WEIS MARKETS REPORTS THIRD QUARTER 2022 RESULTS

Rhea-AI Summary

Weis Markets, Inc. (NYSE: WMK) reported strong financial results for Q3 2022, with net sales of $1.15 billion, up 8.2% year-over-year, and a 7.9% increase in comparable store sales. Year-to-date results show net sales of $3.39 billion, a rise of 8.7% compared to last year. The company declared a 6.3% increase in quarterly cash dividends from $0.32 to $0.34 per share. Net income for Q3 grew to $28.66 million, marking a 0.5% increase, while year-to-date net income rose 11.7% to $96.31 million. Key savings from a recent tax law change contributed positively.

Positive

• Net sales increased 8.2% to $1.15 billion for Q3 2022.
• Comparable store sales rose 7.9% year-over-year.
• Year-to-date net sales reached $3.39 billion, a growth of 8.7%.
• Net income increased 11.7% to $96.31 million year-to-date.
• Quarterly cash dividend increased by 6.3% to $0.34 per share.

Negative

• None.

Company's third quarter comparable store sales increased 7.9 percent

SUNBURY, Pa., Oct. 31, 2022 /PRNewswire/ -- Weis Markets, Inc. (NYSE: WMK) today reported its financial results for the 13-week third quarter and the 39-week year-to-date period ended September 24, 2022.

"We remain grateful to our associates who are helping us work through the challenges of an inflationary environment to achieve our elevated current year expectations," said Weis Markets, Inc. Chairman, President and CEO Jonathan H. Weis. "As customers look for more ways to save, the Weis Gas Rewards Program, Weis Quality private label products, and our Low, Low Price Programs offer strong value. We will build on our value proposition in the fourth quarter when customers can earn a free turkey or ham for their holiday celebrations based on their purchases."

The Weis Markets, Inc. Board of Directors declared on October 27, 2022 a 6.3 percent increase in the quarterly cash dividend from $0.32 per share to $0.34 per share to shareholders of record as of November 7, 2022 payable on November 21, 2022. The last quarterly cash dividend increase was 3.2 percent in the fourth quarter of 2021 from $0.31 per share to $0.32 per share.

Third Quarter 2022 Results

Net sales totaled $1.15 billion for the 13-week third quarter ended September 24, 2022, compared to $1.06 billion for the same period in 2021, up 8.2 percent. Third quarter comparable store sales increased 7.9 percent on an individual year-over-year basis and increased 12.5 percent on a two-year stacked basis following the increase of 14.8 percent for the same period in 2020.

The Company reduced its provision for income taxes by $5.6 million for the period ended September 24, 2022, primarily due to the effects of Pennsylvania House Bill 1342 which was enacted on July 8, 2022. The bill made significant changes to the Commonwealth's corporate income tax laws which included lowering the tax rate gradually from 9.99 percent in 2022 to 4.99 percent in 2031, updating market sourcing rules, and codifying the economic nexus standard.

The Company's third quarter net income (after provision for income taxes) totaled $28.66 million compared to $28.51 million in 2021, up 0.5 percent. Third quarter earnings per share totaled $1.07 compared to $1.06 per share for the same period in 2021.

Year-To-Date 2022 Results

Net sales totaled $3.39 billion for the 39-week year-to-date period ended September 24, 2022, compared to $3.12 billion for the same period in 2021, up 8.7 percent. Year-to-date comparable store sales increased 8.6 percent on an individual year-over-year basis and increased 8.5 percent on a two-year stacked basis following the increase of 17.3 percent for the same period in 2020.

The Company's year-to-date net income (after provision for income taxes) totaled $96.31 million compared to $86.23 million in 2021, up 11.7 percent. Year-to-date earnings per share totaled $3.58 compared to $3.21 per share for the same period in 2021.

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.

 

WEIS MARKETS, INC.
COMPARATIVE SUMMARY OF SALES & EARNINGS
Third Quarter — 2022
(Unaudited)
	13 Weeks Ended										Increase
	September 24, 2022					September 25, 2021					(Decrease)
Net sales	$		1,150,551,000			$		1,063,452,000			8.2	%
Income from operations			33,658,000					38,968,000			(13.6)	%
Income before provision for income taxes	$		33,389,000			$		39,175,000			(14.8)	%
Provision for income taxes			4,731,000					10,668,000			(55.7)	%
Net income	$		28,658,000			$		28,507,000			0.5	%
Weighted-average shares outstanding			26,898,443					26,898,443			—
Basic and diluted earnings per share	$		1.07			$		1.06		$	0.01
	39 Weeks Ended										Increase
	September 24, 2022					September 25, 2021					(Decrease)
Net sales	$		3,389,853,000			$		3,117,141,000			8.7	%
Income from operations			123,476,000					116,360,000			6.1	%
Income before provision for income taxes	$		124,887,000			$		117,713,000			6.1	%
Provision for income taxes			28,574,000					31,479,000			(9.2)	%
Net income	$		96,313,000			$		86,234,000			11.7	%
Weighted-average shares outstanding			26,898,443					26,898,443			—
Basic and diluted earnings per share	$		3.58			$		3.21		$	0.37

 

WEIS MARKETS, INC.
TWO-YEAR STACKED COMPARABLE STORE SALES
Third Quarter — 2022
(Unaudited)
		Percentage Change
		13 Weeks Ended
			2022 vs. 2021			2021 vs. 2020
Comparable store sales (individual year)			7.9	%		4.6	%
Comparable store sales (two-year stacked)			12.5
Comparable store sales, excluding fuel (individual year)			6.7			3.2	%
Comparable store sales, excluding fuel (two-year stacked)			9.9	%
		Percentage Change
		39 Weeks Ended
			2022 vs. 2021			2021 vs. 2020
Comparable store sales (individual year)			8.6	%		(0.1)	%
Comparable store sales (two-year stacked)			8.5
Comparable store sales, excluding fuel (individual year)			6.8			(1.4)	%
Comparable store sales, excluding fuel (two-year stacked)			5.4	%

 

 

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SOURCE Weis Markets

FAQ

What were the financial results for Weis Markets (WMK) in Q3 2022?

Weis Markets reported Q3 2022 net sales of $1.15 billion, an increase of 8.2% year-over-year, with comparable store sales up 7.9%.

How much did Weis Markets increase its dividend in 2022?

Weis Markets increased its quarterly cash dividend by 6.3% from $0.32 to $0.34 per share, effective from November 21, 2022.

What was the net income of Weis Markets for Q3 2022?

The net income for Q3 2022 was $28.66 million, representing a 0.5% increase compared to the previous year.

How did Weis Markets perform year-to-date in 2022?

For the year-to-date period, Weis Markets reported net sales of $3.39 billion, an increase of 8.7%, and net income of $96.31 million, up 11.7%.