SUNBURY, Pa., March 9, 2021 /PRNewswire/ -- Weis Markets,
Inc. (NYSE:WMK) today reported total sales of over
$4.1 billion for the 52-week period
ended December 26, 2020, up 16.1
percent compared to the same period a year ago, while annual
comparable store sales increased 16.4 percent. Income from
operations increased $78.5 million,
or 92.8 percent over the same period in 2019 to $163.2 million.
The Company's net income for fiscal year 2020 increased 74.9
percent to $118.9 million compared to
$68.0 million in 2019 while earnings
per share for the same period increased $1.89 to $4.42 per
share.
"The pandemic has been a supreme challenge for our communities
and associates who continue to diligently serve our customers,"
said Jonathan H. Weis, Weis Markets'
Chairman and Chief Executive Officer. "As previously noted in our
third quarter results release, in-home meal consumption soared in
2020 due to an increased number of customers and their families
working or attending school remotely. We met this demand by
ensuring a safe shopping environment for our customers and
associates and operating stores that were consistently in-stock.
Our results were made possible by increased replenishment
schedules, adaptable procurement programs, enhanced ecommerce
solutions, disciplined marketing and pricing programs, improved
store, manufacturing and distribution efficiencies and consistent
customer service."
Mr. Weis said ecommerce sales increased 155 percent in 2020. He
also noted the strong sales performance of the Company's fresh
departments, notably meat and seafood, which benefited from
increased at home cooking.
Fourth Quarter Results:
During the thirteen-week period ended December 26, 2020, the Company's sales increased
13.7 percent to $1.0 billion compared
to the same period in 2019, while fourth quarter comparable store
sales increased 14.1 percent.
Income from operations in the fourth quarter totaled
$26.9 million compared to
$23.0 million in the same period in
2019. The Company's fourth quarter net income increased 2.8
percent to $19.4 million compared to
$18.9 million in 2019, while earnings
per share totaled $0.73 compared to
$0.70 per share for the same period
in 2019.
About Weis Markets
Founded in 1912, Weis Markets,
Inc. is a Mid Atlantic food retailer operating 197 stores in
Pennsylvania, Maryland, Delaware, New
Jersey, New York,
West Virginia and Virginia. For more information, please visit:
WeisMarkets.com or Facebook.com/WeisMarkets.
In addition to historical information, this news release may
contain forward-looking statements, which are included pursuant to
the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Any forward-looking statements contained
herein are subject to certain risks and uncertainties that could
cause actual results to differ materially from those
projected. For example, risks and uncertainties can arise
with changes in: general economic conditions, including their
impact on capital expenditures; business conditions in the retail
industry; the regulatory environment; rapidly changing technology
and competitive factors, including increased competition with
regional and national retailers; and price pressures. Readers
are cautioned not to place undue reliance on forward-looking
statements, which reflect management's analysis only as of the date
hereof. The Company undertakes no obligation to publicly
revise or update these forward-looking statements to reflect events
or circumstances that arise after the date hereof. Readers
should carefully review the risk factors described in other
documents the Company files periodically with the Securities and
Exchange Commission.
WEIS MARKETS,
INC.
COMPARATIVE
SUMMARY OF SALES & EARNINGS
|
|
Fourth Quarter —
2020
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks
Ended
|
|
Increase
|
|
|
December 26,
2020
|
|
December 28,
2019
|
|
(Decrease)
|
|
Net sales
|
$
|
|
1,025,690,000
|
|
|
$
|
|
902,392,000
|
|
|
13.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
26,942,000
|
|
|
|
|
22,977,000
|
|
|
17.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
$
|
|
27,666,000
|
|
|
$
|
|
23,850,000
|
|
|
16.0
|
%
|
|
Provision for income
taxes
|
|
|
8,246,000
|
|
|
|
|
4,965,000
|
|
|
66.1
|
%
|
|
Net income
|
$
|
|
19,420,000
|
|
|
$
|
|
18,885,000
|
|
|
2.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares outstanding
|
|
|
26,898,443
|
|
|
|
|
26,898,443
|
|
|
—
|
|
|
Basic and diluted
earnings per share
|
$
|
|
0.73
|
|
|
$
|
|
0.70
|
|
$
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52 Weeks
Ended
|
|
Increase
|
|
|
December 26,
2020
|
|
December 28,
2019
|
|
(Decrease)
|
|
Net sales
|
$
|
|
4,112,601,000
|
|
|
$
|
|
3,543,299,000
|
|
|
16.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
163,178,000
|
|
|
|
|
84,639,000
|
|
|
92.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
$
|
|
163,679,000
|
|
|
$
|
|
88,644,000
|
|
|
84.6
|
%
|
|
Provision for income
taxes
|
|
|
44,762,000
|
|
|
|
|
20,661,000
|
|
|
116.6
|
%
|
|
Net income
|
$
|
|
118,917,000
|
|
|
$
|
|
67,983,000
|
|
|
74.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares outstanding
|
|
|
26,898,443
|
|
|
|
|
26,898,443
|
|
|
—
|
|
|
Basic and diluted
earnings per share
|
$
|
|
4.42
|
|
|
$
|
|
2.53
|
|
$
|
1.89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/weis-markets-reports-results-for-2020-and-fourth-quarter-301243965.html
SOURCE Weis Markets