Weis Markets Q3 Revenue Flat, Net Income Falls

Third quarter net sales at Weis Markets were up less than one percent year-over-year as continued economic headwinds provided challenges to those shopping at the regional grocer.

For the quarter ended September 30, net sales were $1.16 billion, up 0.8% from net sales of $1.15 billion for the same period in 2022. Third quarter comparable store sales increased 0.8% on an individual year-over-year basis and increased 8.7% on a two-year stacked basis.

Third quarter net income at Weis was $23.23 million compared to $28.66 million in 2022, down 19%. Third quarter earnings per share totaled $0.86 compared to $1.07 per share for the same period in 2022.

"Our 2023 results remain in line with our expectations despite a challenging marketplace of ongoing inflation, higher interest rates, and declining government benefits," said Jonathan H. Weis, the grocer’s chairman, president and CEO. "During the quarter, we expanded our Low, Low Price program which now offers strong, everyday savings and values on more than 10,000 products.”

Through the first three quarters, net sales totaled $3.48 billion for the 39-week year-to-date period ended September 30, compared to $3.39 billion for the same period in 2022, up 2.8%. Year-to-date comparable store sales increased 2.5% on an individual year-over-year basis and increased 11.1% on a two-year stacked basis.

Weis’s year-to-date net income totaled $83.31 million compared to $96.31 million in 2022, down 13.5%. Year-to-date earnings per share totaled $3.10 compared to $3.58 per share for the same period in 2022.