With its fourth quarter wrapped up, it seems Weis Markets has some serious upward momentum. The company saw a 17.6 percent rise to its sales over its Q4, in comparison to last year, in addition to other gains.
"In 2016, we acquired and converted 44 stores in 96 days and generated more than $3 billion in sales for the first time in our 104 year history," said Jonathan Weis, Chairman and Chief Executive Officer. "We continued to improve every aspect of our operations in 2016, including supply chain, merchandising and in-store experience, which resulted in a year of strong sales and earnings growth."
Weis Markets stated that its non-GAAP net income increased 4.1 percent to $17.3 million, with an EPS totaling $0.64. The company’s growth continued to extend across the board throughout the final quarter of 2016. According to a press release, for 2016’s 14-week period compared to 2015’s 13-week period, other highlights included:
Along with the report for its 2016 Q4, the company also released its 2016 Year-to-Date results. During the year, in comparison to 2015, Weis’ sales increased 6.9 percent, with comparable store sales increasing 2.9 percent.
Excluding its one-time gain of the Food Lion stores, Weis’ non-GAAP 2016 net income also increased 6.7 percent to total $63.3 million. The company’s EPS over the year totaled $2.35.
To read the entire financial report, click here.
As the company looks to the new year, it seems to have more plans for growth in store for 2017. Weis recently launched a new prototype store, catering to consumers’ preference for convenience with a massive selection of dairy, deli, and bakery offerings.
Deli Market News will keep you up to date with updates on this and other important retailers.