Exhibit 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Dennis Curtin
Weis Markets, Inc.
570-847-3636
dennis.curtin@weismarkets.com
WEIS MARKETS REPORTS THIRD QUARTER 2022 RESULTS
Company’s third quarter comparable store sales increased 7.9 percent
Sunbury, PA (October 31, 2022) – Weis Markets, Inc. (NYSE: WMK) today reported its financial results for the 13-week third quarter and the 39-week year-to-date period ended September 24, 2022.
“We remain grateful to our associates who are helping us work through the challenges of an inflationary environment to achieve our elevated current year expectations,” said Weis Markets, Inc. Chairman, President and CEO Jonathan H. Weis. “As customers look for more ways to save, the Weis Gas Rewards Program, Weis Quality private label products, and our Low, Low Price Programs offer strong value. We will build on our value proposition in the fourth quarter when customers can earn a free turkey or ham for their holiday celebrations based on their purchases.”
The Weis Markets, Inc. Board of Directors declared on October 27, 2022 a 6.3 percent increase in the quarterly cash dividend from $0.32 per share to $0.34 per share to shareholders of record as of November 7, 2022 payable on November 21, 2022. The last quarterly cash dividend increase was 3.2 percent in the fourth quarter of 2021 from $0.31 per share to $0.32 per share.
Third Quarter 2022 Results
Net sales totaled $1.15 billion for the 13-week third quarter ended September 24, 2022, compared to $1.06 billion for the same period in 2021, up 8.2 percent. Third quarter comparable store sales increased 7.9 percent on an individual year-over-year basis and increased 12.5 percent on a two-year stacked basis following the increase of 14.8 percent for the same period in 2020.
The Company reduced its provision for income taxes by $5.6 million for the period ended September 24, 2022, primarily due to the effects of Pennsylvania House Bill 1342 which was enacted on July 8, 2022. The bill made significant changes to the Commonwealth’s corporate income tax laws which included lowering the tax rate gradually from 9.99 percent in 2022 to 4.99 percent in 2031, updating market sourcing rules, and codifying the economic nexus standard.
The Company’s third quarter net income (after provision for income taxes) totaled $28.66 million compared to $28.51 million in 2021, up 0.5 percent. Third quarter earnings per share totaled $1.07 compared to $1.06 per share for the same period in 2021.
