Weis Markets(US:WMK) Prnewswireยท2024-08-06 21:00Core Insights - Weis Markets, Inc. reported a 1.7% increase in comparable store sales adjusted for the Easter holiday shift in Q2 2024, despite a challenging market environment [2][12]. Financial Performance - Net sales for Q2 2024 totaled $1.18 billion, a slight increase of 0.2% compared to $1.18 billion in Q2 2023. The company estimates a negative impact of $14 million or 1.2% on net sales due to the Easter holiday shift [3][11]. - Net income for Q2 2024 was $26.26 million, down 23.4% from $34.27 million in Q2 2023. Earnings per share decreased to $0.98 from $1.27 [4][11]. - Year-to-date net sales reached $2.36 billion, up 1.6% from $2.32 billion in the same period of 2023. Year-to-date comparable store sales increased by 1.8% year-over-year [5][11]. - Year-to-date net income was $49.42 million, a decrease of 17.7% from $60.08 million in 2023, with earnings per share falling to $1.84 from $2.23 [6][11]. Strategic Initiatives - The company has increased price investments by lowering prices on 600 high-demand dairy items as part of its Low, Low, Price program, which offers savings on over 10,000 products [2]. - Weis Markets continues to invest in its Weis Rewards loyalty marketing program, enhancing customer savings on fuel and retail products [2]. Dividend Announcement - The Board of Directors declared a quarterly cash dividend of $0.34 per share, payable on August 12, 2024, to shareholders of record as of July 29, 2024 [7]. Company Overview - Weis Markets, Inc. operates 196 stores across several Mid-Atlantic states, including Pennsylvania, Maryland, Delaware, New Jersey, New York, West Virginia, and Virginia [8].