Company's fiscal year 2023 comparable store
sales, adjusted for an additional week in 2022 and excluding fuel,
increased 2.3 percent
SUNBURY,
Pa., Feb. 27, 2024 /PRNewswire/ -- Weis
Markets, Inc. (NYSE: WMK) today reported its financial results for
the 13-week fourth quarter and the 52-week fiscal year period ended
December 30, 2023.
"We are grateful to our associates for their service to our
customers and company", said Weis Markets, Inc. Chairman, President
and CEO Jonathan H. Weis. "Our
fiscal year 2023 and fourth quarter results are in line with our
expectations despite an additional week in 2022 and declining
government benefits."
"In 2023, we continued to make significant price investments
that help us to effectively compete in all our markets and meet the
expectations of our customers impacted by the inflationary
pressures of recent years. In addition, we carefully managed our
business processes and expenses at every level of our company and
invested in technologies that improved efficiencies," said Mr.
Weis.
The Weis Markets, Inc. Board of Directors declared on
February 8, 2024, a quarterly cash
dividend of $0.34 per share to
shareholders of record as of February 19,
2024, payable on March 4,
2024.
Fiscal Year 2023 Results
Net sales totaled $4.70 billion
for the 52-week fiscal year ended December
30, 2023, compared to $4.70
billion for the 53-week fiscal year ended December 31, 2022, up 0.02 percent. Fiscal year
2023 comparable store sales, adjusted for an additional week in
2022 and excluding fuel, increased 2.3 percent on an individual
year-over-year basis and increased 9.8 percent on a two-year
stacked basis.
The Company's fiscal year 2023 net income (after provision for
income taxes) totaled $103.83 million
compared to $125.20 million in 2022,
down 17.1 percent. Fiscal year 2023 earnings per share totaled
$3.86 compared to $4.65 per share in 2022.
Fourth Quarter 2023 Results
Net sales totaled $1.21 billion
for the 13-week fourth quarter ended December 30, 2023, compared to $1.31 billion for the 14-week fourth quarter
ended December 31, 2022, down 7.1
percent. Fourth quarter comparable store sales, adjusted for an
additional week in 2022 and excluding fuel, increased 0.2 percent
on an individual year-over-year basis and increased 9.8 percent on
a two-year stacked basis.
The Company's fourth quarter net income (after provision for
income taxes) totaled $20.52 million
compared to $28.88 million in 2022,
down 28.9 percent. Fourth quarter earnings per share totaled
$0.76 compared to $1.07 per share in 2022.
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 (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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter —
2023
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks
Ended
|
|
14 Weeks
Ended
|
|
Increase
|
|
|
December 30,
2023
|
|
December 31,
2022
|
|
(Decrease)
|
|
Net sales
|
$
|
|
1,212,975,000
|
|
|
$
|
|
1,306,090,000
|
|
|
(7.1)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
29,272,000
|
|
|
|
|
33,576,000
|
|
|
(12.8)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision
for income taxes
|
$
|
|
32,466,000
|
|
|
$
|
|
35,890,000
|
|
|
(9.5)
|
%
|
|
Provision for income
taxes
|
|
|
11,943,000
|
|
|
|
|
7,007,000
|
|
|
70.4
|
%
|
|
Net income
|
$
|
|
20,523,000
|
|
|
$
|
|
28,883,000
|
|
|
(28.9)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
outstanding
|
|
|
26,898,443
|
|
|
|
|
26,898,443
|
|
|
—
|
|
|
Basic and diluted
earnings per share
|
$
|
|
0.76
|
|
|
$
|
|
1.07
|
|
$
|
(0.31)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52 Weeks
Ended
|
|
53 Weeks
Ended
|
|
Increase
|
|
|
December 30,
2023
|
|
December 31,
2022
|
|
(Decrease)
|
|
Net sales
|
$
|
|
4,696,950,000
|
|
|
$
|
|
4,695,943,000
|
|
|
0.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
137,186,000
|
|
|
|
|
157,052,000
|
|
|
(12.6)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision
for income taxes
|
$
|
|
146,696,000
|
|
|
$
|
|
160,777,000
|
|
|
(8.8)
|
%
|
|
Provision for income
taxes
|
|
|
42,868,000
|
|
|
|
|
35,581,000
|
|
|
20.5
|
%
|
|
Net income
|
$
|
|
103,828,000
|
|
|
$
|
|
125,196,000
|
|
|
(17.1)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
outstanding
|
|
|
26,898,443
|
|
|
|
|
26,898,443
|
|
|
—
|
|
|
Basic and diluted
earnings per share
|
$
|
|
3.86
|
|
|
$
|
|
4.65
|
|
$
|
(0.79)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIS MARKETS,
INC.
|
TWO-YEAR STACKED
COMPARABLE STORE SALES
|
|
Fourth Quarter —
2023
|
(Unaudited)
|
|
|
|
Percentage
Change
|
|
|
Fourth Quarter
Ended
|
(amounts adjusted
for an additional week in 2022)
|
|
|
2023 vs.
2022
|
|
2022 vs.
2021
|
|
Comparable store sales,
excluding fuel (individual year)
|
|
|
0.2
|
%
|
9.6
|
%
|
Comparable store sales,
excluding fuel (two-year stacked)
|
|
|
9.8
|
|
|
|
Comparable store sales
(individual year)
|
|
|
(0.5)
|
|
9.5
|
%
|
Comparable store sales
(two-year stacked)
|
|
|
9.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
Change
|
|
|
Year
Ended
|
(amounts adjusted
for an additional week in 2022)
|
|
|
2023 vs.
2022
|
|
2022 vs.
2021
|
|
Comparable store sales,
excluding fuel (individual year)
|
|
|
2.3
|
%
|
7.5
|
%
|
Comparable store sales,
excluding fuel (two-year stacked)
|
|
|
9.8
|
|
|
|
Comparable store sales
(individual year)
|
|
|
1.7
|
|
8.8
|
%
|
Comparable store sales
(two-year stacked)
|
|
|
10.5
|
%
|
|
|
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content:https://www.prnewswire.com/news-releases/weis-markets-reports-fourth-quarter-and-fiscal-year-2023-results-302073370.html
SOURCE Weis Markets