Mid-Atlantic food retailer Weis Markets has reported a 3.7% increase in net sales to $1.14 billion (€1.04 billion) in the first quarter of its financial year.
First quarter comparable store sales increased 3.1% on an individual year-on-year basis and increased 12.5% on a two-year stacked basis.
Net income for the quarter amounted to $25.81 million (€23.5 million), down 17.8% from $31.39 million (€28.6 million) in the same period in 2022.
First-quarter earnings per share declined to $0.96 from $1.17 per share last year.
Inflation - 'A Major Challenge'
According to Jonathan H Weis, chair, president and chief executive officer of Weis Markets, the first-quarter results are in line with expectations in an inflationary environment.
Weis said in a statement, "Higher product, supply chain, and operating costs had a significant impact on our income results compared to last year. We are grateful to our associates who helped us navigate these challenges and serve our customers.
"In addition, record inflation continues to be a major challenge for our customers. In response, we expanded our Low, Low Price programme which offers strong, everyday savings and values on more than 9,000 products."
On 27 April, the board of directors of the Sunbury-headquartered company declared a quarterly cash dividend of $0.34 per share to shareholders of record, payable on 22 May 2023.
Founded in 1912, Weis Markets is a US food retail chain operating 197 stores in Pennsylvania, Maryland, Delaware, New Jersey, New York, West Virginia and Virginia.