WEIS MARKETS REPORTS SECOND QUARTER 2024 RESULTS
Weis Markets (NYSE: WMK) reported its Q2 2024 financial results, with net sales totaling $1.18 billion, up 0.2% year-over-year. The Easter holiday shift negatively impacted sales by an estimated $14 million or 1.2%. Comparable store sales increased 0.5% year-over-year and 4.0% on a two-year stacked basis. Q2 net income was $26.26 million, down 23.4% from 2023, with earnings per share at $0.98.
For the year-to-date period, net sales reached $2.36 billion, up 1.6% from 2023. Comparable store sales increased 1.8% year-over-year and 5.1% on a two-year stacked basis. Year-to-date net income was $49.42 million, down 17.7%, with earnings per share at $1.84. The company declared a quarterly cash dividend of $0.34 per share.
Weis Markets (NYSE: WMK) ha riportato i risultati finanziari per il Q2 2024, con vendite nette pari a 1,18 miliardi di dollari, in aumento dello 0,2% rispetto all'anno precedente. Il cambiamento nella festività di Pasqua ha avuto un impatto negativo sulle vendite di circa 14 milioni di dollari, o dell'1,2%. Le vendite nei punti vendita comparabili sono aumentate dello 0,5% su base annua e del 4,0% su base di due anni. Nel Q2, l'utile netto è stato di 26,26 milioni di dollari, in calo del 23,4% rispetto al 2023, con un utile per azione di 0,98 dollari.
Per il periodo da inizio anno, le vendite nette hanno raggiunto 2,36 miliardi di dollari, in aumento dell'1,6% rispetto al 2023. Le vendite nei punti vendita comparabili sono aumentate dell'1,8% su base annua e del 5,1% su base di due anni. Da inizio anno, l'utile netto è stato di 49,42 milioni di dollari, in calo del 17,7%, con un utile per azione di 1,84 dollari. L'azienda ha dichiarato un dividendo in contanti trimestrale di 0,34 dollari per azione.
Weis Markets (NYSE: WMK) informó sus resultados financieros del Q2 2024, con ventas netas de 1.18 mil millones de dólares, un aumento del 0.2% en comparación con el año anterior. El cambio en la festividad de Pascua impactó negativamente las ventas en aproximadamente 14 millones de dólares, o un 1.2%. Las ventas en tiendas comparables aumentaron un 0.5% interanualmente y un 4.0% en un análisis de dos años. En el Q2, el ingreso neto fue de 26.26 millones de dólares, disminuyendo un 23.4% desde 2023, con ganancias por acción de 0.98 dólares.
En el período acumulado del año, las ventas netas alcanzaron 2.36 mil millones de dólares, un incremento del 1.6% desde 2023. Las ventas en tiendas comparables aumentaron un 1.8% interanualmente y un 5.1% en un análisis de dos años. En lo que va del año, el ingreso neto fue de 49.42 millones de dólares, bajando un 17.7%, con ganancias por acción de 1.84 dólares. La empresa declaró un dividendo en efectivo trimestral de 0.34 dólares por acción.
Weis Markets (NYSE: WMK)는 2024년 2분기 재정 결과를 발표했으며, 순 매출이 11억 8천만 달러로 전년 대비 0.2% 증가했습니다. 부활절 연휴의 변화로 인해 약 1천4백만 달러, 즉 1.2%의 매출에 부정적인 영향을 미쳤습니다. 비교 가능한 매장 매출은 전년 대비 0.5% 증가하고, 2년 기준으로는 4.0% 증가했습니다. 2분기 순이익은 2천626만 달러로 2023년 대비 23.4% 감소했으며, 주당 순이익은 0.98달러입니다.
연초 현재까지의 기간 동안 순 매출은 23억 6천만 달러에 이르렀으며, 이는 2023년 대비 1.6% 증가한 수치입니다. 비교 가능한 매장 매출은 전년 대비 1.8% 증가하고, 2년 기준으로는 5.1% 증가했습니다. 연초 현재까지 순이익은 4천942만 달러로 17.7% 감소했으며, 주당 순이익은 1.84달러입니다. 회사는 분기별 현금 배당금으로 주당 0.34달러를 선언했습니다.
Weis Markets (NYSE: WMK) a annoncé ses résultats financiers pour le T2 2024, avec des ventes nettes s'élevant à 1,18 milliard de dollars, en hausse de 0,2 % par rapport à l'année précédente. Le changement lors des vacances de Pâques a eu un impact négatif sur les ventes d'environ 14 millions de dollars, soit 1,2 %. Les ventes des magasins comparables ont augmenté de 0,5 % par rapport à l'année dernière et de 4,0 % sur une base de deux ans. Pour le T2, le bénéfice net était de 26,26 millions de dollars, en baisse de 23,4 % par rapport à 2023, avec un bénéfice par action de 0,98 dollar.
Pour la période cumulée de l'année, les ventes nettes ont atteint 2,36 milliards de dollars, en hausse de 1,6 % par rapport à 2023. Les ventes des magasins comparables ont augmenté de 1,8 % par rapport à l'année précédente et de 5,1 % sur une base de deux ans. Depuis le début de l'année, le bénéfice net était de 49,42 millions de dollars, en baisse de 17,7 %, avec un bénéfice par action de 1,84 dollars. L'entreprise a déclaré un dividende trimestriel en espèces de 0,34 dollar par action.
Weis Markets (NYSE: WMK) hat seine finanziellen Ergebnisse für das 2. Quartal 2024 veröffentlicht, mit Nettoverkäufen von 1,18 Milliarden Dollar, was einem Anstieg von 0,2% im Vergleich zum Vorjahr entspricht. Die Verschiebung der Osterfeiertage hatte einen negativen Einfluss auf die Verkäufe von geschätzten 14 Millionen Dollar oder 1,2%. Die vergleichbaren Filialverkäufe stiegen um 0,5% im Jahresvergleich und um 4,0% auf zwei Jahre gesehen. Im 2. Quartal betrug der Nettogewinn 26,26 Millionen Dollar, was einem Rückgang von 23,4% im Vergleich zu 2023 entspricht, mit Gewinnen pro Aktie von 0,98 Dollar.
Im bisherigen Jahr erreichten die Nettoverkäufe 2,36 Milliarden Dollar, was einem Anstieg von 1,6% im Vergleich zu 2023 entspricht. Die vergleichbaren Filialverkäufe stiegen um 1,8% im Jahresvergleich und um 5,1% auf zwei Jahre gesehen. Im bisherigen Jahr betrug der Nettogewinn 49,42 Millionen Dollar, was einem Rückgang von 17,7% entspricht, mit einem Gewinn pro Aktie von 1,84 Dollar. Das Unternehmen erklärte eine vierteljährliche Bar-Dividende von 0,34 Dollar pro Aktie.
- Comparable store sales increased 0.5% year-over-year and 4.0% on a two-year stacked basis
- Year-to-date net sales increased 1.6% to $2.36 billion
- Year-to-date comparable store sales increased 1.8% year-over-year and 5.1% on a two-year stacked basis
- Quarterly cash dividend of $0.34 per share declared
- Q2 net income decreased 23.4% to $26.26 million
- Q2 earnings per share decreased to $0.98 from $1.27 in 2023
- Year-to-date net income decreased 17.7% to $49.42 million
- Year-to-date earnings per share decreased to $1.84 from $2.23 in 2023
Insights
Weis Markets' Q2 2024 results reveal a mixed financial picture. While net sales increased marginally by
The Easter shift negatively impacted sales by an estimated
Weis Markets' strategy of expanding its Low, Low Price program to 600 high-demand dairy items is a savvy move in the current inflationary environment. This price investment, coupled with enhancements to the Weis Rewards loyalty program, demonstrates a customer-centric approach aimed at retaining and attracting price-sensitive shoppers. However, these initiatives likely contributed to the profit margin compression evident in the Q2 results.
The
For investors, Weis Markets presents a stable but cautious outlook. The company's ability to grow sales in a challenging market environment is commendable, but the significant decline in profitability is concerning. The maintained quarterly dividend of
Looking ahead, the success of Weis' price investments and loyalty program enhancements will be crucial. If these initiatives drive increased customer traffic and basket sizes without further eroding margins, it could lead to improved financial performance. However, investors should closely monitor the balance between sales growth and profitability in upcoming quarters to assess the long-term effectiveness of the company's strategy in this competitive and inflationary retail environment.
Company's second quarter comparable store sales, adjusted for Easter shift, increased 1.7 percent.
"Our second quarter 2024 results, which were negatively impacted by the Easter holiday shift, are in line with our expectations despite an extremely challenging market environment marked by continuing customer caution," said Weis Markets, Inc. Chairman, President, and CEO Jonathan H. Weis. "During the quarter, we increased our price investments by lowering the prices on 600 high-demand dairy items as part of the expansion of our Low, Low, Price program which offers strong, everyday savings and values on more than 10,000 products."
Mr. Weis added, "We also continue to invest in our Weis Rewards loyalty marketing program which now offers an increased array of fuel and retail product savings to our customers. We are grateful to our associates for their hard work and commitment to an enhanced customer experience, improved operational efficiencies, and cost management discipline."
Second Quarter 2024 Results
Net sales totaled
The Company's second quarter net income totaled
Year-To-Date 2024 Results
Net sales totaled
The Company's year-to-date net income totaled
Quarterly Cash Dividend
The Weis Markets, Inc. Board of Directors declared on July 18, 2024, a quarterly cash dividend of
About Weis Markets
Founded in 1912, Weis Markets, Inc. is a Mid Atlantic food retailer operating 196 stores in
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 (such as the 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 based on information currently available to us and speak 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 | ||||||||||||
Second Quarter — 2024 | ||||||||||||
(Unaudited) | ||||||||||||
13 Weeks Ended | 13 Weeks Ended | Increase | ||||||||||
June 29, 2024 | July 1, 2023 | (Decrease) | ||||||||||
Net sales | $ | 1,181,456,000 | $ | 1,178,695,000 | 0.2 | % | ||||||
Income from operations | 32,489,000 | 45,623,000 | (28.8) | % | ||||||||
Income before provision for income taxes | $ | 36,144,000 | $ | 47,216,000 | (23.4) | % | ||||||
Provision for income taxes | 9,885,000 | 12,951,000 | (23.7) | % | ||||||||
Net income | $ | 26,259,000 | $ | 34,265,000 | (23.4) | % | ||||||
Weighted-average shares outstanding | 26,898,443 | 26,898,443 | — | |||||||||
Basic and diluted earnings per share | $ | 0.98 | $ | 1.27 | $ | (0.29) | ||||||
26 Weeks Ended | 26 Weeks Ended | Increase | ||||||||||
June 29, 2024 | July 1, 2023 | (Decrease) | ||||||||||
Net sales | $ | 2,360,370,000 | $ | 2,323,669,000 | 1.6 | % | ||||||
Income from operations | 59,852,000 | 78,241,000 | (23.5) | % | ||||||||
Income before provision for income taxes | $ | 67,657,000 | $ | 82,374,000 | (17.9) | % | ||||||
Provision for income taxes | 18,233,000 | 22,295,000 | (18.2) | % | ||||||||
Net income | $ | 49,424,000 | $ | 60,079,000 | (17.7) | % | ||||||
Weighted-average shares outstanding | 26,898,443 | 26,898,443 | — | |||||||||
Basic and diluted earnings per share | $ | 1.84 | $ | 2.23 | $ | (0.39) | ||||||
WEIS MARKETS, INC. TWO-YEAR STACKED COMPARABLE STORE SALES | |||||||
Second Quarter — 2024 (Unaudited) | |||||||
Percentage Change | |||||||
13 Weeks Ended | |||||||
2024 vs. 2023 | 2023 vs. 2022 | ||||||
Comparable store sales (individual year) | 0.5 | % | 3.5 | % | |||
Comparable store sales (two-year stacked) | 4.0 | ||||||
Comparable store sales, excluding fuel (individual year) | 0.3 | 4.8 | % | ||||
Comparable store sales, excluding fuel (two-year stacked) | 5.1 | ||||||
Comparable store sales, adjusted for Easter shift (individual year) | 1.7 | % | |||||
Percentage Change | |||||||
26 Weeks Ended | |||||||
2024 vs. 2023 | 2023 vs. 2022 | ||||||
Comparable store sales (individual year) | 1.8 | % | 3.3 | % | |||
Comparable store sales (two-year stacked) | 5.1 | ||||||
Comparable store sales, excluding fuel (individual year) | 1.8 | 4.2 | % | ||||
Comparable store sales, excluding fuel (two-year stacked) | 6.0 | % | |||||
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SOURCE Weis Markets
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