Weis Markets Q4 Sales Grow
Weis Markets’ fourth-quarter sales grew at a modest level as continued investments in advertising and loyalty marketing were cited as key components of the grocer’s growth.
Net sales for the 13-week fourth quarter ended December 28, was $1.23 billion compared to $1.21 billion for the same period in 2023, up 1.2%. Fourth quarter comparable store sales excluding fuel increased 1.1% on an individual year-over-year basis and increased 1.3% on a two-year stacked basis, adjusted for an additional week in 2022.
Fourth-quarter net income (after provision for income taxes) totaled $34.68 million, which included a $3.21 million pre-tax reduction in deferred compensation plan liability, compared to $20.52 million in 2023, up 69%. Fourth quarter earnings per share totaled $1.29 compared to $.76 per share for the same period in 2023.
"Our fiscal year 2024 and fourth quarter results were in line with our expectations thanks to the efforts of our associates at every level of our company, said Jonathan H. Weis, chairman, president, and CEO of Weis Markets, Inc. “During the year, they helped us work through inflation and supply chain issues in key segments of our business while driving sales and net income increases.”
Weis said several factors helped the company achieve its fourth-quarter results. These included sustained price investments, disciplined advertising, and loyalty marketing programs along with the successful integration of technology to help it improve efficiencies and manage expenses while offering a strong customer experience.
For the full fiscal year net sales totaled $4.77 billion, compared to $4.7 billion for the prior fiscal year, up 1.6%. Comparable store sales excluding fuel increased 1.9% on an individual year-over-year basis and increased 4.2% on a two-year stacked basis, adjusted for an additional week in 2022.
The company's fiscal year 2024 net income (after provision for income taxes) was $109.94 million, which included a $4.58 million pre-tax gain on disposition of fixed assets in the third quarter of 2024 and a $3.21 million pre-tax reduction in deferred compensation plan liability in the fourth quarter of 2024, compared to $103.83 million in 2023, up 5.9%. Fiscal year 2024 earnings per share totaled $4.09 compared to $3.86 per share in 2023.
"In 2024, we continued to benefit from strong e-commerce sales, which were up 46% for the year," said Weis. "We also worked through prior supply chain disruptions of labor and materials to complete 12 major store development projects. In addition, we acquired and converted two stores and began the construction of four new stores in growing markets."
