US-based food retailer Weis Markets has reported that its net sales for the third quarter (Q3) of fiscal 2022 (FY22) grew by 8.2% to $1.15bn from a year earlier.
In the three months to 24 September, the retailer’s comparable store sales rose by 7.9% on an individual year-over-year (YoY) basis and 12.5% on a two-year stacked (Yo2Y) basis.
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The company’s income from operations was $33.65m in Q3 2022, down by 13.6% from $38.96m in the same period of FY21.
Its net income for the 13-week period was $28.66m, up by 0.5% from $28.51m in Q3 2021.
Weis Markets registered basic and diluted earnings per share (EPS) of $1.07 in the quarter, against $1.06 in the same period of FY21.
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Weis Markets chairman, president and CEO Jonathan Weis said: “We remain grateful to our associates who are helping us work through the challenges of an inflationary environment to achieve our elevated current year expectations.
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By GlobalData“As customers look for more ways to save, the Weis Gas Rewards Program, Weis Quality private label products, and our Low, Low Price Programs offer strong value.
“We will build on our value proposition in the fourth quarter when customers can earn a free turkey or ham for their holiday celebrations based on their purchases.”
In the first three quarters of FY22, Weis Markets’ net sales amounted to $3.39bn, representing an 8.7% growth from $3.12bn in the same period of FY21.
The retailer’s comparable store sales for the year to date increased by 8.6% YoY and 8.5% Yo2Y.
Its net income for this period was $96.31m, against $86.23m in the first nine months of FY21.
In March this year, Weis Markets reported $4.2bn in full-year net sales for FY21, up by 2.7% from $4.1bn in the same period of 2020.
The company’s comparable store sales rose by 1.7% YoY and 18.1% Yo2Y.
