Weis Markets Q2 Sales Flat, Net Income Down
Second quarter net sales at Weis Markets were flat year-over-year as a shift in the Easter holiday negatively impacted the regional grocery chain’s results.
Net sales for the quarter ended June 29 totaled $1.18 billion for the 13-week second quarter compared to $1.18 billion for the 13-week second quarter ended July 1, 2023. The company said net sales were negatively impacted by $14 million or 1.2% because of the Easter holiday occurring in the first quarter of 2024 compared to the second quarter of 2023. Second quarter comparable store sales increased 0.5% on an individual year-over-year basis and increased 4% on a two-year stacked basis.
Second quarter net income at Weis was $26.26 million compared to $34.27 million in 2023, down 23.4%. Second quarter earnings per share totaled $0.98 compared to $1.27 per share in 2023.
"Our second quarter 2024 results are in line with our expectations despite an extremely challenging market environment marked by continuing customer caution," said Jonathan H. Weis, chairman, president, and CEO of Weis Markets, Inc. "During the quarter, we increased our price investments by lowering the prices on 600 high-demand dairy items as part of the expansion of our Low, Low, Price program which offers strong, everyday savings and values on more than 10,000 products."
Year-to-date, net sales were $2.36 billion, compared to $2.32 billion for the same period in 2023, up 1.6%. Year-to-date comparable store sales increased 1.8% on an individual year-over-year basis and increased 5.1% on a two-year stacked basis.
Net income through the first half of the year was $49.42 million compared to $60.08 million in 2023, down 17.7%. Year-to-date earnings per share totaled $1.84 compared to $2.23 per share for the same period in 2023.
"We also continue to invest in our Weis Rewards loyalty marketing program which now offers an increased array of fuel and retail product savings to our customers,” said Weis. “We are grateful to our associates for their hard work and commitment to an enhanced customer experience, improved operational efficiencies, and cost management discipline."
