Weis Markets, Inc. reported its financial results for the 13 and 39 weeks ended September 28, 2024, showing a mixed performance in revenue and profitability compared to the previous fiscal period.

For the 13 weeks, net sales reached $1,186.2 million, a 2.2% increase from $1,160.3 million in the same period last year. Gross profit also rose to $291.1 million, up 1.9% from $285.7 million. However, income from operations slightly decreased to $29.6 million, down 0.4% from $29.7 million. Net income for the quarter improved to $25.8 million, an 11.3% increase from $23.2 million, resulting in basic and diluted earnings per share of $0.96, compared to $0.86 in the prior year.

For the 39-week period, net sales totaled $3,546.6 million, reflecting a 1.8% increase from $3,484.0 million. Gross profit increased by 0.7% to $876.9 million, but income from operations fell significantly by 17.1% to $89.4 million, down from $107.9 million. Net income for this period was $75.3 million, a decrease of 9.7% from $83.3 million, leading to basic and diluted earnings per share of $2.80, down from $3.10.

Comparable store sales showed positive growth, increasing by 2.5% for the 13 weeks and 2.0% for the 39 weeks on a year-over-year basis. The company noted that grocery sales accounted for 81.7% of total net sales in the latest quarter, while pharmacy sales rose significantly to $446.7 million from $380.9 million in the previous year.

Weis Markets also announced plans to acquire two Sunnyway Foods stores in Pennsylvania, expected to be completed in the fourth quarter of 2024, as part of its strategy to expand its market presence. The company continues to invest in capital expenditures, focusing on new superstores and upgrading existing facilities.

Financially, as of September 28, 2024, cash and cash equivalents decreased to $149.8 million from $184.2 million at the end of 2023. Total assets increased to $2,070.6 million, while total shareholders’ equity rose to $1,422.7 million. The company reported a significant increase in net cash provided by operating activities, totaling $100.3 million compared to $43.1 million in the prior year, attributed to a one-time business practice related to working capital obligations.

Overall, Weis Markets demonstrated resilience in sales growth despite challenges in operational income and net income over the longer term.