Weis Markets Reports Second Quarter Results

Rhea-AI Summary

Weis Markets reported a 23.7% increase in sales to $1.1 billion for Q2 2020, with comparable store sales up 24.1%. Net income surged 102.5% to $41.5 million, resulting in earnings per share of $1.54. Year-to-date sales rose 18.1% to $2.1 billion, and net income increased 96.0% to $68.2 million. Ecommerce sales experienced a significant growth of 243% for Q2 and 141% YTD, attributed to shifts in consumer behavior during the pandemic.

Positive

• Sales increased 23.7% to $1.1 billion in Q2 2020.
• Comparable store sales rose 24.1% in Q2 2020.
• Net income up 102.5% to $41.5 million in Q2 2020.
• Earnings per share increased to $1.54 from $0.76 in Q2 2019.
• Year-to-date sales were up 18.1% to $2.1 billion.
• Year-to-date net income increased 96.0% to $68.2 million.
• Ecommerce sales grew 243% in Q2 2020.

Negative

• None.

SUNBURY, Pa., Aug. 3, 2020 /PRNewswire/ -- Weis Markets, Inc. (NYSE:WMK) today reported its sales increased 23.7 percent to $1.1 billion during the thirteen-week period ended June 27, 2020, compared to the same period in 2019, while second quarter comparable store sales increased 24.1 percent.

The Company's second quarter net income increased 102.5 percent to $41.5 million compared to $20.5 million in 2019, while earnings per share totaled $1.54 compared to $0.76 per share for the same period in 2019. Ecommerce sales increased 243 percent during the same period.

"The coronavirus pandemic has altered most aspects of daily life in our seven-state market area which was impacted by full and partial shutdowns initially, and cautious reopenings in June," said Weis Markets Chairman and CEO Jonathan Weis. "This has resulted in customers taking an increased number of meals at home, which shifted food service demand to food retail."

"Our dedicated associates helped us adjust to these new market conditions with accelerated replenishment schedules, strategic procurement and an ongoing commitment to ensuring a safe shopping environment. Their essential work makes this possible. We remain grateful for all that they do," said Mr. Weis.

Year to Date

For the 26-week period ending June 27, 2020, the Company's sales increased 18.1 percent to $2.1 billion compared to the same period in 2019 while comparable store sales increased 18.5 percent. Year-to-date (YTD) net income increased 96.0 percent to $68.2 million while earnings per share for the same period increased $1.24 to $2.53 per share. YTD ecommerce sales increased 141 percent.

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: general economic conditions, including their impact on capital expenditures; business conditions in the retail industry; the regulatory environment; rapidly changing technology and competitive factors, including increased competition with regional and national retailers; and price pressures.  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.

 

WEIS MARKETS, INC.
COMPARATIVE SUMMARY OF SALES & EARNINGS
Second Quarter — 2020
(Unaudited)
	13 Weeks Ended										Increase
	June 27, 2020					June 29, 2019					(Decrease)
Net sales	$		1,098,704,000			$		887,967,000			23.7	%
Income from operations			56,002,000					26,297,000			113.0	%
Income before provision for income taxes	$		56,450,000			$		26,948,000			109.5	%
Provision for income taxes			14,978,000					6,473,000			131.4	%
Net income	$		41,472,000			$		20,475,000			102.5	%
Weighted-average shares outstanding			26,898,443					26,898,443			—
Basic and diluted earnings per share	$		1.54			$		0.76		$	0.78
	26 Weeks Ended										Increase
	June 27, 2020					June 29, 2019					(Decrease)
Net sales	$		2,084,524,000			$		1,764,686,000			18.1	%
Income from operations			93,430,000					44,118,000			111.8	%
Income before provision for income taxes	$		92,535,000			$		45,823,000			101.9	%
Provision for income taxes			24,374,000					11,043,000			120.7	%
Net income	$		68,161,000			$		34,780,000			96.0	%
Weighted-average shares outstanding			26,898,443					26,898,443			—
Basic and diluted earnings per share	$		2.53			$		1.29		$	1.25

 

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SOURCE Weis Markets, Inc.

FAQ

What were Weis Markets' sales figures for Q2 2020?

Weis Markets reported sales of $1.1 billion for Q2 2020, a 23.7% increase compared to the same period in 2019.

How much did net income increase for Weis Markets in Q2 2020?

Net income for Q2 2020 increased by 102.5% to $41.5 million.

What was the earnings per share for Weis Markets in Q2 2020?

Earnings per share for Q2 2020 was $1.54, up from $0.76 in Q2 2019.

How much did ecommerce sales grow for Weis Markets in Q2 2020?

Ecommerce sales for Q2 2020 increased by 243%.

What was the year-to-date sales increase for Weis Markets as of June 27, 2020?

Year-to-date sales increased by 18.1% to $2.1 billion.