On November 5, Weis Markets announced stellar sales and earnings in its recently completed third quarter, which ended September 26.
Comparable store sales jumped 14.8 percent while net income zoomed 118 percent to $31.3 million when compared to the corresponding period last year. Additionally, the Sunbury, PA based regional supermarket operator reported that online revenue increased 160 percent.
“Our sales and current demand continue to be impacted by a significant number of people working remotely, often with children attending school the same way, which results in more at-home meals, said Jonathan Weis, the retailer’s chairman and CEO. “Our customers have also adjusted the way they shop, making fewer trips to our stores but buying larger orders. Additionally, our e-commerce sales continue to grow at a record rate. We’ve adjusted to meet this increased demand with agile procurement, consistent in-stock conditions, disciplined marketing and pricing programs and accelerated replenishment schedules. Over the past seven months, our associates have adapted and taken on additional challenges, cleaning and sanitizing our stores throughout the day and doing their best to ensure social distancing and a safe shopping environment during challenging times. We are grateful for all they do.”
Weis added that his company has taken steps to secure sufficient inventory to remain in stock and serve its customers during the upcoming holiday season.
For the first three quarters of fiscal 2020, the publicly-traded but closely-held regional chain produced sales of $3.09 billion, an increase of 16.9 percent. Comp store sales for its first 39 weeks rose 17.3 percent and e-commerce revenue grew 147 percent. Net profit this fiscal year has been $99.5 million versus $26.9 million for the first 39 weeks of fiscal 2019.