SUNBURY, Pa., March 13, 2018 /PRNewswire/ -- Weis Markets
Inc. (NYSE: WMK) today reported its fourth quarter and year-end
results for fiscal 2017.
The Company's fourth quarter sales increased 2.2 percent while
comparable store sales were up 1.2 percent when adjusted for the
extra week in 2016.
During the thirteen-week period ended December 30, 2017, the Company's fourth quarter
sales were $883.7 million compared to
$925.1 million for the fourteen-week
period ended on December 31, 2016.
The Company's net income increased 54.7 percent to
$63.7 million while earnings per
share totaled $2.37 primarily driven
by a $49.3 million decrease in
deferred income tax due to the U.S. Government enacting the Tax
Cuts and Jobs Act (Tax Reform).
Fourth quarter operating income was $22.3
million compared to $27
million for the same period in 2016. Approximately,
$1.8 million of the difference was
due to the additional week in 2016. The remainder of the
difference in operating income was due to the Company's promotional
programs and price investments; continued retail deflation combined
with cost inflation and assimilation of 44 stores acquired in
2016.
"In 2017, we achieved record sales of $3.5 billion and generated our 15th consecutive
quarter of increased comparable store sales. During this time, we
also worked to efficiently integrate 44 newly acquired stores,"
said Jonathan Weis, Weis Markets
Chairman and Chief Executive Officer. "We have done much to
position our company for future profitable sales growth."
2017 Year-to-Date Results
The Company's 2017
sales increased 12.8 percent while comparable store sales increased
1.5 percent when adjusted for the extra week in 2016.
For the 52-week period ending on December
30, 2017, the Company's sales increased 10.5 percent to
$3.5 billion compared to $3.1 billion for the 53-week period in 2016.
Year-to-date net income increased 12.9 percent to $98.4 million, while earnings per share increased
13.0 percent to $3.66 compared to
$3.24 in 2016. As previously noted,
the increase in net income was driven by a $49.3 million decrease in deferred income tax due
to the enacted Tax Reform. In 2016 fourth quarter, the Company
recognized a one-time gain of $23.9
million on the purchase of the 38 Food Lion, LLC stores.
The Company attributes its comparable sales increases in 2017 to
continuing price investments, disciplined sales promotions and
enhanced customer experience.
About Weis Markets
Founded in 1912, Weis
Markets, Inc. is a Mid Atlantic food retailer operating 205 stores
in Pennsylvania, Maryland, Delaware, New
Jersey, New York,
Virginia and West Virginia. For more information, please
visit: WeisMarkets.com or Facebook.com/WeisMarkets.
In addition to historical information, this news release may
contain forward-looking statements, which are included pursuant to
the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Any forward-looking statements contained
herein are subject to certain risks and uncertainties that could
cause actual results to differ materially from those
projected. For example, risks and uncertainties can arise
with changes in: general economic conditions, including their
impact on capital expenditures; business conditions in the retail
industry; the regulatory environment; rapidly changing technology
and competitive factors, including increased competition with
regional and national retailers; and price pressures. Readers
are cautioned not to place undue reliance on forward-looking
statements, which reflect management's analysis only as of the date
hereof. The Company undertakes no obligation to publicly
revise or update these forward-looking statements to reflect events
or circumstances that arise after the date hereof. Readers
should carefully review the risk factors described in other
documents the Company files periodically with the Securities and
Exchange Commission.
WEIS MARKETS,
INC.
|
COMPARATIVE
SUMMARY OF SALES & EARNINGS
|
|
Fourth Quarter –
2017
|
(Unaudited)
|
|
|
13
Week
|
14
Week
|
|
|
Period
Ended
|
Period
Ended
|
Increase
|
|
December 30,
2017
|
December 31,
2016
|
(Decrease)
|
Net Sales
|
$
883,748,000
|
$
925,097,000
|
(4.5)%
|
|
|
|
|
Gain on Bargain
Purchase
|
---
|
23,879,000
|
(100.0)%
|
Income Before Income
Taxes
|
22,967,000
|
51,386,000
|
(55.3)%
|
Provision for Income
Taxes
|
(40,687,000)
|
10,246,000
|
(497.1)%
|
Net Income
|
$
63,654,000
|
$
41,140,000
|
54.7%
|
|
|
|
|
Weighted-Average
Shares Outstanding
|
26,898,443
|
26,898,443
|
---
|
|
|
|
|
Basic and Diluted
Earnings Per Share
|
$2.37
|
$1.52
|
$0.85
|
|
|
|
|
|
52
Week
|
53
Week
|
|
|
Period
Ended
|
Period
Ended
|
Increase
|
|
December 30,
2017
|
December 31,
2016
|
(Decrease)
|
Net Sales
|
$
3,466,807,000
|
$
3,136,720,000
|
10.5%
|
|
|
|
|
Gain on Bargain
Purchase
|
---
|
23,879,000
|
(100.0)%
|
Income Before Income
Taxes
|
79,023,000
|
124,661,000
|
(36.6)%
|
Provision for Income
Taxes
|
(19,391,000)
|
37,499,000
|
151.7%
|
Net Income
|
$
98,414,000
|
$
87,162,000
|
12.9%
|
|
|
|
|
Weighted-Average
Shares Outstanding
|
26,898,443
|
26,898,443
|
---
|
|
|
|
|
Basic and Diluted
Earnings Per Share
|
$3.66
|
$3.24
|
$0.42
|
View original content with
multimedia:http://www.prnewswire.com/news-releases/weis-markets-reports-4th-quarter-results-300613504.html
SOURCE Weis Markets