Weis Markets Reports Fourth Quarter and Full Year 2022 Results; Jonathan H. Weis Comments
SUNBURY, PA - Let's dive into fiscal results in the retail sector. In its financial report for the 14-week fourth quarter and the 53-week fiscal year period ended December 31, 2022, Weis Markets announced net sales of $1.31 billion, a rise from the $1.11 billion reported for the 13-week fourth quarter ended December 25, 2021.
"We continued our positive momentum in the fourth quarter which contributed to a strong fiscal year 2022," said Chairman, President, and Chief Executive Officer Jonathan H. Weis. "Our fourth quarter results were favorably impacted by disciplined loyalty marketing programs and ongoing price investments across the store. The focus on customer experience along with leveraging store level and supply chain efficiencies helped offset some of the current inflationary pressures of higher product, fuel, utilities, and other operating costs."
Also noted in its fourth quarter results, Weis' fourth quarter comparable store sales, adjusted for an additional week in 2022, increased 9.5 percent on an individual year-over-year basis and increased 16.4 percent on a two-year stacked basis following the increase of 14.1 percent for the same period in 2020. Net income for the quarter totaled $28.88 million compared to $22.61 million in 2021, up 27.7 percent (after provision for income taxes).
Net sales for the 53-week fiscal year ended December 31, 2022, totaled $4.7 billion, compared to $4.22 billion for the 52-week fiscal year ended December 25, 2021.
"We also continued to reinvest in our future through execution of our multi-year capital expenditures program, completing 10 store remodels, three new fuel centers, one new store, one rebuild, and a record number of smaller projects which help us efficiently serve our customers," Weis continued. "We are grateful to our dedicated store, supply chain, manufacturing, and support center associates who make our success possible."
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