# EDGAR Filing Document

**Accession Number:** 0000105418
**File Stem:** 0000105418-23-000004
**Filing Date:** 2023-2
**Character Count:** 10554
**Document Hash:** f6b26bcd57df9452b939f1a4964c4566
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000105418-23-000004.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0000105418-23-000004

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230227

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WEIS MARKETS INC
- **CENTRAL INDEX KEY:** 0000105418
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-GROCERY STORES [5411]
- **IRS NUMBER:** 240755415
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-05039
- **FILM NUMBER:** 23675935

**BUSINESS ADDRESS:**
- **STREET 1:** 1000 S SECOND ST
- **STREET 2:** PO BOX 471
- **CITY:** SUNBURY
- **STATE:** PA
- **ZIP:** 17801
- **BUSINESS PHONE:** 570-286-4571

**MAIL ADDRESS:**
- **STREET 1:** 1000 S SECOND ST
- **STREET 2:** PO BOX 471
- **CITY:** SUNBURY
- **STATE:** PA
- **ZIP:** 17801

?xml version='1.0' encoding='UTF-8'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): February 27, 2023

**WEIS MARKETS, INC**.

(Exact name of registrant as specified in its charter)

**Pennsylvania**

(State or other jurisdiction of incorporation)

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| | |
|:---|:---|
| **1-5039** | **24-0755415** |
| (Commission File Number) | (IRS Employer Identification No.) |
| **1000 South Second Street** |  |
| **Sunbury, PA** | **17801** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(570) 286-4571**

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

**☐** Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

**☐** Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

**☐** Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

**☐** Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the act:

<u>Title of each class</u> <u>Trading symbol</u> <u>Name of exchange on which registered</u> <br> <u>Common stock, no par value</u> <u>WMK</u> <u>New York Stock Exchange</u>

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. **☐**

**Item 2.02 Results of Operations and Financial Condition.**

On February 27, 2023, the Company released its earnings for the fourth quarter and fiscal year ended December 31, 2022. A copy of the news release is attached hereto as Exhibit 99.1 and is incorporated herein by this reference.

**Item 9.01 Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[99.1 Weis Markets, Inc. February 27, 2023 news release announcing the fourth quarter and fiscal year ended 2022 earnings.](wmk-20230227xex99d1.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
|  | WEIS MARKETS, INC. |
|  | By: /s/Michael T. Lockard |
|  | Name: Michael T. Lockard |
|  | Title: Senior Vice President, Chief Financial Officer and Treasurer |
|  | (Principal Financial Officer) |
| Dated: February 27, 2023 |  |

---

## Exhibit 99.1

**Exhibit 99.1**

![Graphic](wmk-20230227xex99d1001.jpg)

**NEWS RELEASE**

FOR IMMEDIATE RELEASE

**Contact:**

Dennis Curtin

Weis Markets, Inc.

570-847-3636

dennis.curtin@weismarkets.com

**WEIS MARKETS REPORTS FOURTH QUARTER AND FISCAL YEAR 2022 RESULTS**

*Company's fourth quarter comparable store sales increased 9.5 percent*

**Sunbury, PA (February 27, 2023)** – Weis Markets, Inc. (NYSE: WMK) today reported its financial results for the 14-week fourth quarter and the 53-week fiscal year period ended December 31, 2022.

"We continued our positive momentum in the fourth quarter which contributed to a strong fiscal year 2022," said Weis Markets, Inc. Chairman, President and CEO Jonathan H. Weis. "Our fourth quarter results were favorably impacted by disciplined loyalty marketing programs and ongoing price investments across the store. The focus on customer experience along with leveraging store level and supply chain efficiencies helped offset some of the current inflationary pressures of higher product, fuel, utilities, and other operating costs."

"We also continued to reinvest in our future through execution of our multi-year capital expenditures program, completing ten store remodels, three new fuel centers, one new store, one rebuild, and a record number of smaller projects which help us efficiently serve our customers," said Mr. Weis. "We are grateful to our dedicated store, supply chain, manufacturing, and support center associates who make our success possible."

The Weis Markets, Inc. Board of Directors declared on February 2, 2023 a quarterly cash dividend of $0.34 per share to shareholders of record as of February 13, 2023 payable on February 27, 2023.

**Fourth Quarter 2022 Results**

Net sales totaled $1.31 billion for the 14-week fourth quarter ended December 31, 2022, compared to $1.11 billion for the 13-week fourth quarter ended December 25, 2021, up 18.0 percent. Fourth quarter comparable store sales, adjusted for an additional week in 2022, increased 9.5 percent on an individual year-over-year basis and increased 16.4 percent on a two-year stacked basis following the increase of 14.1 percent for the same period in 2020.

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The Company's fourth quarter net income (after provision for income taxes) totaled $28.88 million compared to $22.61 million in 2021, up 27.7 percent. Fourth quarter earnings per share totaled $1.07 compared to $0.84 per share in 2021.

**Fiscal Year 2022 Results**

Net sales totaled $4.70 billion for the 53-week fiscal year ended December 31, 2022, compared to $4.22 billion for the 52-week fiscal year ended December 25, 2021, up 11.2 percent. Fiscal year 2022 comparable store sales, adjusted for an additional week in 2022, increased 8.8 percent on an individual year-over-year basis and increased 10.5 percent on a two-year stacked basis following the increase of 16.4 percent for the same period in 2020.

The Company's fiscal year 2022 net income (after provision for income taxes) totaled $125.20 million compared to $108.85 million in 2021, up 15.0 percent. Fiscal year 2022 earnings per share totaled $4.65 compared to $4.05 per share in 2021.

###

**About Weis Markets**

Founded in 1912, Weis Markets, Inc. is a Mid Atlantic food retailer operating 197 stores in Pennsylvania, Maryland, Delaware, New Jersey, New York, West Virginia and Virginia. For more information, please visit: <u>WeisMarkets.com</u> or <u>Facebook.com/WeisMarkets</u>.

###

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**WEIS MARKETS, INC.**

**COMPARATIVE SUMMARY OF SALES & EARNINGS**

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| | | | |
|:---|:---|:---|:---|
| **Fourth Quarter — 2022** | **Fourth Quarter — 2022** | **Fourth Quarter — 2022** | **Fourth Quarter — 2022** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | **14 Weeks Ended** | **13 Weeks Ended** | **Increase** |
|  | **December 31, 2022** | **December 25, 2021** | **(Decrease)** |
| Net sales | $1306090000 | $1107276000 | 18.0% |
| Income from operations | 33576000 | 30351000 | 10.6% |
| Income before provision for income taxes | $35890000 | $30593000 | 17.3% |
| Provision for income taxes | 7007000 | 7979000 | (12.2)% |
| Net income | $28883000 | $22614000 | 27.7% |
| Weighted-average shares outstanding | 26898443 | 26898443 |  |
| Basic and diluted earnings per share | $1.07 | $0.84 | $0.23  |

---

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| | | | |
|:---|:---|:---|:---|
|  | **53 Weeks Ended**<br>**December 31, 2022** | **52 Weeks Ended**<br>**December 25, 2021** | **Increase**<br>**(Decrease)** |
| Net sales | $4695943000 | $4224417000 | 11.2% |
| Income from operations | 157052000 | 146711000 | 7.0% |
| Income before provision for income taxes | $160777000 | $148307000 | 8.4% |
| Provision for income taxes | 35581000 | 39458000 | (9.8)% |
| Net income | $125196000 | $108849000 | 15.0% |
| Weighted-average shares outstanding | 26898443 | 26898443 |  |
| Basic and diluted earnings per share | $4.65 | $4.05 | $0.60  |

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**WEIS MARKETS, INC.**

**TWO-YEAR STACKED COMPARABLE STORE SALES**

**Fourth Quarter — 2022**

**(Unaudited)**

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| | | |
|:---|:---|:---|
|  | **Percentage Change** | **Percentage Change** |
|  | **Fourth Quarter Ended** | **Fourth Quarter Ended** |
| *(amounts adjusted for an additional week in 2022)* | **2022 vs. 2021** | 2021 vs. 2020 |
| Comparable store sales (individual year) | &nbsp;&nbsp;&nbsp;&nbsp;**9.5**% | 6.9% |
| Comparable store sales (two-year stacked) | **16.4** |  |
| Comparable store sales, excluding fuel (individual year) | &nbsp;&nbsp;&nbsp;&nbsp;**9.6** | 4.9 |
| Comparable store sales, excluding fuel (two-year stacked) | **14.5** |  |
|  | **Percentage Change** | **Percentage Change** |
|  | **Year Ended** | **Year Ended** |
| *(amounts adjusted for an additional week in 2022)* | **2022 vs. 2021** | 2021 vs. 2020 |
| Comparable store sales (individual year) | &nbsp;&nbsp;&nbsp;&nbsp;**8.8**% | 1.7% |
| Comparable store sales (two-year stacked) | **10.5** |  |
| Comparable store sales, excluding fuel (individual year) | &nbsp;&nbsp;&nbsp;&nbsp;**7.5** | 0.2 |
| Comparable store sales, excluding fuel (two-year stacked) | &nbsp;&nbsp;&nbsp;&nbsp;**7.7** |  |

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