28 unchanged sentences
Percentage Change
−Removed: Net sales, excluding fuel
−Removed: Net sales, adjusted for an additional week in 2022
Net sales, adjusted for an additional week in 2022, excluding fuel
−Removed: Comparable store sales
+Added: Net sales, adjusted for an additional week in 2022
+Added: Net sales, excluding fuel
Comparable store sales excluding fuel
+Added: Comparable store sales
The 2023 and 2021 years were comprised of 52 weeks, whereas the 2022 year was comprised of 53 weeks.
8 unchanged sentences
According to the latest U.S.
−Removed: Bureau of Labor Statistics’ report, the annual Seasonally Adjusted Food-at-Home Consumer Price Index increased 11.4% in 2022, 3.5% in 2021 and 3.5% in 2020.
+Added: Bureau of Labor Statistics’ report, the annual Seasonally Adjusted Food-at-Home Consumer Price Index increased 5.0% in 2023, 11.4% in 2022, 3.5% in 2021.
Even though the U.S.
1 unchanged sentence
According to the U.S.
−Removed: Department of Energy, the 53-week average price of gasoline in the Central Atlantic States increased 31.4%, or $1.00 per gallon, in 2022 compared to the 52-week average in 2021.
+Added: Department of Energy, the 52-week average price of gasoline in the Central Atlantic States decreased 10.1%, or $0.42 cents per gallon, in 2023 compared to the 53-week average in 2022.
The 53-week average price of gasoline in the Central Atlantic States, according to the U.S.
Department of Energy, increased 31.4%, or $1.00 per gallon, in 2022 compared to the 52-week average in 2021.
−Removed: Comparable store sales increased for all years presented, in small part due to an additional selling week in 2022.
−Removed: On a comparable store sales basis fresh, pharmacy services and fuel increased in sales.
−Removed: The Company’s 2022 sales were favorably impacted as a result of increased pharmacy prescription volume, administering COVID-19 vaccines and higher fuel sales.
−Removed: Comparable store sales, adjusted for an additional week in 2022 increased 8.8% including fuel and 7.5% excluding fuel for 2022 compared to 2021.
+Added: Comparable store sales, excluding fuel and adjusted for the 53rd week in 2022, increased for all years presented.
+Added: Comparable store sales, including fuel, decreased year over year.
+Added: On a comparable store sales basis pharmacy services increased in sales.
+Added: Comparable store sales, adjusted for an additional week in 2022 increased 2.3% excluding fuel and 1.7% including fuel for 2023 compared to 2022.
The Company has provided additional product offerings and customer conveniences such as “Weis 2 Go Online,” currently offered at 188 store locations.
“Weis 2 Go Online” allows the customer to order on-line and have their order delivered or picked up at an expedient store drive-thru.
−Removed: The Company has experienced retail inflation and deflation in various commodities for the periods presented.
+Added: The Company also currently offers home delivery to customers in all 197 of its locations via multiple grocery delivery partners.
+Added: During 2023, the Company’s net sales were negatively impacted by declining government benefits.
+Added: Although the Company experienced retail inflation and deflation in various commodities for the periods presented, the Company anticipates overall product costs to increase given the recent inflationary indicators in the food retail industry.
Management cannot accurately measure the full impact of inflation or deflation on retail pricing due to changes in the types of merchandise sold between periods, shifts in customer buying patterns and the fluctuation of competitive factors.
−Removed: In addition, impacts of the novel coronavirus pandemic have caused uncertainty about future economic conditions and may change future product mix.
Management remains confident in its ability to generate long-term sales growth in a highly competitive environment, but also understands some competitors have greater financial resources and could use these resources to take measures which could adversely affect the Company’s competitive position.
3 unchanged sentences
Both direct product cost and distribution cost increase when sales volume increases.
−Removed: Gross profit rate was 25.2% in 2022, 26.4% in 2021 and 26.8% in 2020.
−Removed: The decrease in gross profit rate is attributable to sales deleverage, primarily in fresh selling departments;
−Removed: increased pharmacy and fuel sales, which have a lower gross profit margin than grocery sales;
+Added: Gross profit rate was 24.7% in 2023, 25.2% in 2022, 26.4% in 2021.
+Added: The decrease in gross profit rate is attributable to increased pharmacy and fuel sales, which have a lower gross profit margin than grocery sales;
and higher product and supply chain costs.
−Removed: The Company experienced unfavorable non-cash LIFO inventory valuation adjustments, decreasing gross profit by $29.2 million and $4.0 million in 2022 and 2021, respectively.
−Removed: A favorable non-cash LIFO inventory valuation adjustment increased gross profit by $275 thousand in 2020.
+Added: The Company experienced unfavorable non-cash LIFO inventory valuation adjustments, decreasing gross profit by $6.7 million, $29.2 million and $4.0 million in 2023, 2022 and 2021, respectively.
The Company has experienced retail inflation and deflation in various commodities for the periods presented.
5 unchanged sentences
The majority of the expenses were driven by increased sales volume.
−Removed: Employee-related costs such as wages, employer paid taxes, health care benefits and retirement plans, comprise approximately 60.7% of the total “Operating, general and administrative expenses.” As a percent of sales, direct store labor decreased 0.5% in 2022 compared to 2021 and decreased 0.1% in 2021 compared to 2020.
−Removed: While direct store labor expenses increased in 2022 compared to 2021, and 2021 compared to 2020, the sales increases have outpaced the labor expense increase causing the rate to fall, primarily due to the fixed component of store labor.
+Added: Employee-related costs such as wages, employer paid taxes, health care benefits and retirement plans, comprise approximately 59.9% of the total “Operating, general and administrative expenses.” As a percent of sales, direct store labor increased 0.1% in 2023 compared to 2022 and decreased 0.5% in 2022 compared to 2021.
+Added: Direct store labor expenses increased slightly in 2023 compared to 2022 due to flat net sales results for the same period.
+Added: Direct store labor increased in 2022 compared to 2021, as sales increases outpaced the labor expense increase causing the rate to fall, primarily due to the fixed component of store labor.
Management continues to monitor store labor efficiencies and develop labor standards to reduce costs while maintaining the Company’s customer service expectations.
−Removed: Currently, the Company is continuing a multi-year initiative to install or upgrade self-checkouts in its stores in response to customer preference and labor supply, including adding convertible dual-use checkout lanes.
−Removed: The Company’s self-insured health care benefit expenses decreased by 0.2% in 2022 compared to 2021 and increased by 0.2% in 2021 compared to 2020.
−Removed: Depreciation and amortization expense charged to “Operating, general and administrative expenses” was $94.6 million, or 2.0% of net sales, for 2022 compared to $93.8 million, or 2.2% of net sales, for 2021 and $90.2 million, or 2.2% of net sales, for 2020.
+Added: During 2023, the Company completed a multi-year initiative to install or upgrade self-checkouts in its stores in response to customer preference and labor supply, including adding convertible dual-use checkout lanes.
+Added: The Company’s self-insured health care benefit expenses decreased by 18.0% and 8.5% in 2023 and 2022, respectively.
+Added: As a percent of sales, the Company’s self-insured health care benefit expenses decreased by 0.1% and 0.2%, in 2023 and 2022, respectively.
+Added: Depreciation and amortization expense charged to “Operating, general and administrative expenses” was $98.0 million, or 2.1% of net sales, for 2023 compared to $94.6 million, or 2.0% of net sales, for 2022 compared to $93.8 million, or 2.2% of net sales, for 2021.
See the Liquidity and Capital Resources section for further information regarding the Company’s capital expenditure program.
−Removed: A breakdown of the material increases (decreases) as a percent of sales in "Operating, general and administrative expenses"
−Removed: is as follows:
+Added: A breakdown of the material increases (decreases) as a percent of sales in "Operating, general and administrative expenses" is as follows:
(amounts in thousands)
2 unchanged sentences
as a % of sales
−Removed: Employee expense
−Removed: Utilities expense
+Added: Associate insurance benefits expense
Fixed expense (amortization, depreciation, insurance expenses, and occupancy costs)
−Removed: Other expenses (financial service fees, technology, repairs and maintenance, supplies)
+Added: Repairs and maintenance expense
+Added: Other expenses (Employee expense, utilities, technology, asset disposals and insurance proceeds)
(amounts in thousands)
6 unchanged sentences
Other expenses (financial service fees, technology, repairs and maintenance, supplies)
−Removed: The majority of the increases in other expenses from 2020 to 2021 and 2022 were higher financial service fees due to more sales transaction dollars paid with debit and credit cards and higher information technology expenses due to more third-party subscription and consulting services.
+Added: The majority of the increases in other expenses from 2022 to 2023 were technology expenses due to more third-party information technology subscription and consulting services and less asset disposals and insurance proceeds.
+Added: The majority of the increases in other expenses from 2021 to 2022 were higher financial service fees due to more sales transaction dollars paid with debit and credit cards and more third-party information technology subscription and consulting services.
WEIS MARKETS, INC.
3 unchanged sentences
The effective income tax rate was 29.2%, 22.1% and 26.6% in 2023, 2022, and 2021, respectively.
−Removed: The effective income tax rate differs from the federal statutory rate of 21% primarily due to state taxes as well as nondeductible employee expenses.
+Added: The effective income tax rate differs from the federal statutory rate of 21% primarily due to state taxes as well as nondeductible employee-related expenses.
The Company reduced its provision for income taxes by $5.5 million in 2022 primarily due to the effects of Pennsylvania House Bill 1342 which was enacted on July 8, 2022.
−Removed: The bill made significant changes to the Commonwealth’s corporate income tax laws which included lowering the tax rate gradually from 9.99% in 2022 to 4.99% in 2031, updating market sourcing rules, and codifying the economic nexus standard.
+Added: The bill made significant changes to the Commonwealth’s corporate income tax laws which included lowering the tax rate gradually from 9.99% in 2022 to 4.99% in 2031.
Liquidity and Capital Resources
2 unchanged sentences
(the “Credit Agreement”).
−Removed: The Credit Agreement matures on September 1, 2024 and provides for an unsecured revolving credit facility with an aggregate principal amount not to exceed $30.0 million with an additional discretionary amount available of $70.0 million.
+Added: The Credit Agreement matures on October 1, 2027, and provides for an unsecured revolving credit facility with an aggregate principal amount not to exceed $30.0 million with an additional discretionary amount available of $70.0 million.
As of December 30, 2023, the availability under the revolving credit agreement was $22.3 million with $7.7 million of letters of credit outstanding.
7 unchanged sentences
The Company’s capital expenditure program includes the construction of new superstores, the expansion and remodeling of existing units, the acquisition of sites for future expansion, new technology purchases and the continued upgrade of the Company’s distribution facilities and transportation fleet.
−Removed: Management currently plans to invest approximately $150 million in its capital expenditure program in 2023, including multiple carryover projects from 2022 that were delayed due to labor and supply chain disruptions.
+Added: Management continues to reinvest in its long-term capital expenditure program including plans to complete multiple carryover projects from 2022 and 2023 that were delayed due to labor and supply chain disruptions.
+Added: The Company anticipates to fund the long-term capital expenditure program, the acquisition of retail stores, the construction of additional distribution facilities, repurchases of common stock, and cash dividends on common stock through its cash and cash equivalents, marketable securities, cash flows from operating activities, and revolving credit agreement.
The Board of Directors’ 2004 resolution authorizing the repurchase of up to one million shares of the Company’s common stock has a remaining balance of 752,468 shares.
16 unchanged sentences
Financing activities
−Removed: Cash flows from operating activities decreased in 2022 as compared to 2021 and 2021 as compared to 2020, respectively.
−Removed: The decrease in 2022 from 2021 is due to increases in inventory and in 2021 from 2020 is due to settling working capital obligations.
−Removed: Property and equipment purchases totaled $122.2 million in 2022, compared to $151.8 million in 2021 and $131.0 million in 2020.
+Added: Cash flows from operating activities decreased in 2023 as compared to 2022 and 2021, respectively.
+Added: The decrease in 2023 from 2022 is due to lower net income and in 2022 from 2021 is due to increases in inventory.
+Added: Property and equipment purchases totaled $104.0 million in 2023, $122.2 million in 2022 and $151.8 million in 2021.
As a percentage of sales, capital expenditures totaled 2.2% in 2023, 2.5% in 2022 and 3.6% in 2021.
−Removed: Multiple projects from 2022 are expected to be completed in 2023 due to labor and supply chain disruptions.
+Added: Multiple projects from 2022 and 2023 are expected to be completed in 2024 due to labor and supply chain disruptions.
The Company significantly increased its marketable securities holdings in 2023 by approximately $39.5 million and in 2022 the Company maintained its marketable securities portfolio.
68 unchanged sentences
Readers should carefully review the risk factors described in other documents the Company files periodically with the Securities and Exchange Commission.
+Added: WEIS MARKETS, INC.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.