WEIS MARKETS REPORTS STRONG THIRD QUARTER RESULTS
Third Quarter Net Income is up 219.3 percent
Sunbury, PA (November 2, 2018) – Weis Markets Inc. (NYSE:WMK) today reported its third quarter sales increased 1.7 percent to $869.1 million compared to the same period in 2017, while third quarter comparable store sales increased 0.7 percent. During the thirteen-week period ended September 29, 2018, the Company’s net income increased 219.3 percent to $14.2 million compared to $4.4 million in 2017 while third quarter earnings per share increased $0.37 to $0.53 per share.
In the third quarter, the Company’s income before income taxes increased 172 percent to $18.6 million. The Company attributed this increase to improved efficiencies in the stores it acquired in 2016, price optimization improvements and improved store-level inventory management. In addition, disciplined fresh department sell-through compared to the same period last year yielded improved results.
Year to Date (YTD) Results
For the 39-week period ended September 29, 2018, the Company’s sales increased 1.3 percent to $2.6 billion compared to the same period a year ago while YTD comparable store sales increased 0.7 percent. YTD net income increased 42.4 percent to $49.5 million while income before income taxes increased 19.7 percent to $67.1 million. YTD earnings per share increased $0.55 to $1.84 per share.
The Company’s YTD results benefited from a 36 percent increase in its online sales. In 2018, it significantly expanded its online ordering program with curbside pickup known as Weis 2 Go Online. This service is currently offered at 87 store locations. In September, the company began partnering with Shipt which offers online ordering with home delivery. This service is available at 172 stores.
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WEIS MARKETS, INC.
COMPARATIVE SUMMARY OF SALES & EARNINGS
Third Quarter – 2018
(Unaudited)
(in thousands, except shares and per share amounts)
13 Week 13 Week
Period Ended Period Ended Increase
September 29, 2018 September 30, 2018 (Decrease)
Net Sales $ 869,076,000 $ 854,261,000 1.7%
Income Before Income Taxes $ 18,638,000 $ 6,851,000 13.7%
Provision for Income Taxes 4,431,000 2,402,000 84.5%
Net Income $ 14,207,000 $ 4,449,000 21.0%
Weighted-Average
Shares Outstanding 26,898,000 26,898,000 —
Basic and Diluted
Earnings Per Share $0.53 $0.16 $0.37
39 Week 39 Week
Period Ended Period Ended Increase
September 29, 2018 September 30, 2018 (Decrease)
Net Sales $ 2,616,282,000 $ 2,583,059,000 1.3%
Income Before Income Taxes $ 67,086,000 $ 56,055,000 19.7%
Provision for Income Taxes 17,594,000 21,295,000 (17.4)%
Net Income $ 49,492,000 $ 34,760,000 42.4%
Weighted-Average
Shares Outstanding 26,898,443 26,898,443 —
Basic and Diluted
Earnings Per Share $1.84 $1.29 $.55