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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): February 27, 2023
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 February 27, 2023, the Company released its earnings for the fourth quarter and fiscal year ended December 31, 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.
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: February 27, 2023 |
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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 FOURTH QUARTER AND FISCAL YEAR 2022 RESULTS
Company’s fourth quarter comparable store sales increased 9.5 percent
Sunbury, PA (February 27, 2023) – Weis Markets, Inc. (NYSE: WMK) today reported its financial results for the 14-week fourth quarter and the 53-week fiscal year period ended December 31, 2022.
“We continued our positive momentum in the fourth quarter which contributed to a strong fiscal year 2022,” said Weis Markets, Inc. Chairman, President and CEO Jonathan H. Weis. “Our fourth quarter results were favorably impacted by disciplined loyalty marketing programs and ongoing price investments across the store. The focus on customer experience along with leveraging store level and supply chain efficiencies helped offset some of the current inflationary pressures of higher product, fuel, utilities, and other operating costs.”
“We also continued to reinvest in our future through execution of our multi-year capital expenditures program, completing ten store remodels, three new fuel centers, one new store, one rebuild, and a record number of smaller projects which help us efficiently serve our customers,” said Mr. Weis. “We are grateful to our dedicated store, supply chain, manufacturing, and support center associates who make our success possible.”
The Weis Markets, Inc. Board of Directors declared on February 2, 2023 a quarterly cash dividend of $0.34 per share to shareholders of record as of February 13, 2023 payable on February 27, 2023.
Fourth Quarter 2022 Results
Net sales totaled $1.31 billion for the 14-week fourth quarter ended December 31, 2022, compared to $1.11 billion for the 13-week fourth quarter ended December 25, 2021, up 18.0 percent. Fourth quarter comparable store sales, adjusted for an additional week in 2022, increased 9.5 percent on an individual year-over-year basis and increased 16.4 percent on a two-year stacked basis following the increase of 14.1 percent for the same period in 2020.
The Company’s fourth quarter net income (after provision for income taxes) totaled $28.88 million compared to $22.61 million in 2021, up 27.7 percent. Fourth quarter earnings per share totaled $1.07 compared to $0.84 per share in 2021.
Fiscal Year 2022 Results
Net sales totaled $4.70 billion for the 53-week fiscal year ended December 31, 2022, compared to $4.22 billion for the 52-week fiscal year ended December 25, 2021, up 11.2 percent. Fiscal year 2022 comparable store sales, adjusted for an additional week in 2022, increased 8.8 percent on an individual year-over-year basis and increased 10.5 percent on a two-year stacked basis following the increase of 16.4 percent for the same period in 2020.
The Company’s fiscal year 2022 net income (after provision for income taxes) totaled $125.20 million compared to $108.85 million in 2021, up 15.0 percent. Fiscal year 2022 earnings per share totaled $4.65 compared to $4.05 per share 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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Fourth Quarter — 2022 |
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(Unaudited) |
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14 Weeks Ended |
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13 Weeks Ended |
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Increase |
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December 31, 2022 |
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December 25, 2021 |
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(Decrease) |
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Net sales |
$ |
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1,306,090,000 |
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$ |
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1,107,276,000 |
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18.0 |
% |
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Income from operations |
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33,576,000 |
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30,351,000 |
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10.6 |
% |
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Income before provision for income taxes |
$ |
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35,890,000 |
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$ |
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30,593,000 |
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17.3 |
% |
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Provision for income taxes |
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7,007,000 |
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7,979,000 |
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(12.2) |
% |
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Net income |
$ |
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28,883,000 |
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$ |
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22,614,000 |
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27.7 |
% |
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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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1.07 |
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$ |
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0.84 |
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$ |
0.23 |
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53 Weeks Ended |
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52 Weeks Ended |
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Increase |
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December 31, 2022 |
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December 25, 2021 |
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(Decrease) |
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Net sales |
$ |
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4,695,943,000 |
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$ |
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4,224,417,000 |
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11.2 |
% |
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Income from operations |
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157,052,000 |
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146,711,000 |
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7.0 |
% |
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Income before provision for income taxes |
$ |
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160,777,000 |
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$ |
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148,307,000 |
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8.4 |
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Provision for income taxes |
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35,581,000 |
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39,458,000 |
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(9.8) |
% |
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Net income |
$ |
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125,196,000 |
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$ |
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108,849,000 |
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15.0 |
% |
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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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4.65 |
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$ |
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4.05 |
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$ |
0.60 |
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WEIS MARKETS, INC.
TWO-YEAR STACKED COMPARABLE STORE SALES
Fourth Quarter — 2022
(Unaudited)
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Percentage Change |
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Fourth Quarter Ended |
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(amounts adjusted for an additional week in 2022) |
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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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9.5 |
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6.9 |
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Comparable store sales (two-year stacked) |
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16.4 |
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Comparable store sales, excluding fuel (individual year) |
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9.6 |
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4.9 |
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Comparable store sales, excluding fuel (two-year stacked) |
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14.5 |
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Percentage Change |
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Year Ended |
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(amounts adjusted for an additional week in 2022) |
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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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8.8 |
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1.7 |
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Comparable store sales (two-year stacked) |
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10.5 |
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Comparable store sales, excluding fuel (individual year) |
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7.5 |
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0.2 |
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Comparable store sales, excluding fuel (two-year stacked) |
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7.7 |
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