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Weis Markets, Inc. has submitted its 10-Q filing for the quarterly period ended September 28, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $1,186,232,000 from $1,160,306,000 in the same quarter the previous year. This increase is attributed to retail price inflation in grocery, pharmacy, and fresh product categories.
Cost of sales for the quarter was $895,092,000, representing 75.5% of sales, compared to 75.4% in the same quarter of the previous year.
The company reported a gross profit of $291,140,000 for the quarter, compared to $285,723,000 in the previous year.
Operating, general, and administrative expenses increased to $261,582,000 from $256,050,000, primarily due to higher employee expenses and third-party services.
Net income for the quarter was $25,840,000, up from $23,226,000 in the previous year. Basic and diluted earnings per share were $0.96, compared to $0.86 in the previous year.
Cash provided by operating activities was $100,324,000, while cash used in investing and financing activities was $107,347,000 and $27,436,000, respectively.
Weis Markets had a working capital of $846,970,000 as of September 28, 2024. The company continues to focus on expanding its presence with the planned acquisition of two Sunnyway Foods stores in Pennsylvania.
The filing also details the company's revolving credit agreement with Wells Fargo Bank (WFC-0.86%), providing an unsecured revolving credit facility with an aggregate principal amount not to exceed $30.0 million.
Weis Markets does not anticipate significant changes in its capital expenditure program, which includes the construction of new superstores and remodeling of existing units.
The company continues to offer customer conveniences such as 'Weis 2 Go Online' and home delivery options across its locations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Weis Markets Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.