SUNBURY, Pa., May 3, 2021 /PRNewswire/ -- Weis
Markets, Inc. (NYSE: WMK) today reported its sales increased 2.1
percent to $1.0 billion during the
thirteen-week period ended March 27,
2021, compared to the same period in 2020, while first
quarter comparable store sales increased 1.4 percent.
The Company's first quarter net income decreased 9.1 percent to
$24.3 million compared to
$26.7 million in 2020, while earnings
per share totaled $0.90 compared to
$0.99 per share for the same period
in 2020.
"The World Health Organization declared the novel coronavirus
(COVID-19) a pandemic on March 11,
2020 which resulted in restaurant, business and school
closings while other companies transitioned to working remotely.
The result was a record surge in demand for food retailers" said
Jonathan H. Weis, Chairman,
President and CEO.
"Our first quarter 2021 results remained significantly elevated
in absolute terms and were in line with expectations with sales up
14.8 percent and net income up 69.6 percent compared to the
pre-pandemic levels in first quarter 2019, which is a more
appropriate baseline for comparison," said Mr. Weis. "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."
About Weis Markets
Founded in 1912, Weis Markets, Inc.
is a Mid Atlantic food retailer operating 198 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
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First Quarter —
2021
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(Unaudited)
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13 Weeks
Ended
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Increase
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March 27,
2021
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March 28,
2020
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(Decrease)
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Net sales
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$
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1,006,340,000
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$
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985,820,000
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2.1
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%
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Income from
operations
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31,834,000
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37,428,000
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(14.9)
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%
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Income before
provision for income taxes
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$
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32,670,000
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$
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36,085,000
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(9.5)
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%
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Provision for income
taxes
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8,415,000
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9,396,000
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(10.4)
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%
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Net income
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$
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24,255,000
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$
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26,689,000
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(9.1)
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%
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Weighted-average
shares outstanding
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26,898,443
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26,898,443
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—
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Basic and diluted
earnings per share
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$
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0.90
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$
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0.99
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$
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(0.09)
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SOURCE Weis Markets