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Weis Markets' Comps Withstand Surge Lap

Earnings dip 9.1% in Q1 as it cycles COVID stock-ups. The retailer ekes out sales gains, but earnings dip as it cycles COVID surge; financials well ahead of 2019 pace.

Jon Springer, Executive Editor

May 4, 2021

1 Min Read
Weis Markets' Comps Withstand Surge Lap
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Weis Markets improved upon elevated sales from the COVID pandemic last year, reporting 1.4% comparable-store sales increase for the fiscal first quarter that ended March 27.

In last year’s first quarter, the Sunbury, Pa.-based grocer saw first-quarter comps soar by 12.8% as shoppers in the early weeks of the pandemic onset rushed to stock up. Weis at that time estimated comps without the pandemic effects would have increased by about 1.5%.

Overall sales for the 2021 period climbed by 2.1% to $1 billion, compared to a 12.4% increase last year. Compared to 2019, sales are up by 14.8%. First-quarter net income in 2021 decreased 9.1% to $24.3 million compared to $26.7 million in 2020, or 90 cents per share compared to 99 cents for the same period in 2020. Income from operations dipped 14.9% to $31.8 million.

“Our first-quarter 2021 results remained significantly elevated in absolute terms and were in line with expectations with sales up 14.8% and net income up 69.6% compared to the pre-pandemic levels in first quarter 2019, which is a more appropriate baseline for comparison,” Weis Chairman and CEO Jonathan Weis said in a statement. “We are extremely proud of what our associates accomplished throughout the pandemic. During these challenging and evolving times, we remain well positioned to meet the needs of our customers and communities while continuing to deliver value to our shareholders.”

Weis operates 198 stores in Pennsylvania, Maryland, Delaware, New Jersey, New York, West Virginia and Virginia.

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Weis Markets

About the Author

Jon Springer

Executive Editor

Jon Springer is executive editor of Winsight Grocery Business with responsibility for leading its digital news team. Jon has more than 20 years of experience covering consumer business and retail in New York, including more than 14 years at the Retail/Financial desk at Supermarket News. His previous experience includes covering consumer markets for KPMG’s Insiders; the U.S. beverage industry for Beverage Spectrum; and he was a Senior Editor covering commercial real estate and retail for the International Council of Shopping Centers. Jon began his career as a sports reporter and features editor for the Cecil Whig, a daily newspaper in Elkton, Md. Jon is also the author of two books on baseball. He has a Bachelor of Arts degree in English-Journalism from the University of Delaware. He lives in Brooklyn, N.Y. with his family.

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