US-based food retailer Weis Markets has reported a net income of $23.23m in the third quarter (Q3) of fiscal 2023 (FY23), down 19.0% from $28.66m in Q3 FY22.

The retailer registered earnings per share (EPS) of $0.86 in Q3 FY23 against $1.07 in Q2 FY22.

During the quarter ending 30 September 2023, Weis Markets generated $1.16bn in net sales, an increase of 0.8% from $1.15bn in the corresponding period last year.

Its comparable store sales rose by 0.8% on an individual year-over-year (YoY) basis.

In the year-to-date 2023, the retailer reported net income of $83.31m, a decrease of 13.5% from $96.31m in the prior year period.

Weis Markets posted EPS of $3.10 in Q3 FY23, compared to $3.58 in 2022.

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By GlobalData

Net sales for the retailer were $3.48bn, representing 2.8% growth from $3.39bn in the same period in 2022.

Its comparable store sales increased 2.5% on an individual YoY basis.

Weis Markets chairman, president and CEO Jonathan Weis said: “Our 2023 results remain in line with our expectations despite a challenging marketplace of ongoing inflation, higher interest rates, and declining government benefits.

“We are grateful to our associates for their hard work and commitment to serve our customers and drive efficiencies in our business. During the quarter, we expanded our Low, Low Price programme, which now offers strong, everyday savings and values on more than 10,000 products.

“We also continue to make prudent reinvestments in long-term profitable growth which benefits all our stakeholders now and in the years ahead.”