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Weis Markets caps off strong fiscal 2022 first half
Second-quarter net and comparable sales rise more than 8%
Russell Redman
August 2, 2022
2 Min Read
Weis Markets said net sales climbed 9% to $2.24 billion in the first half of the year.Weis Markets
Weis Markets continued to drive sales growth in the fiscal 2022 second quarter after cycling pandemic-related results a year ago.
For the quarter ended June 25, net sales climbed 8.4% to $1.14 billion from $1.05 billion a year earlier, Sunbury, Pa.-based Weis Markets reported after yesterday’s market close. The gain marked a rebound from a 4.7% decrease in the prior-year period, when the grocer faced a difficult comparison against booming growth driven by COVID-19.
Comparable-store sales in the 2022 second quarter also rose 8.4% year over year, versus a 5.8% decline in the 2021 quarter, and were up 2.6% on a two-year stack following a 24.1% jump for the same period in 2020, Weis noted. Excluding fuel, Q2 2022 same-store sales gained 6% from a year ago but were down 1.7% over two years.
“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,” Chairman, President and CEO Jonathan Weis said in a statement.
In the 26-week first half of 2022, net sales totaled $2.24 billion, up 9% from $2.05 billion a year earlier. Comp-store sales advanced 8.9% year over year (6.8% excluding fuel) and grew 6.5% on a two-year stacked basis (3.2% excluding fuel) following an 18.5% surge for the 2020 half.
“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 added. “In May, we made a multimillion-dollar investment to expand our ‘Low, Low Price’ program by lowering prices on hundreds of our best-selling brand-name and Weis quality frozen products.”
On the earnings side, Weis Markets reported 2022 second-quarter net income of $36.3 million, or $1.35 per share, compared with $33.5 million, or $1.24 per share, in the 2021 quarter.
First-half net earnings came in at $67.7 million, or $2.52 per share, versus $57.7 million, or $2.15 per share, in the 2021 half.
In May, Weis announced an 11% increase in its capital expenditures budget to $150 million for 2022. Plans call for the regional grocer to continue investments in new stores, remodels, fuel centers, IT upgrades and smaller store-improvement projects. Most recently, the chain completed remodels of stores in Scott Township, Hawley, Mifflinburg and Gettysburg, Pa., and added a Gas N’ Go fuel center at its store in Muncy, Pa. Also, in late May, Weis reopened a restored and upgraded 65,000-square-foot supermarket in West Hazleton, Pa., that was damaged in a fire in December 2021.
Overall, Weis Markets operates 197 supermarkets in Pennsylvania, Maryland, Delaware, New Jersey, New York, West Virginia and Virginia, the same number of locations as a year ago.
