Weis Markets(WMK) - 2024 Q4 - Annual Report

Financial Performance - Total revenue for the fiscal year ended December 28, 2024, was $4,791.73 million, an increase from $4,714.57 million in 2023, representing a growth of 1.64%[141]. - Net income for the fiscal year 2024 was $109.94 million, compared to $103.83 million in 2023, reflecting an increase of 5.09%[141]. - Gross profit for 2024 was $1,204.08 million, up from $1,179.56 million in 2023, indicating a growth of 2.07%[141]. - The company reported a weighted-average basic and diluted earnings per share of $4.09 for 2024, up from $3.86 in 2023, a growth of 5.95%[141]. - Net income for the fiscal year ended December 28, 2024, was $109.941 million, a 5.4% increase from $103.828 million in 2023[148]. - Total shareholders' equity increased to $1.446 billion as of December 28, 2024, up from $1.374 billion in 2023, reflecting a growth of 5.2%[145]. Expenses and Costs - Employee-related costs comprised approximately 55.7% of total operating expenses, with direct store labor increasing by 0.2% in 2024 compared to 2023[99]. - The net lease cost for the fiscal year ended December 28, 2024, was $46.686 million, a decrease from $48.312 million in 2023, indicating a reduction of approximately 3.4%[199]. - The total retirement plan costs for the fiscal year ended December 28, 2024, were $4.388 million, down from $7.578 million in 2023, showing a decline of approximately 42.9%[206]. - The company reported a depreciation and amortization expense of $113.875 million for 2024, up from $108.438 million in 2023[148]. - Advertising expenses before vendor paid cooperative advertising credits were $25.5 million in 2024, up from $24.2 million in 2023, indicating a growth of 5.4%[183]. Cash Flow and Investments - Net cash provided by operating activities decreased to $187.5 million in 2024 from $201.6 million in 2023[113]. - Cash flows from operating activities for 2024 were $187.467 million, compared to $201.602 million in 2023, indicating a decrease of 7%[148]. - The investment portfolio totaled $192.0 million as of December 28, 2024, consisting of high-grade bonds and large-cap equity securities[108]. - The Company recognized investment income of $18.6 million in 2024, which included an unrealized gain in equity securities of $1.0 million, compared to $9.5 million in 2023[192]. - The company’s SERP investments reported an investment income of $3.4 million in 2024, down from an investment loss of $3.8 million in 2022, showing a significant recovery[194]. Assets and Liabilities - The total assets of the company increased to $2,107.44 million in 2024 from $2,039.63 million in 2023, reflecting a growth of 3.32%[138]. - The company’s total liabilities decreased slightly to $661.41 million in 2024 from $665.30 million in 2023, a decline of 0.28%[138]. - The company’s inventories increased to $308.90 million in 2024 from $296.16 million in 2023, marking a rise of 4.93%[138]. - The company’s accounts receivable increased to $81.57 million in 2024 from $65.09 million in 2023, a rise of 25.38%[138]. - The company had accounts receivable due from vendors of $318 thousand for earned advertising credits as of December 28, 2024[181]. Capital Expenditures and Acquisitions - Capital expenditures totaled $168.5 million in 2024, representing 3.5% of sales, an increase from 2.2% in 2023[115]. - The company completed a business acquisition in 2024 for cash consideration totaling $16.2 million[115]. - The company invested $161.349 million in property and equipment during 2024, an increase from $104.010 million in 2023[148]. - The total property and equipment at cost increased to $2,766.765 million in 2024 from $2,608.932 million in 2023, representing a growth of about 6.0%[197]. Taxation - The effective income tax rate was 26.8% in 2024, down from 29.2% in 2023, primarily due to state taxes and nondeductible expenses[106]. - The Company recognized deferred tax assets and liabilities based on enacted tax rates expected to apply to taxable income in future years[176]. Dividends - The company paid dividends of $36.6 million in 2024, consistent with 2023, and increased the quarterly dividend from $0.32 to $0.34 per share in Q4 2022[116]. - Dividends paid remained consistent at $36.582 million for both 2024 and 2023, compared to $34.968 million in 2022[148]. - The company maintained a dividend of $1.36 per share for both 2024 and 2023, indicating stability in its dividend policy[141].