Mid-Atlantic food retailer Weis Markets has announced a 1.6% increase in net sales for the first half (H1) of the fiscal year 2024 (FY24), reaching $2.36bn, compared to $2.32bn in H1 FY23.
This includes a year-to-date comparable store sales increase of 1.8%.
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The company’s net income for the 26 weeks ended 29 June 2024, however, fell by 17.7% to $49.42m, compared to $60.08m in the first half of 2023.
Its earnings per share (EPS) also decreased by $0.39 to $1.84, compared to $2.23 in the same period of the previous year.
In the second quarter of fiscal 2024, Weis Markets’ net sales were slightly up by 0.2% at $1.18bn against $1.17bn in Q2 FY23.
The timing of 2024’s Easter holiday is estimated to have negatively impacted net sales by $14m (1.2%).
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By GlobalDataComparable store sales for the quarter saw a 0.5% increase year-on-year and a 4% rise on a two-year stacked basis.
Its net income for the second quarter dropped by 23.4% to $26.26m, compared to $34.27m in the second quarter of 2023.
The retailer’s EPS for the quarter was $0.98, down from $1.27 in same quarter of 2023.
Weis Markets chairman, president and CEO Jonathan Weis stated: “Our second quarter 2024 results, which were negatively impacted by the Easter holiday shift, are in line with our expectations despite an extremely challenging market environment marked by continuing customer caution.
“During the quarter, we increased our price investments by lowering the prices on 600 high-demand dairy items as part of the expansion of our Low, Low, Price programme which offers strong, everyday savings and values on more than 10,000 products.”
The company operates a network of 196 stores in US states including Pennsylvania, New York, Maryland and Delaware.
In July 2024, Weis Markets announced its collaboration with SymphonyAI to enhance its category management capabilities.
