Weis Markets' Same-Store Sales Increase 9.4% in Q1

Weis Markets improved upon heightened sales, reporting 9.4% same-store sales increase for the fiscal first quarter that ended March 26, the Sunbury, Pa.-based grocer reported May 2.

The grocer said net sales, which totaled $1.1 billion for the 13-week first quarter, were also up 9.7% compared to $1 billion for the same period in 2021. First-quarter comparable store sales increased 9.4% on an individual year-over-year basis (accelerating sequentially from the fourth-quarter 2021 increase of 6.9%) and increased 10.8% on a two-year stacked basis.

Weis Markets said first-quarter net income totaled $31.4 million compared to $24.3 million in 2021, marking an increase of 29.4 %. First quarter earnings per share totaled $1.17 compared to 90 cents per share for the same period in 2021.

“We continued to build on our momentum in the first quarter, when we generated strong comparable store sales and net income increases. Despite significant inflationary pressures, we were able to maintain stable gross profit margins and effectively manage expenses,” Weis Chairman, President and CEO Jonathan H. Weis said in a statement “These results reflect the hard work and dedication of associates at every level of our company. They have helped us navigate the challenges of a pandemic-impacted marketplace while generating first quarter results that exceeded last year’s performance and our current year expectations.”

As part of its capital expenditure plan for 2022, Weis Markets recently announced it will invest $150 million in new stores, remodels, fuel centers, information technology upgrades and smaller store improvement projects. During the Sunbury, Pa.-based retailer’s annual shareholder meeting on April 28, the grocery retailer’s CEO said “the past two years have been an enormously challenging time for us, but our team has held up well and has done extraordinary things on a daily basis.

Founded in 1912, Weis Markets Inc. is a Mid Atlantic food retailer with 197 stores in Pennsylvania, Maryland, Delaware, New Jersey, New York West Virginia and Virginia.