Retailers

Weis’ Double-Digit Sales Gains Continue Into Q2

Retailer reports 23.7% increase in sales, 24.1% increase in same-store sales
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Following a strong first quarter, Weis Markets has continued to see lifts in quarterly and same-store sales in its second quarter. The Sunbury, Pa.-based reported a 23.7% increase in sales to $1.1 billion during the 13-week period ending June 27 vs. the same period in 2019, and a 24.1% increase in same-store sales. It also saw e-commerce sales rise 243%.

Chairman and CEO Jonathan Weis attributed some of the gains to consumers shifting to food retail as COVID-19 spread throughout the U.S. "The coronavirus pandemic has altered most aspects of daily life in our seven-state market area which was impacted by full and partial shutdowns initially, and cautious reopenings in June," Weis said in a statement. "This has resulted in customers taking an increased number of meals at home, which shifted food service demand to food retail."

Weis Markets second-quarter net income increased 102.5% to $41.5 vs. $20.5 million in 2019, while earnings per share totaled $1.54 compared to 76 cents per share for the same period in 2019.

Year to Date

For the 26-week period ending June 27, Weis Markets’ sales increased 18.1% to $2.1 billion vs. the same period in 2019, and same-store sales increased 18.5%. Year-to-date net income increased 96% to $68.2 million, while earnings per share for the same period increased $1.24 to $2.53 per share. Year-to-date e-commerce sales increased 141%.

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