1. News
March 8, 2022

Weis Markets registers 2.7% increase in net sales for FY21

The company reinvested more than $150m to expedite its growth during FY21.

US-based food retailer Weis Markets has reported $4.2bn in net sales for the fiscal year 2021 (FY21), up by 2.7% from $4.1bn in the same period of 2020.

The company’s comparable store sales rose by 1.7% on an individual year-over-year basis and 18.1% compared with two years prior.

During the 52-week period, Weis Markets’ net income was $108.8m, down by 8.5% from $118.9m in 2020. This is the second highest net income ever recorded by the company.

The retailers’ earnings per share (EPS) also dropped from $4.42 to $4.05 year-on-year.

For the fourth quarter (Q4), which ended on 25 December, Weis Markets’ net sales increased by 8.0% to $1.1bn compared with $1.0bn in the corresponding period of FY20.

The company’s comparable store sales for the quarter rose by 6.9% on an individual year-over-year basis and were up by 21.0% on a two-year stacked basis.

Its net income for the 13-week period was up by 16.4% to $22.6m compared with $19.4m in 2020, while its Q4 EPS was $0.84, up from $0.73 in 2020.

Weis Markets chairman, president and CEO Jonathan Weis said: “We are proud and grateful for the contributions of our resilient team of associates, who adapted to the challenges of supply chain disruptions, a tight labour market and inflationary pressures.

“Our associates effectively served our customers and delivered strong financial results for the fourth quarter and fiscal year 2021 that significantly exceeded pre-pandemic levels and our original expectations.

“As a retailer that benefitted from our customers’ increased food-at-home consumption because of the Covid-19 pandemic, we note that the last two fiscal years of net sales and income from operations were the first or second highest in our company’s 110-year history.

“The working capital from this positive momentum positions us well for the future to execute our long-term strategy to prudently reinvest for profitable growth.”