WEIS MARKETS INC (Form: 8-K, Received: 03/10/2021 06:00:38)

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): March 9, 2021

WEIS MARKETS, INC.

(Exact name of registrant as specified in its charter)

Pennsylvania

(State or other jurisdiction of incorporation)

1-5039

(Commission File Number)

24-0755415

(IRS Employer Identification No.)

1000 South Second Street

Sunbury, PA

(Address of principal executive offices)

‎17801

(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:


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

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. ¨
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Item 2.02 Results of Operations and Financial Condition.

On March 9, 2021, the Company released its earnings for the fourth quarter ended December 26, 2020. 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.

(d) Exhibit.

99.1 Weis Markets, Inc. March 9, 2021 news release announcing the fourth quarter 2020 earnings.

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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/Scott F. Frost
		Name: Scott F. Frost
		Title: Senior Vice President, Chief Financial Officer and Treasurer
		(Principal Financial Officer)

Dated: March 9, 2021

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EXHIBIT INDEX

Octobe

Exhibit No.	Description
99.1	Weis Markets, Inc. March 9, 2021 news release announcing the fourth quarter 2020 earnings.

Exhibit 99.1

NEWS RELEASE

FOR IMMEDIATE RELEASE

Contact:

Dennis Curtin

Weis Markets, Inc.

570-847-3636

dcurtin@weismarkets.com

WEIS MARKETS REPORTS RESULTS FOR 2020 AND FOURTH QUARTER

Sunbury, PA (March 9, 2021) – Weis Markets, Inc. (NYSE:WMK) today reported total sales of over $4.1 billion for the 52-week period ended December 26, 2020, up 16.1 percent compared to the same period a year ago, while annual comparable store sales increased 16.4 percent. Income from operations increased $78.5 million, or 92.8 percent over the same period in 2019 to $163.2 million.

The Company’s net income for fiscal year 2020 increased 74.9 percent to $118.9 million compared to $68.0 million in 2019 while earnings per share for the same period increased $1.89 to $4.42 per share.

“The pandemic has been a supreme challenge for our communities, and our associates who continue to diligently serve our customers,” said Jonathan H. Weis, Weis Markets’ Chairman and Chief Executive Officer. “In-home meal consumption soared in 2020 due to an increased number of customers and their families working or attending school remotely. We met this demand by ensuring a safe shopping environment for our customers and associates, and operating stores that were consistently in stock. Our results were made possible by increased replenishment schedules, adaptable procurement programs, enhanced ecommerce solutions, disciplined marketing and pricing programs, improved store, manufacturing and distribution efficiencies and consistent customer service.”

Mr. Weis said ecommerce sales increased 155 percent in 2020. He also noted the strong sales performance of the Company’s fresh departments, notably meat and seafood, which benefited from increased cooking at home.

Fourth Quarter Results:

During the thirteen-week period ended December 26, 2020, the Company’s sales increased 13.7 percent to $1.0 billion compared to the same period in 2019, while fourth quarter comparable store sales increased 14.1 percent.

Income from operations in the fourth quarter totaled $26.9 million compared to $23.0 million in the same period in 2019. The Company’s fourth quarter net income increased 2.8 percent to $19.4 million compared to $18.9 million in 2019, while earnings per share totaled $0.73 compared to $0.70 per share for the same period in 2019.

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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: WeisMarkets.com or Facebook.com/WeisMarkets.

In addition to historical information, this news release may contain forward-looking statements, which are included pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. For example, risks and uncertainties can arise with changes in: general economic conditions, including their impact on capital expenditures; business conditions in the retail industry; the regulatory environment; rapidly changing technology and competitive factors, including increased competition with regional and national retailers; and price pressures. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly revise or update these forward-looking statements to reflect events or circumstances that arise after the date hereof. Readers should carefully review the risk factors described in other documents the Company files periodically with the Securities and Exchange Commission.

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WEIS MARKETS, INC.

COMPARATIVE SUMMARY OF SALES & EARNINGS



Fourth Quarter — 2020
(Unaudited)



	13 Weeks Ended					Increase
	December 26, 2020		December 28, 2019			(Decrease)
Net sales	$	1,025,690,000	$	902,392,000		13.7	%

Income from operations		26,942,000		22,977,000		17.3	%

Income before provision for income taxes	$	27,666,000	$	23,850,000		16.0	%
Provision for income taxes		8,246,000		4,965,000		66.1	%
Net income	$	19,420,000	$	18,885,000		2.8	%

Weighted-average shares outstanding		26,898,443		26,898,443		—
Basic and diluted earnings per share	$	0.73	$	0.70	$	0.03



	52 Weeks Ended					Increase
	December 26, 2020		December 28, 2019			(Decrease)
Net sales	$	4,112,601,000	$	3,543,299,000		16.1	%

Income from operations		163,178,000		84,639,000		92.8	%

Income before provision for income taxes	$	163,679,000	$	88,644,000		84.6	%
Provision for income taxes		44,762,000		20,661,000		116.6	%
Net income	$	118,917,000	$	67,983,000		74.9	%

Weighted-average shares outstanding		26,898,443		26,898,443		—
Basic and diluted earnings per share	$	4.42	$	2.53	$	1.89