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Weis Markets reports increase in Q1 sales driven by COVID-19 panic buying
Stacy Wescoe//May 5, 2020
Sunbury-based Weis Markets Inc. saw dramatically increased income for the first quarter of 2020, due to the COVID-19 related run on grocery stores in March.
The company reported sales increased 12.4 percent to $985.8 million during the 13-week period that ended March 28 as compared to the same quarter in 2019.
Net income for the first quarter increased 86.6 percent to $26.7 million compared to $14.3 million in the first quarter of 2019.
Earnings per share totaled 99 cents as compared to 53 cents per share over the same quarter last year.
“Our team quickly adapted to this changed market environment and resulting supplier disruptions by accelerating and increasing replenishment shipments to our stores and implementing a comprehensive COVID-19 prevention program in our stores, distribution, manufacturing and support facilities to provide a safe shopping and working environment,” said Weis Markets Chairman and CEO Jonathan Weis in a release.
The company noted that January and February sales, which came before the COVID-19 shopping rush, were also slightly higher because of milder weather than in January and February of last year.
Weis estimates its comparable store sales, which were up 12.8 percent, were actually an increase of 1.5 percent compared to the same period in 2019 when adjusting for the impact of the coronavirus pandemic.
