Weis Markets closed fiscal 2021 Christmas Day. That appears applicable, because the Sunbury-based grocery retailer offered shareholders with a present of file internet gross sales for the yr. Wall Road seen and Weis inventory was up 2.5% on the day.
Weis did greater than improve gross sales in fiscal yr 2021. The corporate elevated its capital expenditure program, reinvesting greater than $150 million in its progress by opening 4 new/relocated shops and eight gas facilities, finishing 13 remodels, and executing greater than a thousand retail retailer enchancment initiatives which the corporate stated elevated store-level efficiencies and enhanced buyer expertise.
“We’re proud and grateful for the contributions of our resilient group of associates who tailored to the challenges of provide chain disruptions, a decent labor market, and inflationary pressures,” stated Weis Markets’ chairman, president and CEO Jonathan H. Weis, the third-generation chief of the corporate based in 1912. “Our associates successfully served our prospects and delivered robust monetary outcomes for the fourth quarter and financial yr 2021 that considerably exceeded pre-pandemic ranges and our authentic expectations.”
Weis famous that his firm benefitted from prospects’ elevated food-at-home consumption due to the COVID-19 pandemic. Because of this, the final two fiscal years of internet gross sales and revenue from operations have been the primary or second highest within the firm’s 110-year historical past.
“The working capital from this constructive momentum positions us effectively for the long run to execute our long-term technique to prudently reinvest for worthwhile progress,” stated Weis.
Fiscal 12 months 2021 Outcomes
Web gross sales totaled $4.2 billion (highest in firm historical past), growing 2.7 % for the 52-week fiscal yr ended December 25, 2021, in comparison with $4.1 billion (second highest in firm historical past) for a similar interval in 2020. Fiscal yr 2021 comparable retailer gross sales, an vital measurement for grocery shops, elevated 1.7 % on a person year-over-year foundation and elevated 18.1 % on a two-year stacked foundation.
The corporate’s fiscal yr 2021 internet revenue totaled $108.8 million (second highest in firm historical past) in comparison with $118.9 million (highest in firm historical past) for a similar interval in 2020, down 8.5 %. The lower in internet revenue was attributable to a ten.1 % lower in revenue from operations. Fiscal yr 2021 earnings per share totaled $4.05 in comparison with $4.42 per share for a similar interval in 2020.
Fourth Quarter Outcomes
For the 13-week fourth quarter ended December 25, 2021, internet gross sales totaled $1.1 billion in comparison with $1.0 billion for a similar interval in 2020. Fourth quarter comparable retailer gross sales elevated 6.9 % on a person year-over-year foundation (accelerating sequentially from the third quarter improve of 4.6 %) and elevated 21.0 % on a two-year stacked foundation (accelerating sequentially from the third quarter improve of 19.4 %).
Web revenue totaled $22.6 million within the firm’s fourth quarter in comparison with $19.4 million in 2020, up 16.4 %. Fourth quarter earnings per share totaled $0.84 in comparison with $0.73 per share for a similar interval in 2020.
About Weis Markets
Based in 1912, Weis Markets, Inc. operates 197 shops in Pennsylvania, Maryland, Delaware, New Jersey, New York, West Virginia and Virginia.