Weis Markets Net Sales Down In Q4

Fourth quarter net sales at Weis Markets were down more than 7% as company officials said results were inline with expectations.

For the quarter ended December 30, net sales were $1.21 billion, compared to net sales of $1.31 billion in the fourth quarter of the previous year, which included an additional week. Fourth quarter comparable store sales, adjusted for the additional week in 2022 and excluding fuel, increased 0.2% on an individual year-over-year basis and increased 9.8% 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%. Fourth quarter earnings per share totaled $0.76 compared to $1.07 per share in 2022.

"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,” said Jonathan Weis, the grocer’s chairman, president and CEO of Weis Markets. “In addition, we carefully managed our business processes and expenses at every level of our company and invested in technologies that improved efficiencies”.

For the full year net sales totaled $4.7 billion for the 52-week fiscal year ended December 30, compared to $4.7 billion for the 53-week fiscal year ended December 31, 2022. Fiscal year 2023 comparable store sales, adjusted for an additional week in 2022 and excluding fuel, increased 2.3% on an individual year-over-year basis and increased 9.8% 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 $125.2 million in 2022, down 17.1%. Fiscal year 2023 earnings per share totaled $3.86 compared to $4.65 per share in 2022.