Weis Markets Inc. Files Q3 2024 10-Q Report

TL;DR

WEIS 10-Q filed. Q3 2024 results are in. Check financials.

AI Summary

Weis Markets Inc. filed its 10-Q for the period ending September 28, 2024. The filing details the company's financial performance and position. Key financial data points and disclosures are presented for the third quarter and year-to-date periods.

Why It Matters

This filing provides investors and analysts with the latest financial results and operational details for Weis Markets Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently present new risks beyond those typically associated with public companies.

Key Numbers

• 20240928 — Period End Date (The 10-Q covers financial data up to this date.)
• 20241107 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• WEIS MARKETS INC (company) — Filer
• 0000105418-24-000057.txt (document) — Filing document name
• 20240928 (date) — Period of report
• 20241107 (date) — Filing date
• PA (location) — State of incorporation
• SUNBURY (location) — Business and mail address city
• 17801 (postal_code) — Business and mail address zip

FAQ

Filing Documents

• wmk-20240928x10q.htm (10-Q) — 1122KB
• wmk-20240928xex31d1.htm (EX-31.1) — 14KB
• wmk-20240928xex31d2.htm (EX-31.2) — 13KB
• wmk-20240928xex32.htm (EX-32) — 7KB
• 0000105418-24-000057.txt ( ) — 4223KB
• wmk-20240928.xsd (EX-101.SCH) — 25KB
• wmk-20240928_cal.xml (EX-101.CAL) — 46KB
• wmk-20240928_def.xml (EX-101.DEF) — 67KB
• wmk-20240928_lab.xml (EX-101.LAB) — 250KB
• wmk-20240928_pre.xml (EX-101.PRE) — 176KB
• wmk-20240928x10q_htm.xml (XML) — 602KB

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) September 28, 2024 December 30, 2023 Assets Current: Cash and cash equivalents $ 149,757 $ 184,217 Marketable securities 231,435 225,991 SERP investment 30,947 26,651 Accounts receivable, net 93,233 65,092 Inventories 304,328 296,157 Prepaid expenses and other current assets 37,270 34,107 Total current assets 846,970 832,214 Property and equipment, net 983,516 961,353 Operating lease right-to-use 167,862 174,208 Goodwill 52,330 52,330 Intangible and other assets, net 19,959 19,527 Total assets $ 2,070,637 $ 2,039,632 Liabilities Current: Accounts payable $ 223,348 $ 226,164 Accrued expenses 33,392 42,676 Operating leases 39,785 40,658 Accrued self-insurance 21,179 18,353 Deferred revenue, net 9,117 12,416 Income taxes payable 760 516 Total current liabilities 327,581 340,782 Postretirement benefit obligations 32,940 29,032 Accrued self-insurance 25,151 25,174 Operating leases 136,070 142,345 Deferred income taxes 111,352 118,091 Other 14,815 9,871 Total liabilities 647,909 665,296 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 1,564,265 1,516,438 Accumulated other comprehensive income (loss) (Net of deferred taxes of $ 227 in 2024 and $ 430 in 2023) ( 629 ) ( 1,193 ) 1,573,585 1,525,194 Treasury stock at cost, 6,149,364 shares ( 150,857 ) ( 150,857 ) Total shareholders' equity 1,422,728 1,374,337 Total liabilities and shareholders' equity $ 2,070,637 $ 2,039,632 See accompanying notes to Condensed Consolidated Financial Statements. 1 Table of Contents WEIS MARKETS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOM

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 currently operates 198 retail stores with over 22 thousand associates located in Pennsylvania and six surrounding states: Delaware, Maryland, New Jersey, New York, Virginia and West Virginia. Approximately 94% 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 52% of products with the remaining being supplied by direct store deliver

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 Comp

View Full Filing

View this 10-Q filing on SEC EDGAR