Weis Markets Q3 net sales +8.2% to $1.15B, comp sales +7.9%; dividend raised 6.3%

WEIS MARKETS INC

2022-Q3 EPS reported $3.58 revenue$3,389,853,000

Q3 net sales $1.15B, up 8.2% YoY; comparable store sales increased 7.9% (12.5% two-year stacked).
Q3 net income $28.66M ($1.07 EPS) vs $28.51M ($1.06 EPS) prior year; YTD net income $96.31M (+11.7%) on $3.39B sales.
Board declared a 6.3% dividend increase to $0.34/share, payable Nov 21, 2022 to holders of record Nov 7, 2022.
Provision for income taxes reduced by $5.6M due to Pennsylvania corporate tax rate cut from 9.99% to 4.99% by 2031.
CEO Jonathan Weis cited inflationary challenges but elevated expectations; Gas Rewards, private label programs drive value.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

WEIS MARKETS INC reported third quarter ended September 24, 2022 results: revenue $1.15 billion, net income $28.66 million, EPS $1.07.

Period: third quarter ended September 24, 2022
Revenue: $1.15 billion
Net income: $28.66 million
EPS: $1.07
Result: reported results

Exact text from the filing

Net sales totaled $1.15 billion for the 13-week third quarter ended September 24, 2022, compared to $1.06 billion for the same period in 2021, up 8.2 percent. Third quarter comparable store sales increased 7.9 percent on an individual year-over-year basis and increased 12.5 percent on a two-year stacked basis following the increase of 14.8 percent for the same period in 2020. The Company reduced its provision for income taxes by $5.6 million for the period ended September 24, 2022, primarily due to the effects of Pennsylvania House Bill 1342 which was enacted on July 8, 2022. The bill made significant changes to the Commonwealth’s corporate income tax laws which included lowering the tax rate gradually from 9.99 percent in 2022 to 4.99 percent in 2031, updating market sourcing rules, and codifying the economic nexus standard. The Company’s third quarter net income (after provision for income taxes) totaled $28.66 million compared to $28.51 million in 2021, up 0.5 percent. Third qua

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Source: SEC EDGAR

accession 0000105418-22-000032

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