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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 1, 2022
WEIS MARKETS, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania
(State or other jurisdiction of incorporation)
1-5039 |
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24-0755415 |
(Commission File Number) |
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(IRS Employer Identification No.) |
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1000 South Second Street |
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Sunbury, PA |
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17801 |
(Address of principal executive offices) |
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(Zip Code) |
Registrant's telephone number, including area code: (570) 286-4571
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the act:
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On August 1, 2022, the Company released its earnings for the second quarter ended June 25, 2022. A copy of the news release is attached hereto as Exhibit 99.1 and is incorporated herein by this reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibit.
99.1 Weis Markets, Inc. August 1, 2022 news release announcing the second quarter 2022 earnings.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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WEIS MARKETS, INC. |
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By: /s/Michael T. Lockard |
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Name: Michael T. Lockard |
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Title: Senior Vice President, Chief Financial Officer and Treasurer |
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(Principal Financial Officer) |
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Dated: August 1, 2022 |
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Exhibit 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Dennis Curtin
Weis Markets, Inc.
570-847-3636
dennis.curtin@weismarkets.com
WEIS MARKETS REPORTS SECOND QUARTER 2022 RESULTS
Company’s second quarter comparable store sales increased 8.4 percent; net income up 8.3 percent
Sunbury, PA (August 1, 2022) – Weis Markets, Inc. (NYSE: WMK) today reported its financial results for the 13-week second quarter and the 26-week year-to-date period ended June 25, 2022.
“We generated strong results in the second quarter despite ongoing inflationary pressures throughout our business operations due to the hard work and commitment of our associates,” said Weis Markets’ Chairman, President and CEO Jonathan H. Weis. “We are also mindful of inflation’s impact on our customers and continue to promote the value of our private brands along with the fuel and retail product savings available through our Weis Rewards program. In May, we made a multi-million-dollar investment to expand our Low, Low Price program by lowering prices on hundreds of our best-selling brand-name and Weis Quality frozen products.”
Second Quarter 2022 Results
Net sales totaled $1.14 billion for the 13-week second quarter ended June 25, 2022, compared to $1.05 billion for the same period in 2021, up 8.4 percent. Second quarter comparable store sales increased 8.4 percent on an individual year-over-year basis and increased 2.6 percent on a two-year stacked basis following the increase of 24.1 percent for the same period in 2020.
The Company’s second quarter net income totaled $36.27 million compared to $33.47 million in 2021, up 8.3 percent. Second quarter earnings per share totaled $1.35 compared to $1.24 per share for the same period in 2021.
Year-To-Date 2022 Results
Net sales totaled $2.24 billion for the 26-week year-to-date period ended June 25, 2022, compared to $2.05 billion for the same period in 2021, up 9.0 percent. Year-to-date comparable store sales increased 8.9 percent on an individual year-over-year basis and increased 6.5 percent on a two-year stacked basis following the increase of 18.5 percent for the same period in 2020.
The Company’s year-to-date net income totaled $67.66 million compared to $57.73 million in 2021, up 17.2 percent. Year-to-date earnings per share totaled $2.52 compared to $2.15 per share for the same period in 2021.
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About Weis Markets
Founded in 1912, Weis Markets, Inc. is a Mid Atlantic food retailer operating 197 stores in Pennsylvania, Maryland, Delaware, New Jersey, New York, West Virginia and Virginia. For more information, please visit: WeisMarkets.com or Facebook.com/WeisMarkets.
In addition to historical information, this news release may contain forward-looking statements, which are included pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. For example, risks and uncertainties can arise with changes in: competitive and reputational risks; financial, investment and infrastructure risks; information security, cybersecurity and data privacy risks; supply chain and third-party risks; risks created by pandemics (including the ongoing COVID-19 outbreak and the related responses of governments, consumers, customers, suppliers and employees); and legal, regulatory and other external risks. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly revise or update these forward-looking statements to reflect events or circumstances that arise after the date hereof. Readers should carefully review the risk factors described in other documents the Company files periodically with the Securities and Exchange Commission. Management is also providing a two-year stacked comparable store sales analysis, a non-GAAP measure, because management believes this metric is useful to investors and analysts. It is not recommended that the two-year-stacked analysis be considered a substitute for the Company’s operating results as reported in accordance with GAAP.
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WEIS MARKETS, INC.
COMPARATIVE SUMMARY OF SALES & EARNINGS
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Second Quarter — 2022 |
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(Unaudited) |
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13 Weeks Ended |
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Increase |
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June 25, 2022 |
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June 26, 2021 |
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(Decrease) |
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Net sales |
$ |
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1,135,234,000 |
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$ |
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1,047,349,000 |
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8.4 |
% |
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Income from operations |
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48,405,000 |
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45,559,000 |
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6.2 |
% |
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Income before provision for income taxes |
$ |
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49,460,000 |
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$ |
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45,868,000 |
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7.8 |
% |
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Provision for income taxes |
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13,194,000 |
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12,396,000 |
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6.4 |
% |
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Net income |
$ |
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36,266,000 |
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$ |
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33,472,000 |
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8.3 |
% |
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Weighted-average shares outstanding |
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26,898,443 |
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26,898,443 |
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— |
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Basic and diluted earnings per share |
$ |
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1.35 |
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$ |
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1.24 |
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$ |
0.11 |
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26 Weeks Ended |
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Increase |
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June 25, 2022 |
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June 26, 2021 |
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(Decrease) |
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Net sales |
$ |
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2,239,302,000 |
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$ |
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2,053,689,000 |
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9.0 |
% |
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Income from operations |
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89,818,000 |
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77,392,000 |
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16.1 |
% |
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Income before provision for income taxes |
$ |
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91,498,000 |
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$ |
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78,538,000 |
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16.5 |
% |
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Provision for income taxes |
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23,843,000 |
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20,811,000 |
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14.6 |
% |
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Net income |
$ |
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67,655,000 |
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$ |
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57,727,000 |
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17.2 |
% |
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Weighted-average shares outstanding |
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26,898,443 |
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26,898,443 |
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— |
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Basic and diluted earnings per share |
$ |
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2.52 |
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$ |
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2.15 |
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$ |
0.37 |
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WEIS MARKETS, INC.
TWO-YEAR STACKED COMPARABLE STORE SALES
Second Quarter — 2022
(Unaudited)
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Percentage Changes |
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13 Weeks Ended |
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2022 vs. 2021 |
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2021 vs. 2020 |
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Comparable store sales (individual year) |
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8.4 |
% |
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(5.8) |
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Comparable store sales (two-year stacked) |
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2.6 |
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Comparable store sales, excluding fuel (individual year) |
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6.0 |
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(7.7) |
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Comparable store sales, excluding fuel (two-year stacked) |
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(1.7) |
% |
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Percentage Changes |
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26 Weeks Ended |
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2022 vs. 2021 |
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2021 vs. 2020 |
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Comparable store sales (individual year) |
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8.9 |
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(2.4) |
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Comparable store sales (two-year stacked) |
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6.5 |
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Comparable store sales, excluding fuel (individual year) |
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6.8 |
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(3.6) |
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Comparable store sales, excluding fuel (two-year stacked) |
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3.2 |
% |
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