WEIS MARKETS REPORTS FOURTH QUARTER AND FISCAL YEAR 2023 RESULTS
Company's fiscal year 2023 comparable store sales, adjusted for an additional week in 2022 and excluding fuel, increased 2.3 percent
"We are grateful to our associates for their service to our customers and company", said
"In 2023, we continued to make significant price investments that help us to effectively compete in all our markets and meet the expectations of our customers impacted by the inflationary pressures of recent years. In addition, we carefully managed our business processes and expenses at every level of our company and invested in technologies that improved efficiencies," said
The
Fiscal Year 2023 Results
Net sales totaled
The Company's fiscal year 2023 net income (after provision for income taxes) totaled
Fourth Quarter 2023 Results
Net sales totaled
The Company's fourth quarter net income (after provision for income taxes) totaled
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
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COMPARATIVE SUMMARY OF SALES & EARNINGS |
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Fourth Quarter — 2023 |
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(Unaudited) |
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13 Weeks Ended |
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14 Weeks Ended |
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Increase |
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(Decrease) |
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Net sales |
$ |
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1,212,975,000 |
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$ |
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1,306,090,000 |
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(7.1) |
% |
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Income from operations |
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29,272,000 |
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33,576,000 |
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(12.8) |
% |
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Income before provision for income taxes |
$ |
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32,466,000 |
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$ |
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35,890,000 |
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(9.5) |
% |
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Provision for income taxes |
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11,943,000 |
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7,007,000 |
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70.4 |
% |
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Net income |
$ |
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20,523,000 |
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$ |
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28,883,000 |
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(28.9) |
% |
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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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0.76 |
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$ |
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1.07 |
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$ |
(0.31) |
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52 Weeks Ended |
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53 Weeks Ended |
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Increase |
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(Decrease) |
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Net sales |
$ |
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4,696,950,000 |
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$ |
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4,695,943,000 |
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0.0 |
% |
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Income from operations |
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137,186,000 |
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157,052,000 |
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(12.6) |
% |
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Income before provision for income taxes |
$ |
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146,696,000 |
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$ |
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160,777,000 |
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(8.8) |
% |
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Provision for income taxes |
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42,868,000 |
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35,581,000 |
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20.5 |
% |
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Net income |
$ |
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103,828,000 |
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$ |
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125,196,000 |
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(17.1) |
% |
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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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3.86 |
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$ |
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4.65 |
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$ |
(0.79) |
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TWO-YEAR STACKED COMPARABLE STORE SALES |
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Fourth Quarter — 2023 |
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(Unaudited) |
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Percentage Change |
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Fourth Quarter Ended |
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(amounts adjusted for an additional week in 2022) |
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2023 vs. 2022 |
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2022 vs. 2021 |
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Comparable store sales, excluding fuel (individual year) |
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0.2 |
% |
9.6 |
% |
Comparable store sales, excluding fuel (two-year stacked) |
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9.8 |
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Comparable store sales (individual year) |
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(0.5) |
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9.5 |
% |
Comparable store sales (two-year stacked) |
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9.0 |
% |
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Percentage Change |
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Year Ended |
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(amounts adjusted for an additional week in 2022) |
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2023 vs. 2022 |
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2022 vs. 2021 |
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Comparable store sales, excluding fuel (individual year) |
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2.3 |
% |
7.5 |
% |
Comparable store sales, excluding fuel (two-year stacked) |
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9.8 |
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Comparable store sales (individual year) |
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1.7 |
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8.8 |
% |
Comparable store sales (two-year stacked) |
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10.5 |
% |
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View original content:https://www.prnewswire.com/news-releases/weis-markets-reports-fourth-quarter-and-fiscal-year-2023-results-302073370.html
SOURCE