Weis Markets reported a strong Q1 with a 9.7% increase in net sales.
Weis Markets is on an upward swing, reporting a 9.7% lift in net sales for the 13-week first quarter ended March 26. The retailer saw $1.1 billion in net sales over that time period, with comparable store sales increasing 9.4% on an individual year-over-year basis.
Net income for the first quarter totaled $31.4 million, compared to $24.3 million in 2021, an increase of 29.4%. First quarter earnings totaled $1.17 per share compared to $0.90 per share over the same period in 2021.
“We continued to build on our momentum in the first quarter, when we generated strong comparable store sales and net income increases. Despite significant inflationary pressures, we were able to maintain stable gross profit margins and effectively manage expenses,” said Weis Markets’ Chairman, President and CEO Jonathan H. Weis.
“These results reflect the hard work and dedication of associates at every level of our company,” Weis continued. “They have helped us navigate the challenges of a pandemic-impacted marketplace while generating first quarter results that exceeded last year’s performance and our current year expectations.”
Last week at an annual shareholder meeting, Weis announced plans to invest more than $150 million in the company’s growth, which will include four new stores, one expansion, eight fuel centers and five remodels.
Through its capital expenditures in 2021, Weis Markets opened replacement stores in Gap, Bethlehem and Macungie, Pa., and a new store in Martinsburg, W.V. The grocer also completed 13 major renovations, opened nine fuel centers and finished work on more than 1,100 retail store projects to help improve efficiencies and customer experience.
Weis also discussed the company’s 2021 performance during last week’s meeting.
“Our growth program, along with strong supply chain performance, disciplined merchandising and consistent in-store conditions, helped us generate a record $4.2 billion in net sales and a 1.7% comparable-store sales increase in 2021, exceeding record results in 2020. On a two-year stacked basis, our sales increased 18.1%,” Weis said.