Weis welcomes strong third quarter financial performance

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While Weis Markets Inc.’s net sales totaled $ 1.1 billion for the 13-week period ended September 25, compared to $ 1.0 billion for the same period in 2020, up 6.1% its third-quarter same-store sales increased 4.6% on a year-over-year basis and 19.4% on a two-year cumulative basis.

“We continued to deliver strong third quarter results,” said Weis Markets President, President and CEO Jonathan H. Weis. “Our dedicated and dedicated associates are key to our success. They continue to help us meet the challenges of a market affected by a pandemic, including a tight labor market, supply chain disruptions impacting product availability and product cost inflation leading to consumer resistance and changing sales mix Their success is our success.

As a thank you for their continued efforts to serve clients, Jonathan Weis said most Core Associates will receive an Appreciation Bonus in January. This is in addition to the company’s vacation bonus in the fourth quarter.

Bolstered by its strong financial performance and stacked two-year cash position, the Mid-Atlantic food retailer raised its 2021 capital spending outlook to $ 150 million, up 11.1% from budget $ 135 million revealed at the company’s annual meeting of shareholders in April. . Along with continued investments in associates and customers, accelerated reinvestments in hundreds of retail store improvement projects and supply chain network capabilities will further enable the long-term positive momentum of the company. business.

To help with its supply chain network, Weis promoted Terry Wallace to VP of Supply Chain and Logistics in May. In this role, Wallace oversees all of the company’s supply chain and distribution activities at its 1.3 million square foot distribution center in Milton, PA.

In addition to store renovations, Weis opened two new stores in Pennsylvania in May to expand its presence in the mid-Atlantic region. The stores are located in Bethlehem and Lower Macungie.

In operations, Weis has improved refrigerant reduction. The retailer recently reported that more than 90% of its stores are no longer using ozone-depleting refrigerants and that its distribution, manufacturing and support facilities have also discontinued the use of these refrigerants.

Meanwhile, Weis also made inroads in its e-commerce offering in the third quarter. In September, the food retailer partnered with DoorDash to offer on-demand grocery delivery to more than 170 Weis Markets stores in its seven-state market area. The average delivery is within an hour.

Other notable findings from the company’s third quarter earnings report included total net income of $ 28.5 million, down from $ 31.3 million in 2020, down 9.0%. Earnings per share for the third quarter totaled $ 1.06, compared to $ 1.16 per share for the same period in 2020.

Looking at Weis’ cumulative earnings, net sales totaled $ 3.1 billion, up 1.0% for the 39-week period ending September 25, 2021, compared to the same period in 2020. Cumulative compositions decreased a relatively stable 0.1% on an individual year-over-year basis, and increased 17.2% on a two-year stacked basis.

The company’s year-to-date net profit was $ 86.2 million, down from $ 99.5 million in 2020, down 13.3%. Year-to-date earnings per share stand at $ 3.21, compared to $ 3.70 for the same period in 2020.

Based in Sunbury, PA Weis Markets operates more than 190 stores in Pennsylvania, Delaware, Maryland, New Jersey, New York, Virginia and West Virginia. The company is # 60 on the PG 100, Progressive Grocer’s 2021 list of leading food and consumable retailers in North America.


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