WEIS MARKETS REPORTS FIRST QUARTER 2024 RESULTS
Company's first quarter comparable store sales excluding fuel increased 3.3 percent
First Quarter 2024 Results
Net sales totaled
The Company's first quarter net income totaled
"Our first quarter 2024 results, which benefited from the Easter holiday shift, are in line with our expectations thanks to the continuing efforts of associates at every level of our company," said
Annual Meeting of Shareholders
"We plan for record investments in 2024 when we will begin the construction of six new stores which we expect to open in 2025," said
Quarterly Cash Dividend
The
About
Founded in 1912,
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 (such as the 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 based on information currently available to us and speak 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
COMPARATIVE SUMMARY OF SALES & EARNINGS |
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First Quarter — 2024 |
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(Unaudited) |
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13 Weeks Ended |
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13 Weeks Ended |
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Increase |
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(Decrease) |
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Net sales |
$ |
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1,178,168,000 |
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$ |
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1,144,974,000 |
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2.9 |
% |
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Income from operations |
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27,364,000 |
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32,618,000 |
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(16.1) |
% |
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Income before provision for income taxes |
$ |
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31,514,000 |
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$ |
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35,158,000 |
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(10.4) |
% |
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Provision for income taxes |
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8,349,000 |
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9,344,000 |
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(10.6) |
% |
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Net income |
$ |
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23,165,000 |
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$ |
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25,814,000 |
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(10.3) |
% |
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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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0.86 |
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$ |
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0.96 |
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$ |
(0.10) |
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TWO-YEAR STACKED COMPARABLE STORE SALES |
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First Quarter — 2024 (Unaudited) |
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Percentage Change |
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13 Weeks Ended |
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2024 vs. 2023 |
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2023 vs. 2022 |
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Comparable store sales, excluding fuel (individual year) |
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3.3 |
% |
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3.6 |
% |
Comparable store sales, excluding fuel (two-year stacked) |
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6.9 |
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Comparable store sales (individual year) |
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3.1 |
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3.1 |
% |
Comparable store sales (two-year stacked) |
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6.2 |
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Comparable store sales, adjusted for Easter shift (individual year) |
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1.9 |
% |
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