Weis Markets (WMK) Q4 2023 earnings summary

Executive summary

• FY2023 comparable store sales, adjusted for the extra week in 2022 and excluding fuel, rose 2.3% YoY and 9.8% on a two-year stacked basis.

• Results were described as in line with expectations despite the extra week in 2022 and declining government benefits.

Financial highlights

• FY2023 net sales were $4.70B, up 0.02% YoY; net income was $103.83M, down 17.1%, and diluted EPS was $3.86 vs. $4.65.

• Q4 net sales were $1.21B, down 7.1% YoY; net income was $20.52M, down 28.9%, and diluted EPS was $0.76 vs. $1.07.

• Q4 comparable store sales, adjusted for the extra week in 2022 and excluding fuel, increased 0.2% YoY and 9.8% on a two-year stacked basis.

Key financial ratios and metrics

• FY2023 income from operations was $137.19M, down 12.6% YoY; Q4 income from operations was $29.27M, down 12.8%.

• FY2023 income before taxes was $146.70M, down 8.8%; Q4 income before taxes was $32.47M, down 9.5%.