Weis Markets reported a strong second quarter as the grocer continues to promote its private label offerings along with other money saving options for its shoppers.
For the 13-week period ending June 25, net sales were up 8.4% to $1.14 billion compared to net sales of $1.05 billion for the same period in 2021. Second quarter comparable store sales increased 8.4% on an individual year-over-year basis and increased 2.6% on a two-year stacked basis following the increase of 24.1% for the same period in 2020.
Net income for the quarter totaled $36.27 million compared to $33.47 million in 2021, up 8.3%. Second quarter earnings per share totaled $1.35 compared to $1.24 per share for the same period in 2021.
"We generated strong results in the second quarter despite ongoing inflationary pressures throughout our business operations due to the hard work and commitment of our associates," said Jonathan H. Weis, chairman, president and CEO of Weis. "We are also mindful of inflation’s impact on our customers and continue to promote the value of our private brands along with the fuel and retail product savings available through our Weis Rewards program.”
Weis noted that In May, the company made a multi-million-dollar investment to expand its Low, Low Price program by lowering prices on hundreds of its best-selling brand-name and Weis Quality frozen products.
For the first six months of 2022, net sales totaled $2.24 billion, up 9% from the first half of 2021. Year-to-date comparable store sales increased 8.9% on an individual year-over-year basis and increased 6.5% on a two-year stacked basis following the increase of 18.5% for the same period in 2020.
The Company’s year-to-date net income totaled $67.66 million compared to $57.73 million in 2021, up 17.2%. Year-to-date earnings per share totaled $2.52 compared to $2.15 per share for the same period in 2021