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11/01/2022

Weis Market Q3 Sales, Comps Grow

Following solid quarterly results, the grocer is sharpening its focus on helping its customers save money in the face of high prices.
Greg Sleter
Associate Publisher/Executive Editor
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Weis Markets

Third quarter sales at Weis Markets were up more than 8% as the regional grocer focused its efforts on ways to help shoppers save money in the face of rising prices.

For the 13-week period ending Sept. 24, total sales were $1.15 billion, up 8.2% from total sales of $1.06 billion in the comparable quarter the previous year. Third quarter net income was $28.66 million compared to $28.51 million in 2021, up 0.5%. Third quarter earnings per share totaled $1.07 compared to $1.06 per share for the same period in 2021.

Comparable store sales in Q3 increased 7.9% on an individual year-over-year basis and increased 12.5% on a two-year stacked basis following the increase of 14.8% for the same period in 2020.

"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,” said Weis Markets, Inc. Chairman, President and CEO Jonathan H. Weis. “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."

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

The company's year-to-date net income totaled $96.31 million compared to $86.23 million in 2021, up 11.7%. Year-to-date earnings per share totaled $3.58 compared to $3.21 per share for the same period in 2021.