Weis Markets net sales up slightly in Q3

Weis Markets, Inc. (NYSE: WMK) today reported its financial results for the 13-week third quarter and the 39-week year-to-date period ended Sept. 30.

"Our 2023 results remain in line with our expectations despite a challenging marketplace of ongoing inflation, higher interest rates, and declining government benefits," said Weis Markets, Inc. Chairman, President and CEO Jonathan Weis. "We are grateful to our associates for their hard work and commitment to serve our customers and drive efficiencies in our business. During the quarter, we expanded our Low, Low Price program which now offers strong, everyday savings and values on more than 10,000 products. We also continue to make prudent reinvestments in long-term profitable growth which benefits all our stakeholders now and in the years ahead."

Third Quarter 2023 Results

Net sales totaled $1.16 billion for the 13-week third quarter ended Sept. 30 compared to $1.15 billion for the same period in 2022, up 0.8%. 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.

The company's third quarter net income totaled $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.

Year-To-Date 2023 Results

Net sales totaled $3.48 billion for the 39-week year-to-date period ended Sept. 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.

The company'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.