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Weis Markets Announces Second Quarter Results

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Weis Markets Announces Second Quarter Results

Year to date sales, comparable store sales and net income up

PR Newswire

SUNBURY, Pa., Aug. 3, 2018 /PRNewswire/ -- Weis Markets. Inc (NYSE:WMK) today reported its second quarter sales totaled $871.1 million compared to $876.6 million for the same period in 2017. The Company's second quarter net income increased 3.4 percent to $19.1 million compared to $18.5 million in 2017 while second quarter earnings per share increased $0.02 to $0.71 per share.

Weis Markets, Inc. logo. (PRNewsFoto/Weis Markets, Inc.)

The Company's second quarter sales were adversely affected by the Easter holiday shift, since the 2018 Easter sales week fell on the last week of the first quarter while the slow-selling post-holiday week fell in the second quarter this year. Last year both Easter and the post-holiday week were in the second quarter. Total sales for the 13-week period ended June 30, 2018 were down 0.6 percent while adjusted comparable store sales were down 0.3 percent.

Sales were also negatively impacted by the timing of the fourth of July holiday, which fell later in the week following the conclusion of the second quarter. Management estimates the incremental sales impact of the holiday shifts was approximately $12.5 million, which is reflected in its adjusted second quarter comparable store sales.  

Year to Date

For the 26-week period ending June 30, 2018, the Company's sales increased 1.1 percent to $1.7 billion compared to the same period in 2017 while comparable store sales increased 0.7 percent. Year-to-date income increased 16.4 percent to $35.3 million while earnings per share for the same period increased $0.18 to $1.31 per share.

About Weis Markets
Founded in 1912, Weis Markets, Inc. is a Mid Atlantic food retailer operating 206 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: general economic conditions, including their impact on capital expenditures; business conditions in the retail industry; the regulatory environment; rapidly changing technology and competitive factors, including increased competition with regional and national retailers; and price pressures.  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.

 


WEIS MARKETS, INC.
COMPARATIVE SUMMARY OF SALES & EARNINGS


Second Quarter – 2018
(Unaudited)



13 Week


13 Week




Period Ended


Period Ended


Increase


June 30, 2018


July 1, 2017


(Decrease)

Net Sales

$          871,100,000


$         876,569,000


(0.6)%







Income Before Income Taxes

26,142,000


28,130,000


(7.1)%

Provision for Income Taxes 

7,047,000


9,655,000


(27.0)%

Net Income

$            19,095,000


$           18,475,000


3.4%







Weighted-Average






Shares Outstanding

26,898,000


26,898,000


---







Basic and Diluted






Earnings Per Share

$0.71


$0.69


$0.02














26 Week 


26 Week




Period Ended


Period Ended


Increase


June 30, 2018 


July 1, 2017


(Decrease)

Net Sales

$       1,747,206,000


$      1,728,798,000


1.1%







Income Before Income Taxes

48,449,000


49,204,000


(1.5)%

Provision for Income Taxes 

13,163,000


18,893,000


(30.3)%

Net Income

$            35,286,000


$           30,311,000


16.4%







Weighted-Average






Shares Outstanding

26,898,000


26,898,000


---







Basic and Diluted






Earnings Per Share

$1.31


$1.13


$0.18

 

 

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SOURCE Weis Markets

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