Weis Markets Inc (WMK) Reports 0.8% Increase in Q3 Sales, Net Income Down by 19%
Weis Markets Inc (NYSE:WMK) reported a 0.8% increase in third quarter sales compared to the same period in 2022.
The company's net income for the third quarter decreased by 19% year-over-year.
Year-to-date sales increased by 2.8% while net income decreased by 13.5% compared to the same period in 2022.
The company declared a dividend of $0.34 per share payable on November 20, 2023.
On November 6, 2023, Weis Markets Inc (NYSE:WMK) released its financial results for the third quarter and the 39-week year-to-date period ended September 30, 2023. Despite a challenging marketplace characterized by ongoing inflation, higher interest rates, and declining government benefits, the company's results remain in line with expectations.
Third Quarter 2023 Results
Net sales for the third quarter totaled $1.16 billion, up 0.8% from $1.15 billion in the same period in 2022. Comparable store sales also increased by 0.8% year-over-year and by 8.7% on a two-year stacked basis. However, net income for the quarter was down 19%, totaling $23.23 million compared to $28.66 million in 2022. Earnings per share for the quarter were $0.86, down from $1.07 in 2022.
Year-To-Date 2023 Results
For the 39-week year-to-date period, net sales totaled $3.48 billion, up 2.8% from $3.39 billion in the same period in 2022. Comparable store sales increased by 2.5% year-over-year and by 11.1% on a two-year stacked basis. However, the company's year-to-date net income decreased by 13.5%, totaling $83.31 million compared to $96.31 million in 2022. Year-to-date earnings per share were $3.10, down from $3.58 in 2022.
Company's Response to Market Challenges
Despite the challenging marketplace, Weis Markets Inc (NYSE:WMK) has made efforts to drive efficiencies in its business. The company expanded its Low, Low Price program, offering savings on more than 10,000 products. It also continues to make prudent reinvestments in long-term profitable growth. As stated by Jonathan H. Weis, Chairman, President, and CEO of Weis Markets, Inc., these efforts are aimed at benefiting all stakeholders now and in the years ahead.
Dividend Declaration
The Weis Markets, Inc. Board of Directors declared a dividend of $0.34 per share to shareholders of record as of November 6, 2023, payable on November 20, 2023.
Company Overview
Weis Markets, Inc., founded in 1912, is a Mid Atlantic food retailer operating 197 stores in Pennsylvania, Maryland, Delaware, New Jersey, New York, West Virginia, and Virginia.
Explore the complete 8-K earnings release (here) from Weis Markets Inc for further details.
This article first appeared on GuruFocus.
