Mid Atlantic food retailer Weis Markets has reported total net sales of $2.32bn in the first half (H1) of fiscal year (FY) 2023.
This is an increase of 3.8% from $2.24bn in the corresponding period in FY22.
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The company’s comparable store sales for the period ended 1 July 2023 rose by 3.3% on an individual year-over-year (YoY) basis and increased 12.2% on a two-year stacked basis.
Weis Markets saw its net income decline by 11.2% to $60.08m in H1 FY23 compared to $67.66m in H1 FY22.
Its earnings per share were $2.23 in the period against $2.52 in the same period in 2022.
In the second quarter of FY23, Weis Markets registered total net sales of $1.18bn, up 3.8% compared to $1.14bn in Q2 FY22.
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By GlobalDataThe company’s comparable store sales also grew by 3.5% on a year-over-year basis and 11.9% on a two-year stacked basis.
Net income of the company dropped by 5.5% to $34.27m in Q2 FY23 against $36.27m in FY22 and its EPS totalled $1.27 against $1.35 in 2022.
Weis Markets chairman and chief executive officer Jonathan Weis said: “In the second quarter, we generated solid results due to the hard work and commitment of our associates at every level of our company.
“We continue to make strategic investments for long-term profitable growth, which benefits our associates, customers, communities and shareholders. We are keenly aware that our customers are looking for value and savings as they navigate the challenges of inflation, higher interest rates and reduced government benefits.”
