Weis Markets' Net Sales, Comparable Store Sales Rise in Q2

East Coast grocer Weis Markets has shared its Q2 2023 financial results, highlighted by an increase of comparable store sales by 3.5%.

Net sales totaled $1.18 billion for the 13-week second quarter ended July 1, 2023, compared to $1.14 billion for the corresponding period in 2022, up 3.8%. Second quarter comparable store sales increased 3.5% year-over-year (YoY), and increased 11.9% Yo2Y.

Net income in the period totaled $34.27 million, compared to $36.27 million in 2022, a 5.5% decrease. Second quarter earnings per share totaled $1.27 compared to $1.35 per share in 2022.

"In the second quarter, we generated solid results due to the hard work and commitment of our associates at every level of our company," said Weis Markets, Inc.'s Chairman and CEO Jonathan H. Weis. "We continue to make strategic investments for long-term profitable growth which benefits our associates, customers, communities, and shareholders. We are keenly aware that our customers are looking for value and savings as they navigate the challenges of inflation, higher interest rates, and reduced government benefits."

For the year-to-date, net sales totaled $2.32 billion for the 26-week year-to-date period ended July 1, 2023, compared to $2.24 billion for the same period in 2022, up 3.8%. Year-to-date comparable store sales increased 3.3% on YoY and increased 12.2% Yo2Y.

Weis Markets’ year-to-date net income totaled $60.08 million compared to $67.66 million in 2022, down 11.2%. Year-to-date earnings per share totaled $2.23 compared to $2.52 per share for the same period in 2022.

Weis Markets operates 197 stores in Pennsylvania, Maryland, Delaware, New Jersey, New York, West Virginia and Virginia.