Retailers

Weis Markets' Comps Withstand Surge Lap

Earnings dip 9.1% in Q1 as it cycles COVID stock-ups
Shutterstock

Weis Markets improved upon elevated sales from the COVID pandemic last year, reporting 1.4% comparable-store sales increase for the fiscal first quarter that ended March 27.

In last year’s first quarter, the Sunbury, Pa.-based grocer saw first-quarter comps soar by 12.8% as shoppers in the early weeks of the pandemic onset rushed to stock up. Weis at that time estimated comps without the pandemic effects would have increased by about 1.5%.

Overall sales for the 2021 period climbed by 2.1% to $1 billion, compared to a 12.4% increase last year. Compared to 2019, sales are up by 14.8%. First-quarter net income in 2021 decreased 9.1% to $24.3 million compared to $26.7 million in 2020, or 90 cents per share compared to 99 cents for the same period in 2020. Income from operations dipped 14.9% to $31.8 million.

“Our first-quarter 2021 results remained significantly elevated in absolute terms and were in line with expectations with sales up 14.8% and net income up 69.6% compared to the pre-pandemic levels in first quarter 2019, which is a more appropriate baseline for comparison,” Weis Chairman and CEO Jonathan Weis said in a statement. “We are extremely proud of what our associates accomplished throughout the pandemic. During these challenging and evolving times, we remain well positioned to meet the needs of our customers and communities while continuing to deliver value to our shareholders.”

Weis operates 198 stores in Pennsylvania, Maryland, Delaware, New Jersey, New York, West Virginia and Virginia.

WANT BREAKING NEWS AT YOUR FINGERTIPS?

Get today’s need-to-know grocery industry intelligence. Sign up to receive texts from Winsight Grocery Business.

Trending

More from our partners