Weis Markets Inc. Files 10-Q for Q2 2024

TL;DR

WEIS 10-Q filed for Q2 2024. Financials updated.

AI Summary

Weis Markets Inc. reported its second quarter results for the period ending June 29, 2024. The company's filing indicates its financial position and operational performance during this period. Key financial data points and disclosures relevant to investors are included in this 10-Q filing.

Why It Matters

This filing provides investors with an update on Weis Markets' financial health and operational performance for the second quarter of 2024, allowing for informed investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing (10-Q) and does not inherently present new risks.

Key Numbers

• 20240629 — Period End Date (Indicates the end of the reporting period for this 10-Q filing.)
• 20240808 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• WEIS MARKETS INC (company) — Filer
• 0000105418-24-000047 (filing_id) — Accession Number
• 20240629 (date) — Period of Report
• 20240808 (date) — Filed as of Date
• PA (state) — State of Incorporation
• 570-286-4571 (phone_number) — Business Phone

FAQ

Filing Documents

• wmk-20240629x10q.htm (10-Q) — 1146KB
• wmk-20240629xex31d1.htm (EX-31.1) — 14KB
• wmk-20240629xex31d2.htm (EX-31.2) — 13KB
• wmk-20240629xex32.htm (EX-32) — 7KB
• 0000105418-24-000047.txt ( ) — 4216KB
• wmk-20240629.xsd (EX-101.SCH) — 24KB
• wmk-20240629_cal.xml (EX-101.CAL) — 46KB
• wmk-20240629_def.xml (EX-101.DEF) — 67KB
• wmk-20240629_lab.xml (EX-101.LAB) — 247KB
• wmk-20240629_pre.xml (EX-101.PRE) — 173KB
• wmk-20240629x10q_htm.xml (XML) — 598KB

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Income 2 Condensed Consolidated Statements of Comprehensive Income 3 Condensed Consolidated Statements of Shareholders' Equity 4 Condensed Consolidated Statements of Cash Flows 5 Notes to Condensed Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 11

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 18

Controls and Procedures

Item 4. Controls and Procedures 18

Other Information

Part II. Other Information

Other Information

Item 5. Other Information 19

Exhibits

Item 6. Exhibits 19

Signatures

Signatures 20 Exhibit 31.1 Rule 13a-14(a) Certification – CEO Exhibit 31.2 Rule 13a-14(a) Certification – CFO Exhibit 32 Certification Pursuant to 18 U.S.C. Section 1350 Table of Contents WEIS MARKETS, INC.

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION ITEM I – FINANCIAL STATEMENTS CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (amounts in thousands, except shares) June 29, 2024 December 30, 2023 Assets Current: Cash and cash equivalents $ 163,502 $ 184,217 Marketable securities 235,149 225,991 SERP investment 29,777 26,651 Accounts receivable, net 79,124 65,092 Inventories 296,519 296,157 Prepaid expenses and other current assets 32,241 34,107 Total current assets 836,312 832,214 Property and equipment, net 970,641 961,353 Operating lease right-to-use 175,004 174,208 Goodwill 52,330 52,330 Intangible and other assets, net 20,312 19,527 Total assets $ 2,054,599 $ 2,039,632 Liabilities Current: Accounts payable $ 217,185 $ 226,164 Accrued expenses 30,241 42,676 Operating leases 39,917 40,658 Accrued self-insurance 19,906 18,353 Deferred revenue, net 9,527 12,416 Income taxes payable 2,827 516 Total current liabilities 319,603 340,782 Postretirement benefit obligations 31,559 29,032 Accrued self-insurance 25,157 25,174 Operating leases 143,354 142,345 Deferred income taxes 117,129 118,091 Other 12,552 9,871 Total liabilities 649,355 665,296 Shareholders' Equity Common stock, no par value, 100,800,000 shares authorized, 33,047,807 shares issued, 26,898,443 shares outstanding 9,949 9,949 Retained earnings 1,547,571 1,516,438 Accumulated other comprehensive income (loss) (Net of deferred taxes of $ 511 in 2024 and $ 430 in 2023) ( 1,419 ) ( 1,193 ) 1,556,101 1,525,194 Treasury stock at cost, 6,149,364 shares ( 150,857 ) ( 150,857 ) Total shareholders' equity 1,405,244 1,374,337 Total liabilities and shareholders' equity $ 2,054,599 $ 2,039,632 See accompanying notes to Condensed Consolidated Financial Statements. 1 Table of Contents WEIS MARKETS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME

MANAGEMENT'S DISCUSSION AND ANALYSIS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of Weis Markets, Inc.'s (the "Company") financial condition and results of operations should be read in conjunction with the unaudited Condensed Consolidated Financial Statements and related notes included in Item 1 of this Quarterly Report on Form 10-Q, the Company's audited Consolidated Financial Statements and the related notes included in the Company's Annual Report on Form 10-K for the year ended December 30, 2023, filed with the U.S. Securities and Exchange Commission, as well as the cautionary statement captioned "Forward-Looking Statements" immediately following this analysis. Company Summary Weis Markets is a conventional supermarket chain that operates 196 retail stores with over 23 thousand associates located in Pennsylvania and six surrounding states: Delaware, Maryland, New Jersey, New York, Virginia and West Virginia. Approximately 95% of Weis Markets associates are paid an hourly wage. Its products sold include groceries, dairy products, frozen foods, meats, seafood, fresh produce, floral, pharmacy services at certain locations, deli products, prepared foods, bakery products, beer and wine, fuel, and general merchandise items, such as health and beauty care and household products. The store product selection includes national, local and private brands and the Company promotes competitive pricing by using Everyday Lower Price; Low Price Guarantee; Low, Low Price; 3 Day Sale; senior and military discounts; and Loyalty programs. The Loyalty program includes reward points that may be redeemed for discounts on items in store, at one of the Company's fuel stations or one of its third-party fuel station partners. Utilizing its own strategically located distribution center and transportation fleet, Weis Markets self distributes approximately 53% of products with the remaining being supplied by direct store delivery vendors

MANAGEMENT'S DISCUSSION AND ANALYSIS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued) Two-Year Stacked Comparable Store Sales Analysis Management is providing Comparable Store Sales Two-Year Stacked analysis, a non-GAAP measure, because management believes this metric is useful to investors and analysts. A Comparable Store Sales Two-Year Stacked analysis presents a comparison of results and trends over a longer period of time to demonstrate the effect of fluctuating economic activity on the operating results of the Company. Information presented in the tables below is not intended for use as an alternative to any other measure of performance. It is not recommended that this table be considered a substitute for the Company's operating results as reported in accordance with GAAP. Year-over-year and sequential comparisons are the primary calculations used to analyze operating results, however, due to fluctuations caused by declining government benefits, pharmacy sales growth, the Easter holiday shift to the first quarter of fiscal 2024 from the second quarter of fiscal 2023 and inflationary trends in the food retail industry, management believes it is necessary to provide a Two-Year Stacked Comparable Store Sales analysis. The following tables provide the two-year stacked comparable store sales, including and excluding fuel, for the periods ended June 29, 2024, and July 1, 2023, as well as periods ended July 1, 2023, and June 25, 2022, respectively. Comparable store sales increased 0.5 percent on an individual year-over-year basis and increased 4.0 percent on a two-year stacked basis for the thirteen weeks ended June 29, 2024. Comparable store sales increased 1.8 percent on an individual year-over-year basis and increased 5.1 percent on a two-year stacked basis in the twenty-six weeks ended June 29, 2024. Percentage Change 13 Weeks Ended 2024 vs. 2023 2023 vs. 2022 Comparable store sales (individual year) 0.5 % 3.5 % Comparabl

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