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Weis Markets reports second quarter 2022 results

Weis Markets Inc. reported its financial results for the 13-week second quarter and the 26-week year-to-date period ended June 25.

“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 multimillion-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.”

Net sales totaled $1.14 billion for the 13-week second quarter ended June 25, 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.

Net sales totaled $2.24 billion for the 26-week year-to-date period ended June 25, 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.