Weis Markets, Inc. reported a consolidated net sales increase of 1.6% for the fiscal year ending December 28, 2024, reaching $4.77 billion, compared to $4.70 billion in the previous year. The company's net income rose by 5.9% to $109.9 million, with basic and diluted earnings per share increasing to $4.09 from $3.86 in 2023. The gross profit margin slightly improved to 25.2%, up from 25.1% in the prior year, attributed to higher grocery sales, which typically yield better margins than pharmacy and fuel sales.
In terms of operational changes, Weis Markets acquired two former Sunnyway Food stores in Pennsylvania for $16.2 million, contributing $5.4 million to sales in 2024. The company maintained its store count at 198, with a total square footage of approximately 9.76 million. The company continues to focus on enhancing its store offerings and customer convenience, with 190 locations offering the "Weis 2 Go Online" service, which allows customers to order online for delivery or pickup.
Weis Markets also reported a 1.9% increase in comparable store sales excluding fuel, reflecting a positive trend in customer engagement. The company employed approximately 22,000 full-time and part-time employees, with 94% receiving hourly wages. The company’s capital expenditures for 2024 totaled $168.5 million, a significant increase from $104 million in 2023, as it continues to invest in new store openings and remodels, despite some delays due to supply chain disruptions.
Looking ahead, Weis Markets anticipates continued growth driven by strategic investments in store development and technology enhancements. The company aims to maintain its competitive edge in a challenging retail environment characterized by aggressive pricing competition and evolving consumer preferences. Management remains optimistic about long-term sales growth, although it acknowledges potential challenges from competitors with greater financial resources. The company plans to continue its focus on sustainability and community impact as part of its operational strategy.
About WEIS MARKETS INC
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