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Weis Markets reports first quarter gains
Cris Collingwood//May 3, 2022
Sunbury-based Weis Markets, Inc. today reported its first quarter net income rose 29.4% over 2021.
Net sales totaled $1.1 billion for the 13-week first quarter ended March 26 compared to $1.0 billion for the same period in 2021, up 9.7%.
First quarter comparable store sales increased 9.4% on an individual year-over-year basis, accelerating sequentially from the fourth quarter 2021 increase of 6.9%, and increased 10.8% on a two-year stacked basis.
The company’s first quarter net income totaled $31.4 million compared to $24.3 million in 2021, up 29.4%. First quarter earnings per share totaled $1.17 compared to $0.90 per share for 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, said Weis Markets’ chairman, president and CEO Jonathan H. Weis. “Despite significant inflationary pressures, we were able to maintain stable gross profit margins and effectively manage expenses.”
Weis said the results reflect the hard work and dedication of associates at every level of the company. “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.”
