Weis Markets posted stellar Q4 and fiscal 2020 sales and profits, ending its fiscal year in a very positive fashion.
During the 13-week period ended December 26, 2020, the Sunbury, PA-based regional chain with 197 stores posted a sales increase of 13.7 percent to $1.0 billion compared to the same period in 2019. Fourth quarter comparable store sales increased 14.1 percent.
Income from operations in Q4 totaled $26.9 million compared to $23.0 million in the same period in 2019. Weis’s fourth quarter net income increased 2.8 percent to $19.4 million compared to $18.9 million in 2019, while earnings per share totaled $0.73 compared to $0.70 per share for the same period in 2019.
On a full-year basis, Weis enjoyed an excellent fiscal 2020 with sales totaling more than $4.1 billion for the 52-week period., up 16.1 percent compared to the same period a year ago. Comparable store revenue increased 16.4 percent. Income from operations increased $78.5 million, or 92.8 percent over the same period in 2019 to $163.2 million.
For its full fiscal year, Weis’ net income increased 74.9 percent to $118.9 million compared to $68.0 million in 2019 while earnings per share for the same period increased $1.89 to $4.42 per share.
“The pandemic has been a supreme challenge for our communities and associates who continue to diligently serve our customers,” said Jonathan H. Weis, chairman and CEO. “As previously noted in our third quarter results release, in-home meal consumption soared in 2020 due to an increased number of customers and their families working or attending school remotely. We met this demand by ensuring a safe shopping environment for our customers and associates and operating stores that were consistently in-stock. Our results were made possible by increased replenishment schedules, adaptable procurement programs, enhanced ecommerce solutions, disciplined marketing and pricing programs, improved store, manufacturing and distribution efficiencies and consistent customer service.”
Weis also noted that its e-commerce sales increased 155 percent in 2020, adding that sales were also strong at the retailer’s fresh departments, notably meat and seafood, which benefited from increased at-home cooking.