8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 7, 2022

WEIS MARKETS, INC.

(Exact name of registrant as specified in its charter)

Pennsylvania

(State or other jurisdiction of incorporation)

1-5039	24-0755415
(Commission File Number)	(IRS Employer Identification No.)
1000 South Second Street
Sunbury, PA	17801
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: (570) 286-4571

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the act:

Title of each class	Trading symbol	Name of exchange on which registered
Common stock, no par value	WMK	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On March 7, 2022, the Company released its earnings for the fourth quarter ended December 25, 2021. A copy of the news release is attached hereto as Exhibit 99.1 and is incorporated herein by this reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibit.

99.1 Weis Markets, Inc. March 7, 2022 news release announcing the fourth quarter 2021 earnings.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	WEIS MARKETS, INC.
	By: /s/Michael T. Lockard
	Name: Michael T. Lockard
	Title: Senior Vice President, Chief Financial Officer and Treasurer
	(Principal Financial Officer)
Dated: March 7, 2022

EX-99.1

Exhibit 99.1

NEWS RELEASE

FOR IMMEDIATE RELEASE

Contact:

Dennis Curtin

Weis Markets, Inc.

570-847-3636

dennis.curtin@weismarkets.com

WEIS MARKETS REPORTS FOURTH QUARTER AND FISCAL YEAR 2021 RESULTS

Company’s fourth quarter comparable store sales increased 6.9 percent

Sunbury, PA (March 7, 2022) – Weis Markets, Inc. (NYSE: WMK) today reported its financial results for the 13-week fourth quarter and 52-week fiscal year ended December 25, 2021.

“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 labor market, and inflationary pressures,” said Weis Markets’ Chairman, President and CEO Jonathan H. Weis. “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,” said Mr. Weis.

Fourth Quarter Results

Net sales totaled $1.1 billion for the 13-week fourth quarter ended December 25, 2021, compared to $1.0 billion for the same period in 2020, up 8.0 percent. Fourth quarter comparable store sales increased 6.9 percent on an individual year-over-year basis (accelerating sequentially from the third quarter increase of 4.6 percent) and increased 21.0 percent on a two-year stacked basis (accelerating sequentially from the third quarter increase of 19.4 percent).

The Company’s fourth quarter net income totaled $22.6 million compared to $19.4 million in 2020, up 16.4 percent. Fourth quarter earnings per share totaled $0.84 compared to $0.73 per share for the same period in 2020.

Fiscal Year 2021 Results

Net sales totaled $4.2 billion (highest in company history), increasing 2.7 percent for the 52-week fiscal year ended December 25, 2021, compared to $4.1 billion (second highest in company history) for the same period in 2020. Fiscal year 2021 comparable store sales increased 1.7 percent on an individual year-over-year basis and increased 18.1 percent on a two-year stacked basis.

The Company’s fiscal year 2021 net income totaled $108.8 million (second highest in company history) compared to $118.9 million (highest in company history) for the same period in 2020, down 8.5 percent. Fiscal year 2021 earnings per share totaled $4.05 compared to $4.42 per share for the same period in 2020.

In fiscal year 2021, the Company increased its capital expenditure program, reinvesting more than $150 million in its growth by opening four new/relocated stores and eight fuel centers, completing thirteen remodels, and executing more than a thousand retail store improvement projects which increased store-level efficiencies and enhanced customer experience.

###

About Weis Markets

Founded in 1912, Weis Markets, Inc. is a Mid Atlantic food retailer operating 197 stores in Pennsylvania, Maryland, Delaware, New Jersey, New York, West Virginia and Virginia. For more information, please visit: WeisMarkets.com or Facebook.com/WeisMarkets.

In addition to historical information, this news release may contain forward-looking statements, which are included pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. For example, risks and uncertainties can arise with changes in: competitive and reputational risks; financial, investment and infrastructure risks; information security, cybersecurity and data privacy risks; supply chain and third-party risks; risks created by pandemics (including the ongoing COVID-19 outbreak and the related responses of governments, consumers, customers, suppliers and employees); and legal, regulatory and other external risks. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly revise or update these forward-looking statements to reflect events or circumstances that arise after the date hereof. Readers should carefully review the risk factors described in other documents the Company files periodically with the Securities and Exchange Commission. Management is also providing a two-year stacked comparable store sales analysis, a non-GAAP measure, because management believes this metric is useful to investors and analysts. It is not recommended that the two-year-stacked analysis be considered a substitute for the Company’s operating results as reported in accordance with GAAP.

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WEIS MARKETS, INC.

COMPARATIVE SUMMARY OF SALES & EARNINGS

Fourth Quarter — 2021
(Unaudited)
	13 Weeks Ended					Increase
	December 25, 2021		December 26, 2020			(Decrease)
Net sales	$	1,107,276,000	$	1,025,690,000		8.0	%
Income from operations		30,351,000		26,942,000		12.7	%
Income before provision for income taxes	$	30,593,000	$	27,666,000		10.6	%
Provision for income taxes		7,979,000		8,246,000		(3.2)	%
Net income	$	22,614,000	$	19,420,000		16.4	%
Weighted-average shares outstanding		26,898,443		26,898,443		—
Basic and diluted earnings per share	$	0.84	$	0.73	$	0.11

	52 Weeks Ended					Increase
	December 25, 2021		December 26, 2020			(Decrease)
Net sales	$	4,224,417,000	$	4,112,601,000		2.7	%
Income from operations		146,711,000		163,178,000		(10.1)	%
Income before provision for income taxes	$	148,307,000	$	163,679,000		(9.4)	%
Provision for income taxes		39,458,000		44,762,000		(11.8)	%
Net income	$	108,849,000	$	118,917,000		(8.5)	%
Weighted-average shares outstanding		26,898,443		26,898,443		—
Basic and diluted earnings per share	$	4.05	$	4.42	$	(0.37)

TWO-YEAR STACKED COMPARABLE STORE SALES

Fourth Quarter — 2021

(Unaudited)

	Percentage Changes
	13 Weeks Ended
		2021 vs. 2020		2020 vs. 2019
Comparable store sales (individual year)		6.9	%	14.1	%
Comparable store sales (two-year stacked)		21.0
Comparable store sales, excluding fuel (individual year)		4.9		14.9	%
Comparable store sales, excluding fuel (two-year stacked)		19.8	%
	Percentage Changes
	52 Weeks Ended
		2021 vs. 2020		2020 vs. 2019
Comparable store sales (individual year)		1.7	%	16.4	%
Comparable store sales (two-year stacked)		18.1
Comparable store sales, excluding fuel (individual year)		0.2		17.5	%
Comparable store sales, excluding fuel (two-year stacked)		17.7	%

XML

Document and Entity Information	Mar. 07, 2022
Cover [Abstract]
Entity Central Index Key	0000105418
Document Type	8-K
Document Period End Date	Mar. 07, 2022
Entity File Number	1-5039
Entity Registrant Name	WEIS MARKETS, INC.
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	24-0755415
Entity Address, Address Line One	1000 South Second Street
Entity Address, City or Town	Sunbury
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	17801
City Area Code	570
Local Phone Number	286-4571
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, no par value
Trading Symbol	WMK
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Amendment Flag	false