Latest news with #WeisMarkets
Yahoo
2 days ago
- Business
- Yahoo
WEIS MARKETS, INC. SHARE PURCHASE AGREEMENT
SUNBURY, Pa., June 6, 2025 /PRNewswire/ -- Weis Markets, Inc. (the "Company") announced effective June 6, 2025 that it has purchased in a private transaction 2,153,846 shares (the "Shares") of the Company's Common Stock, no par value ("Common Stock") for an aggregate purchase price of $140,000,000, or approximately $65.00 per share, pursuant to a Share Purchase Agreement (the "Purchase Agreement") among the trustees of The Patricia R. Weis Marital Trust and The Patricia G. Ross Weis Revocable Trust (collectively, the "Sellers") and the Company. The Sellers are affiliated with Jonathan H. Weis, the Chairman, President, and CEO of the Company, and other members of the Weis family (collectively, the "Weis Family"). The Sellers will use the proceeds from the sale principally to satisfy estate tax obligations of the estate of Patricia R. Weis. Following the sale, the Sellers continue to own 4,051,383 shares of Common Stock, and members of the Weis Family remain owners of approximately 61% of the outstanding Common Stock. The approximate $65.00 per share purchase price represents a 12.3% discount to the closing price of the Common Stock as of June 5, 2025, a 15.6% discount to the 30-day volume weighted average trading price of the Common Stock as of June 5, 2025, a 12.8% discount to the 180-day volume weighted average trading price of the Common Stock as of June 5, 2025, and a 8.4% discount to the 1-year volume weighted average trading price of the Common Stock as of June 5, 2025. The Company funded the purchase by a combination of cash on hand and cash from the sale of marketable securities. The Purchase Agreement contains customary representations, warranties, and covenants of the parties. The Purchase Agreement was approved by the Company's Board of Directors (other than Jonathan H. Weis who recused himself from voting), after having been negotiated and recommended by a special committee of the Company's Board of Directors (the "Special Committee"), consisting solely of disinterested, independent directors. Kroll, LLC (acting through its Duff & Phelps Opinion Practice) was independent financial advisor to the Special Committee and provided a customary fairness opinion. K&L Gates LLP acted as counsel to the Special Committee. Reed Smith LLP was counsel to the Company, and Paul, Weiss, Rifkind, Wharton & Garrison LLP represented the Sellers. About Weis Markets Founded in 1912, Weis Markets, Inc. (NYSE: WMK) is a Mid Atlantic food retailer operating 198 stores in Pennsylvania, Maryland, Delaware, New Jersey, New York, West Virginia and Virginia. For more information, please visit: or 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; tariffs and trade policies; business conditions and trends in the retail industry; the regulatory environment; rapidly changing technology, including cybersecurity and data privacy risks, 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. View original content to download multimedia: SOURCE Weis Markets Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30-05-2025
- Business
- Yahoo
Pickup truck strikes Weis location in York County, swipes ATM
YORK COUNTY, Pa. (WHTM) — A pickup truck struck the front of a Weis Markets location in York County, and thieves made off with the ATM inside. Weis Markets said in a statement to abc27 News the crash happened around 4:15 a.m. Thursday. Three employees were on site at the time and none were hurt. 'Due to the damage, the store was closed for several hours,' a Weis spokesperson said. 'It reopened shortly before 10 a.m. We have cleaned up broken glass and made temporary repairs to the store front. In the coming weeks, we will make permanent repairs.' Download the abc27 News+ app on your Roku, Amazon Fire TV Stick, and Apple TV devices York Regional Police are investigating. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
10-05-2025
- Business
- Yahoo
Weis Markets reopen; give donation to local organizations
STROUDSBURG, MONROE COUNTY (WBRE/WYOU)— After some big renovations, Weis Markets in East Stroudsburg and Stroudsburg have reopened. Some of the upgrades include new décor, upgraded produce, bakery and seafood departments. East Stroudsburg presented check donations to East Stroudsburg Fire Department, East Stroudsburg Little League, and Angels of Light Work. 'Miracles Happen' thrift relocates to Zion United Church In the afternoon, Stroudsburg presented check donations to The Friends of Stroud Region Open Space & Recreation, Stroud Township Volunteer Fire Department, and Pocono Family YMCA. 'This is actually gonna help every single baseball player in East Stroudsburg don't play more have more equipment so this is a fantastic opportunity for us,' explained Teray Tucker, East Stroudsburg Little League representative. 'The community effort makes this city work and it's wonderful. We really appreciate everybody that works together and making this a better place,' stated Scott Perkins,CEO, Pocono Family YMCA. The Weis store managers say this could not of happened without all the store members help. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
09-05-2025
- Business
- Yahoo
Weis Markets' Q1 FY25 performance in line with expectations
Mid-Atlantic US food retailer Weis Markets has recorded total revenue of $1.2bn in the first quarter (Q1) of fiscal 2025 (FY25) - 1.6% up from the $1.18bn reported in the corresponding quarter of the previous year. Net income for Weis Markets in the 13-week quarter amounted to $20.48m, a decrease from the $23.17m recorded in Q1 FY24. Its diluted earnings per share for the quarter stood at $0.76, a decline from the $0.86 reported during the same period of the previous year. The retailer's operating income also saw a downturn, coming in at $23.04m for Q1 FY25, compared to $27.36m during Q1 FY24. However, gross profit on sales showed improvement, totalling $299.5m in Q1 FY25 from $295.01m in the previous year's corresponding quarter. Weis Markets chairman, president and CEO Jonathan Weis stated: "Our first quarter 2025 results, adjusted for the year-on-year Easter holiday shift, are in line with our expectations despite the challenges of an uncertain macroeconomic environment. "During the quarter, our net sales benefited from significant regional weather events, continuing product price investments, and the increased tempo of our loyalty marketing rewards programme. In addition, we continue to make strategic cost investments in our associates and technologies that improve efficiencies and enhance customer experience. We remain truly grateful to our associates for their efforts to provide excellent service to our customers." Weis Markets plans to construct four new stores exceeding 60,000ft² each with modern features and sustainable technologies in 2025. The company anticipates opening three stores by the end of the year, and the fourth early in 2026. They will be located in Maryland's Lake Linganore, Charlotte Hall and Waldorf communities, and in Middletown, Delaware. "In 2024, we completed work on 17 projects including six major remodels, nine minor remodels and two fuel centres," stated Weis. The retailer operates 198 stores in Delaware, Maryland, New Jersey, New York, Pennsylvania, West Virginia and Virginia. "Weis Markets' Q1 FY25 performance in line with expectations" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
09-05-2025
- Business
- Yahoo
Weis Markets ramps up store development
You can find original article here Supermarketnews. Subscribe to our free daily Supermarketnews newsletter. Weis Markets on Wednesday said it plans to open three new stores in 2025 and one in early 2026, marking its first new-store construction since 2022. The Sunbury, Pa.-based company unveiled the plans as it reported an 11.6% decrease in net income for the first quarter, to $20.5 million, compared with the first quarter of a year ago. Revenues were up 1.6%, to $1.2 billion, and comparable-store sales rose 1%. Adjusting for the Easter holiday, which took place in Q1 last year but in Q2 this year, the company estimated that Q1 sales rose 2.7% and comp-store sales rose 2.1% in this year's first quarter. 'During the quarter, our net sales benefited from significant regional weather events, continuing product price investments, and the increased tempo of our loyalty marketing rewards program,' said Jonathan H. Weis, chairman, president, and CEO. The company did not disclose specific reasons for the profit decline relative to a year ago, although Weis noted that the company was making 'strategic cost investments' in its workers and in technologies aimed at improving efficiencies and enhancing the customer experience. Although Weis Markets' gross profit as a percent of sales was about even with the year-ago first quarter, its operating, general, and administrative expenses (OGA) rose about 3%, to $276.5 million. Investment income was also down about $1.1 million in the most recent quarter. A spokesman for the company declined to elaborate on the profit decline. The company said all four of the new stores in construction will measure more than 60,000 square feet, well above the 49,000 average square footage for a Weis supermarket. The planned openings for this year are in Lake Linganore and Charlotte Hall, Md., and Middletown, Del. The fourth store is slated to open early next year in Waldorf, Md., the Weis spokesman told Supermarket News. Each of the new locations will include new features, expansive fresh departments, fuel centers, and sustainable technologies, the company said. In its 2024 annual report, Weis said several construction projects from recent years had been delayed due to labor and supply chain disruptions. Last year Weis completed six major remodels, nine minor remodels, and opened two new fuel centers. The company also acquired two former Sunnyway Food stores in Pennsylvania last year and ended fiscal 2024 with 198 locations. 'Our first quarter 2025 results, adjusted for the year-over-year Easter holiday shift, are in line with our expectations despite the challenges of an uncertain macroeconomic environment.'—Jonathan H. Weis, chairman, president, and CEO, Weis Markets Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
