WEIS MARKETS REPORTS FOURTH QUARTER AND FISCAL YEAR 2024 RESULTS
Rhea-AI Summary
Weis Markets (NYSE: WMK) reported strong financial results for Q4 and fiscal year 2024. The company's net sales reached $4.77 billion for FY2024, up 1.6% from 2023, with comparable store sales excluding fuel increasing 1.9%. E-commerce sales surged 46% year-over-year.
Q4 net sales totaled $1.23 billion, up 1.2% from 2023, with comparable store sales excluding fuel up 1.1%. Q4 net income rose significantly to $34.68 million (69% increase), with earnings per share of $1.29. FY2024 net income reached $109.94 million, a 5.9% increase from 2023, with EPS of $4.09.
The company completed 12 major store development projects, acquired and converted two stores, and began construction of four new stores. The Board declared a quarterly dividend of $0.34 per share, payable March 4, 2025.
Positive
- E-commerce sales grew 46% YoY
- Q4 net income up 69% to $34.68M
- FY2024 net income increased 5.9% to $109.94M
- Comparable store sales ex-fuel up 1.9%
- Expansion with 12 store developments and 4 new stores under construction
Negative
- Modest net sales growth of only 1.6% YoY
- Q4 comparable store sales growth slowed to 1.1%
News Market Reaction 1 Alert
On the day this news was published, WMK declined 1.49%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Company's fiscal year 2024 comparable store sales excluding fuel increased 1.9 percent
"Our fiscal year 2024 and fourth quarter results were in line with our expectations thanks to the efforts of our associates at every level of our company. During the year, they helped us work through inflation and supply chain issues in key segments of our business while driving sales and net income increases," said Weis Markets, Inc. Chairman, President and CEO Jonathan H. Weis. "Several factors helped us achieve our results including sustained price investments, disciplined advertising and loyalty marketing programs along with the successful integration of technology to help us improve efficiencies and manage expenses while offering a consistently strong customer experience."
"In 2024, we continued to benefit from strong e-commerce sales, which were up 46 percent for the year," said Mr. Weis. "We also worked through prior supply chain disruptions of labor and materials to complete 12 major store development projects. In addition, we acquired and converted two stores and began the construction of four new stores in growing markets. We are grateful to our associates who helped us achieve our results and look forward to building on our progress in 2025."
Fourth Quarter 2024 Results
Net sales totaled
The Company's fourth quarter net income (after provision for income taxes) totaled
Fiscal Year 2024 Results
Net sales totaled
The Company's fiscal year 2024 net income (after provision for income taxes) totaled
Quarterly Cash Dividend
The Weis Markets, Inc. Board of Directors declared on February 5, 2025, a quarterly cash dividend of
About Weis Markets
Founded in 1912, Weis Markets, Inc. is a Mid Atlantic food retailer operating 198 stores in
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: general economic conditions, including their impact on capital expenditures; business conditions in the retail industry; the regulatory environment; rapidly changing technology and competitive factors, including increased competition with regional and national retailers; and price pressures. 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.
WEIS MARKETS, INC. COMPARATIVE SUMMARY OF SALES & EARNINGS Fourth Quarter – 2024 (Unaudited) | ||||||||||||
13 Weeks Ended | 13 Weeks Ended | Increase | ||||||||||
December 28, 2024 | December 30, 2023 | (Decrease) | ||||||||||
Net sales | $ | 1,227,278,000 | $ | 1,212,975,000 | 1.2 | % | ||||||
Other revenue | 5,675,000 | 5,442,000 | 4.3 | |||||||||
Total revenue | 1,232,953,000 | 1,218,417,000 | 1.2 | % | ||||||||
Income from operations | 42,304,000 | 29,272,000 | 44.5 | % | ||||||||
Income before provision for income taxes | $ | 46,832,000 | $ | 32,466,000 | 44.2 | % | ||||||
Provision for income taxes | 12,155,000 | 11,943,000 | 1.8 | % | ||||||||
Net income | $ | 34,677,000 | $ | 20,523,000 | 69.0 | % | ||||||
Weighted-average shares outstanding | 26,898,443 | 26,898,443 | — | |||||||||
Basic and diluted earnings per share | $ | 1.29 | $ | 0.76 | $ | 0.53 | ||||||
52 Weeks Ended | 52 Weeks Ended | Increase | ||||||||||
December 28, 2024 | December 30, 2023 | (Decrease) | ||||||||||
Net sales | $ | 4,773,880,000 | $ | 4,696,950,000 | 1.6 | % | ||||||
Other revenue | 17,850,000 | 17,623,000 | 1.3 | |||||||||
Total revenue | $ | 4,791,730,000 | $ | 4,714,573,000 | 1.6 | % | ||||||
Income from operations | 131,715,000 | 137,186,000 | (4.0) | % | ||||||||
Income before provision for income taxes | $ | 150,275,000 | $ | 146,696,000 | 2.4 | % | ||||||
Provision for income taxes | 40,334,000 | 42,868,000 | (5.9) | % | ||||||||
Net income | $ | 109,941,000 | $ | 103,828,000 | 5.9 | % | ||||||
Weighted-average shares outstanding | 26,898,443 | 26,898,443 | — | |||||||||
Basic and diluted earnings per share | $ | 4.09 | $ | 3.86 | $ | 0.23 | ||||||
WEIS MARKETS, INC. TWO-YEAR STACKED COMPARABLE STORE SALES Fourth Quarter — 2024 (Unaudited) | ||||||
Percentage Change | ||||||
Fourth Quarter Ended | ||||||
(amounts adjusted for an additional week in 2022) | 2024 vs. 2023 | 2023 vs. 2022 | ||||
Comparable store sales, excluding fuel (individual year) | 1.1 | % | 0.2 | % | ||
Comparable store sales, excluding fuel (two-year stacked) | 1.3 | |||||
Comparable store sales (individual year) | 0.8 | (0.5) | % | |||
Comparable store sales (two-year stacked) | 0.3 | % | ||||
Percentage Change | ||||||
Year Ended | ||||||
(amounts adjusted for an additional week in 2022) | 2024 vs. 2023 | 2023 vs. 2022 | ||||
Comparable store sales, excluding fuel (individual year) | 1.9 | % | 2.3 | % | ||
Comparable store sales, excluding fuel (two-year stacked) | 4.2 | |||||
Comparable store sales (individual year) | 1.7 | 1.7 | % | |||
Comparable store sales (two-year stacked) | 3.4 | % | ||||
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SOURCE Weis Markets
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