UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

[X]

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 25, 2022

[ ]

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________to_________

Commission File Number 1-5039

WEIS MARKETS, INC.

(Exact name of registrant as specified in its charter)


Pennsylvania		24-0755415
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

1000 S. Second Street
P. O. Box 471		17801-0471
Sunbury, Pennsylvania		(Zip Code)
(Address of principal executive offices)


Registrant’s telephone number, including area code: (570) 286-4571	Registrant’s web address: www.weismarkets.com

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer [ ]		Accelerated filer [X]
Non-accelerated filer [ ]		Smaller reporting company [ ]
		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. [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

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

As of August 4, 2022, there were issued and outstanding 26,898,443 shares of the registrant’s common stock.

WEIS MARKETS, INC.

TABLE OF CONTENTS


FORM 10-Q		Page
Part I. Financial Information
Item 1. Financial Statements
Consolidated Balance Sheets		1
Consolidated Statements of Income		2
Consolidated Statements of Comprehensive Income		3
Consolidated Statements of Shareholders’ Equity		4
Consolidated Statements of Cash Flows		5
Notes to Consolidated Financial Statements		6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		10
Item 3. Quantitative and Qualitative Disclosures about Market Risk		18
Item 4. Controls and Procedures		18
Part II. Other Information
Item 6. Exhibits		19
Signatures		20
Exhibit 31.1 Rule 13a-14(a) Certification – CEO
Exhibit 31.2 Rule 13a-14(a) Certification – CFO
Exhibit 32 Certification Pursuant to 18 U.S.C. Section 1350

Table of Contents

WEIS MARKETS, INC.

PART I – FINANCIAL INFORMATION

ITEM I – FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS

(unaudited)


(amounts in thousands, except shares)	June 25, 2022		December 25, 2021
Assets
Current:
Cash and cash equivalents	$	70,678	$	86,048
Marketable securities		229,392		205,744
SERP investment		22,787		27,059
Accounts receivable, net		50,075		52,108
Inventories		303,417		269,587
Prepaid expenses and other current assets		28,932		31,112
Total current assets		705,281		671,658
Property and equipment, net		962,506		977,787
Operating lease right-to-use		188,957		191,175
Goodwill		52,330		52,330
Intangible and other assets, net		17,332		17,525
Total assets	$	1,926,406	$	1,910,475

Liabilities
Current:
Accounts payable	$	206,136	$	218,774
Accrued expenses		48,208		48,654
Operating leases		44,594		39,940
Accrued self-insurance		17,941		18,568
Deferred revenue, net		8,007		11,901
Income taxes payable		16,499		7,360
Total current liabilities		341,385		345,197
Postretirement benefit obligations		24,958		29,964
Accrued self-insurance		23,381		23,400
Operating leases		154,149		161,669
Deferred income taxes		113,977		115,087
Other		5,494		15,416
Total liabilities		663,344		690,733
Shareholders’ Equity
Common stock, no par value, 100,800,000 shares authorized, 33,047,807 shares issued, 26,898,443 shares outstanding		9,949		9,949
Retained earnings		1,409,403		1,358,963
Accumulated other comprehensive income (Net of deferred taxes of $2,154 in 2022 and $669 in 2021)		(5,433)		1,687
		1,413,919		1,370,599
Treasury stock at cost, 6,149,364 shares		(150,857)		(150,857)
Total shareholders’ equity		1,263,062		1,219,742
Total liabilities and shareholders’ equity	$	1,926,406	$	1,910,475

See accompanying notes to Consolidated Financial Statements.

Table of Contents

WEIS MARKETS, INC.

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)


		13 Weeks Ended			26 Weeks Ended
(amounts in thousands, except shares and per share amounts)		June 25, 2022		June 26, 2021		June 25, 2022		June 26, 2021
Net sales	$	1,135,234	$	1,047,349	$	2,239,302	$	2,053,689
Cost of sales, including advertising, warehousing and distribution expenses		843,020		766,157		1,653,403		1,505,108
Gross profit on sales		292,214		281,192		585,899		548,581
Operating, general and administrative expenses		243,809		235,633		496,081		471,189
Income from operations		48,405		45,559		89,818		77,392
Investment income (loss) and interest expense		(1,030)		2,140		(1,910)		3,752
Other income (expense)		2,085		(1,831)		3,590		(2,606)
Income before provision for income taxes		49,460		45,868		91,498		78,538
Provision for income taxes		13,194		12,396		23,843		20,811
Net income	$	36,266	$	33,472	$	67,655	$	57,727

Weighted-average shares outstanding, basic and diluted		26,898,443

SEC Form 10-Q filed by Weis Markets Inc.