketplace which includes a tight labor market, supply chain disruptions, and product cost inflation resulting in some consumer resistance."
In addition to the Company's longstanding holiday bonus programs, Mr. Weis said the Company will be paying an appreciation bonus in January to most associates, as it has done periodically in the past 18 months, for their ongoing efforts to serve customers.
The Company also increased its 2021 capital expenditures outlook to
The Weis Markets' Board of Directors declared on October 28, 2021 a 3.2 percent increase in the quarterly cash dividend from
Year to Date
Net sales totaled
The Company's year to date net income totaled
About Weis Markets
Founded in 1912, Weis Markets, Inc. is a Mid Atlantic food retailer operating 197 stores in Pennsylvania, Maryland, Delaware, New Jersey, New York, West Virginia and Virginia. For more information, please visit: WeisMarkets.com or Facebook.com/WeisMarkets.
In addition to historical information, this news release may contain forward-looking statements, which are included pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. For example, risks and uncertainties can arise with changes in: competitive and reputational risks; financial, investment and infrastructure risks; information security, cybersecurity and data privacy risks; supply chain and third-party risks; risks created by pandemics (including the ongoing COVID-19 outbreak and the related responses of governments, consumers, customers, suppliers and employees); and legal, regulatory and other external risks. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly revise or update these forward-looking statements to reflect events or circumstances that arise after the date hereof. Readers should carefully review the risk factors described in other documents the Company files periodically with the Securities and Exchange Commission. Management is also providing a two-year stacked comparable store sales analysis, a non-GAAP measure, because management believes this metric is useful to investors and analysts. It is not recommended that the two-year-stacked analysis be considered a substitute for the Company's operating results as reported in accordance with GAAP.
WEIS MARKETS, INC. | ||||||||||||
COMPARATIVE SUMMARY OF SALES & EARNINGS | ||||||||||||
Third Quarter — 2021 | ||||||||||||
(Unaudited) | ||||||||||||
13 Weeks Ended | Increase | |||||||||||
September 25, 2021 | September 26, 2020 | (Decrease) | ||||||||||
Net sales | $ | 1,063,452,000 | $ | 1,002,387,000 | 6.1 | % | ||||||
Income from operations | 38,968,000 | 42,806,000 | (9.0) | % | ||||||||
Income before provision for income taxes | $ | 39,175,000 | $ | 43,478,000 | (9.9) | % | ||||||
Provision for income taxes | 10,668,000 | 12,142,000 | (12.1) | % | ||||||||
Net income | $ | 28,507,000 | $ | 31,336,000 | (9.0) | % | ||||||
Weighted-average shares outstanding | 26,898,443 | 26,898,443 | — | |||||||||
Basic and diluted earnings per share | $ | 1.06 | $ | 1.16 | $ | (0.10) | ||||||
39 Weeks Ended | Increase | |||||||||||
September 25, 2021 | September 26, 2020 | (Decrease) | ||||||||||
Net sales | $ | 3,117,141,000 | $ | 3,086,910,000 | 1.0 | % | ||||||
Income from operations | 116,360,000 | 136,236,000 | (14.6) | % | ||||||||
Income before provision for income taxes | $ | 117,713,000 | $ | 136,013,000 | (13.5) | % | ||||||
Provision for income taxes | 31,479,000 | 36,516,000 | (13.8) | % | ||||||||
Net income | $ | 86,234,000 | $ | 99,497,000 | (13.3) | % | ||||||
Weighted-average shares outstanding | 26,898,443 | 26,898,443 | — | |||||||||
Basic and diluted earnings per share | $ | 3.21 | $ | 3.70 | $ | (0.49) | ||||||
TWO-YEAR STACKED COMPARABLE STORE SALES | |||||||
Third Quarter — 2021 | |||||||
(Unaudited) | |||||||
Percentage Changes | |||||||
13 Weeks Ended | |||||||
2021 vs. 2020 | 2020 vs. 2019 | ||||||
Comparable store sales (individual year) | 4.6 | % | 14.8 | % | |||
Comparable store sales (two-year stacked) | 19.4 | ||||||
Comparable store sales, excluding fuel (individual year) | 3.2 | 15.7 | % | ||||
Comparable store sales, excluding fuel (two-year stacked) | 18.9 | % | |||||
Percentage Changes | |||||||
39 Weeks Ended | |||||||
2021 vs. 2020 | 2020 vs. 2019 | ||||||
Comparable store sales (individual year) | (0.1) | % | 17.3 | % | |||
Comparable store sales (two-year stacked) | 17.2 | ||||||
Comparable store sales, excluding fuel (individual year) | (1.4) | 18.4 | % | ||||
Comparable store sales, excluding fuel (two-year stacked) | 17.0 | % | |||||
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SOURCE Weis Markets
