UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
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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:
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 |
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.
###
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 | % | | | |
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 |
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