Weis Markets Reports Third Quarter Results
Weis Markets reported a 14.4% sales increase to $1.0 billion for the thirteen weeks ending September 26, 2020, with comparable store sales up 14.8%. Net income surged 118.8% to $31.3 million, and earnings per share rose to $1.16 from $0.53. Ecommerce sales grew 160% in Q3 and 147% year-to-date. For the 39-week period, sales increased 16.9% to $3.1 billion, with net income up 102.6% to $99.5 million. The company attributes growth to more at-home meals and adjusted shopping habits during the pandemic.
- Sales increased 14.4% to $1.0 billion in Q3.
- Comparable store sales rose 14.8%.
- Net income up 118.8% to $31.3 million.
- Earnings per share increased to $1.16 from $0.53.
- Ecommerce sales grew 160% in Q3.
- Year-to-date sales increased 16.9% to $3.1 billion.
- Year-to-date net income up 102.6% to $99.5 million.
- Ecommerce sales increased 147% YTD.
- None.
SUNBURY, Pa., Nov. 2, 2020 /PRNewswire/ -- Weis Markets, Inc. (NYSE:WMK) today reported its sales increased 14.4 percent to
The Company's third quarter net income increased 118.8 percent to
"Our sales and current demand continue to be impacted by a significant number of people working remotely, often with children attending school the same way, which results in more at-home meals," said Jonathan Weis, Weis Markets' Chairman and CEO. "Our customers have also adjusted the way they shop, making fewer trips to our stores but buying larger orders. Additionally, our ecommerce sales continue to grow at a record rate."
"We've adjusted to meet this increased demand with agile procurement, consistent in-stock conditions, disciplined marketing and pricing programs and accelerated replenishment schedules. Over the past seven months, our associates have adapted and taken on additional challenges, cleaning and sanitizing our stores throughout the day and doing their best to ensure social distancing and a safe shopping environment during challenging times. We are grateful for all they do."
Mr. Weis also said his company has taken steps to secure sufficient inventory to remain in stock and serve its customers during the upcoming holiday season.
Year to Date
For the 39-week period ending September 26, 2020, the Company's sales increased 16.9 percent to
About Weis Markets
Founded in 1912, Weis Markets, Inc. is a Mid Atlantic food retailer operating 195 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 | |||||||||||||
Third Quarter — 2020 | |||||||||||||
(Unaudited) | |||||||||||||
13 Weeks Ended | Increase | ||||||||||||
September 26, 2020 | September 28, 2019 | (Decrease) | |||||||||||
Net sales | $ | 1,002,387,000 | $ | 876,222,000 | 14.4 | % | |||||||
Income from operations | 42,806,000 | 17,543,000 | 144.0 | % | |||||||||
Income before provision for income taxes | $ | 43,478,000 | $ | 18,971,000 | 129.2 | % | |||||||
Provision for income taxes | 12,142,000 | 4,652,000 | 161.0 | % | |||||||||
Net income | $ | 31,336,000 | $ | 14,319,000 | 118.8 | % | |||||||
Weighted-average shares outstanding | 26,898,443 | 26,898,443 | — | ||||||||||
Basic and diluted earnings per share | $ | 1.16 | $ | 0.53 | $ | 0.63 | |||||||
39 Weeks Ended | Increase | ||||||||||||
September 26, 2020 | September 28, 2019 | (Decrease) | |||||||||||
Net sales | $ | 3,086,910,000 | $ | 2,640,907,000 | 16.9 | % | |||||||
Income from operations | 136,236,000 | 61,662,000 | 120.9 | % | |||||||||
Income before provision for income taxes | $ | 136,013,000 | $ | 64,794,000 | 109.9 | % | |||||||
Provision for income taxes | 36,516,000 | 15,696,000 | 132.6 | % | |||||||||
Net income | $ | 99,497,000 | $ | 49,098,000 | 102.6 | % | |||||||
Weighted-average shares outstanding | 26,898,443 | 26,898,443 | — | ||||||||||
Basic and diluted earnings per share | $ | 3.70 | $ | 1.83 | $ | 1.87 | |||||||
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SOURCE Weis Markets
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