Weis Markets (WMK) Q4 2024 earnings summary

Executive summary

• Fiscal year 2024 net sales rose 1.6% year-over-year to $4.77 billion; net income increased 5.9% to $109.94 million.

• Fourth quarter net sales grew 1.2% to $1.23 billion; net income surged 69.0% to $34.68 million, aided by a $3.21 million pre-tax reduction in deferred compensation plan liability.

• Comparable store sales excluding fuel increased 1.9% for the year and 1.1% for the quarter.

• E-commerce sales jumped 46% year-over-year; 12 major store projects completed, two stores acquired and converted, and construction began on four new stores.

Financial highlights

• Fiscal year earnings per share were $4.09, up from $3.86 in 2023.

• Fourth quarter EPS was $1.29, up from $0.76 in the prior year.

• Income from operations for the year declined 4.0% to $131.7 million.

• Fiscal year included a $4.58 million pre-tax gain on fixed asset disposition and a $3.21 million pre-tax reduction in deferred compensation liability.

Outlook and guidance

• Management aims to build on 2024 progress in 2025, focusing on continued operational improvements and store development.