Most of the arrows pointed to Weis Markets, Inc., in its most recent quarter and recently ended fiscal year. According to the Pennsylvania-based grocer’s latest financial report, net sales increased 8% in the fourth quarter and 2.7% for the 52-week period ending Dec. 25, 2021.
Indeed, one could argue that Christmas Day was an appropriate date to end the fiscal year, as net sales for that period peaked at $4.2 billion. In addition to this gift of good news, Weis reports that its fiscal 2021 comparable store sales increased 1.7% on an annual basis and 18.1% on a two-year stacked basis, the common criterion. for the pre-pandemic period. operating environment.
Although these higher dollar sales occurred during a period of inflation, there are other positive numbers for Weis Markets for the quarter and the year. The retailer’s net income reached $22.6 million in the fourth quarter, compared to $19.4 million in the fourth quarter of 2020. Fourth-quarter earnings per share were also higher.
In contrast, Weis’ net income fell 8.5% in the past fiscal year, totaling $108.8 million. Still, that net profit was the second-highest in company history, just past the 2020 pandemic high of $118.9 million.
In a time of generally favorable growth, the grocer has spent much of 2021 building for its future, reinvesting more than $150 million in new and relocated stores and fuel centers. Additionally, the company has executed more than a thousand retail store improvement projects aimed at increasing efficiency and improving the customer experience.
“We are proud and grateful for the contributions of our resilient team of associates who have adapted to the challenges of supply chain disruptions, a tight labor market and inflationary pressures,” said Jonathan H. Weis. , Chairman and Chief Executive Officer. “As a retailer that has benefited from increased in-home food consumption by our customers due to the COVID-19 pandemic, we note that net sales and operating income for the past two fiscal years have been the first or second highest in 110 years of our business.The working capital of this positive momentum positions us well going forward to execute our long-term strategy of prudent reinvestment for profitable growth.
Based in Sunbury, Pennsylvania Weis Markets operates 197 stores in Pennsylvania, Delaware, Maryland, New Jersey, New York, Virginia and West Virginia. The company is #60 on The PG 100, Progressive Grocer’s 2021 list of top food and consumables retailers in North America.