SUNBURY, Pa., Aug. 2, 2021 /PRNewswire/ -- Weis Markets, Inc.
(NYSE: WMK) today reported its financial results for the
thirteen-week period and 26-week period ended June 26, 2021.
Net sales totaled $1.0 billion for
the thirteen-week period ended June 26,
2021, compared to $1.1 billion
for the same period in 2020, down 4.7 percent. Second quarter
comparable store sales decreased 5.8 percent on an individual year
over year basis and increased 18.3 percent on a two-year stacked
basis.
The Company's second quarter net income totaled $33.5 million compared to $41.5 million in 2020, down 19.3 percent. Second
quarter earnings per share totaled $1.24 compared to $1.54 per share for the same period in 2020.
"Our 2020 second quarter results reflected a time when
consumption of food prepared away from home was strictly limited,
which resulted in record sales volume throughout the entire quarter
for our essential food retailing business," said Jonathan H. Weis, Chairman, President and CEO.
"During this period, our team rose to the challenge and helped us
become a more efficient and nimble company."
"Today, we remain extremely proud of our associates who continue
to serve our customers and effectively operate in an unprecedented
business environment. Our 2021 second quarter results in absolute
terms of sales volume and operating income were the second highest
in our company's history, exceeded only by our 2020 second quarter
results," said Mr. Weis. "This positive momentum enables us to make
prudent reinvestments for long term profitable growth which
benefits our associates, customers, communities and
shareholders."
As part of its $135 million
capital expenditure program announced in April, the Company opened
replacement stores during the second quarter in three Pennsylvania locations: Gap, Macungie
and Bethlehem.
Year to Date
Net sales totaled $2.1 billion for
the 26-week period ending June 26,
2021, compared to $2.1 billion
for the same period in 2020, down 1.5 percent. Year to date
comparable store sales decreased 2.4 percent on an individual year
over year basis and increased 16.1 percent on a two-year stacked
basis.
The Company's year to date net income totaled $57.7 million compared to $68.2 million in 2020, down 15.3 percent. Year to
date earnings per share totaled $2.15
compared to $2.53 for the same period
in 2020.
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: competitive and reputational risks; financial,
investment and infrastructure risks; information security,
cybersecurity and data privacy risks; supply chain and third-party
risks; risks created by pandemics (including the ongoing COVID-19
outbreak and the related responses of governments, consumers,
customers, suppliers and employees); and legal, regulatory and
other external risks. 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.
Management is also providing a two-year stacked comparable store
sales analysis, a non-GAAP measure, because management believes
this metric is useful to investors and analysts. It is not
recommended that the two-year-stacked analysis be considered a
substitute for the Company's operating results as reported in
accordance with GAAP.
WEIS MARKETS,
INC.
COMPARATIVE
SUMMARY OF SALES & EARNINGS
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Second Quarter —
2021
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(Unaudited)
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13 Weeks
Ended
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Increase
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June 26,
2021
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June 27,
2020
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(Decrease)
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Net sales
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$
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1,047,349,000
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$
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1,098,704,000
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(4.7)
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%
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Income from
operations
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45,559,000
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56,002,000
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(18.6)
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%
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Income before
provision for income taxes
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$
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45,868,000
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$
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56,450,000
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(18.7)
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%
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Provision for income
taxes
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12,396,000
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14,978,000
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(17.2)
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%
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Net income
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$
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33,472,000
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$
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41,472,000
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(19.3)
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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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1.24
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$
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1.54
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$
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(0.30)
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26 Weeks
Ended
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Increase
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June 26,
2021
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June 27,
2020
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(Decrease)
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Net sales
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$
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2,053,689,000
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$
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2,084,524,000
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(1.5)
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%
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Income from
operations
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77,392,000
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93,430,000
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(17.2)
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%
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Income before
provision for income taxes
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$
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78,538,000
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$
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92,535,000
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(15.1)
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%
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Provision for income
taxes
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20,811,000
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24,374,000
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(14.6)
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%
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Net income
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$
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57,727,000
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$
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68,161,000
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(15.3)
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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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2.15
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$
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2.53
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$
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(0.38)
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TWO-YEAR STACKED
COMPARABLE STORE SALES
Second Quarter —
2021
(Unaudited)
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Percentage
Changes
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13 Weeks
Ended
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2021 vs.
2020
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2020 vs.
2019
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Comparable store
sales (individual year)
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(5.8)
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%
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24.1
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%
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Comparable store
sales (two-year stacked)
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18.3
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Comparable store
sales, excluding fuel (individual year)
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(7.7)
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26.4
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%
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Comparable store
sales, excluding fuel (two-year stacked)
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18.7
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%
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Percentage
Changes
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26 Weeks
Ended
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2021 vs.
2020
|
|
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2020 vs.
2019
|
|
Comparable store
sales (individual year)
|
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(2.4)
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%
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18.5
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%
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Comparable store
sales (two-year stacked)
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16.1
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Comparable store
sales, excluding fuel (individual year)
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(3.6)
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|
19.7
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%
|
Comparable store
sales, excluding fuel (two-year stacked)
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16.1
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%
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SOURCE Weis Markets