Weis Markets(US:WMK)2024-02-27 22:00Financial Performance - For fiscal year 2023, net sales totaled $4.70 billion, a slight increase of 0.02% compared to $4.70 billion in fiscal year 2022[5] - Fiscal year 2023 net income was $103.83 million, down 17.1% from $125.20 million in 2022, with earnings per share decreasing from $4.65 to $3.86[6] - In the fourth quarter of 2023, net sales were $1.21 billion, a decrease of 7.1% compared to $1.31 billion in the fourth quarter of 2022[7] - Fourth quarter net income fell to $20.52 million, down 28.9% from $28.88 million in the same quarter of 2022, with earnings per share dropping from $1.07 to $0.76[8] Comparable Store Sales - Comparable store sales for fiscal year 2023 increased by 2.3% year-over-year, and by 9.8% on a two-year stacked basis[5][15] - Comparable store sales for the fourth quarter of 2023 increased by 0.2% year-over-year, with a 9.8% increase on a two-year stacked basis[7][15] Dividends and Investments - The company declared a quarterly cash dividend of $0.34 per share, payable on March 4, 2024[4] - Significant price investments were made in 2023 to compete effectively amid inflationary pressures[3] Operational Efficiency - The company managed business processes and expenses carefully while investing in technologies to improve efficiencies[3] - The board of directors emphasized the importance of associates' service to customers and the company during challenging economic conditions[3]