10q10k10q10k.net

What changed in WEIS MARKETS INC's 10-K — 2023 vs 2024

vs

Paragraph-level year-over-year comparison of WEIS MARKETS INC's 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+102 added−108 removedSource: 10-K (2025-02-26) vs 10-K (2024-02-28)

Top changes in WEIS MARKETS INC's 2024 10-K

102 paragraphs added · 108 removed · 91 edited across 9 sections

Item 1. Business

Business — how the company describes what it does

29 edited+2 added−2 removed15 unchanged
Biggest changeThe Company believes that establishing a learning culture supports its commitment to be an employer of choice and helps drive customer engagement with its associates. Improvements in the Company’s talent management and development will help drive business impact while providing internal career opportunities.
Biggest changeThe Company believes that talent is a business differentiator and is committed to creating a sustainable competitive advantage through the selection, development and promotion of talented, highly motivated people. The Company believes that establishing a learning culture supports its commitment to be an employer of choice and helps drive customer engagement with its employees.
In addition, the Company has three manufacturing facilities which process milk, ice cream and fresh meat products. The corporate offices are located in Sunbury, Pennsylvania where the Company was founded in 1912. 2 Table of Contents WEIS MARKETS, INC. Item 1.
In addition, the Company has three manufacturing facilities which process milk, water, ice, ice cream and fresh meat products. The corporate offices are located in Sunbury, Pennsylvania where the Company was founded in 1912. 2 Table of Contents WEIS MARKETS, INC. Item 1.
The Company is the exclusive licensee of nearly 125 trademarks registered and/or pending in the United States Patent and Trademark Office from WMK Holdings, Inc., including trademarks for its product lines and promotions such as Weis, Weis 2 Go, Weis Great Meals Start Here, Weis Gas-n-Go and Weis Nutri-Facts.
The Company is the exclusive licensee of nearly 115 trademarks registered and/or pending in the United States Patent and Trademark Office from WMK Holdings, Inc., including trademarks for its product lines and promotions such as Weis, Weis 2 Go, Weis Great Meals Start Here, Weis Gas-n-Go and Weis Nutri-Facts.
The Company’s success depends to a significant degree upon the continued contributions of senior management. The loss of any key member of management may prevent the Company from implementing its business plans in a timely manner. In addition, employment conditions specifically may affect the Company’s ability to hire and train qualified associates.
The Company’s success depends to a significant degree upon the continued contributions of senior management. The loss of any key member of management may prevent the Company from implementing its business plans in a timely manner. In addition, employment conditions specifically may affect the Company’s ability to hire and train qualified employees.
Additionally, these systems contain valuable proprietary data as well as receipt and storage of personal information about its associates and customers, in particular electronic payment data and personal health information that, if breached, would have an adverse effect on the Company.
Additionally, these systems contain valuable proprietary data as well as receipt and storage of personal information about its employees and customers, in particular electronic payment data and personal health information that, if breached, would have an adverse effect on the Company.
Such an occurrence could adversely affect the Company’s reputation with its customers, associates, and vendors, as well as the Company’s financial condition, results of operations, and liquidity with potential litigation against the Company or the imposition of penalties.
Such an occurrence could adversely affect the Company’s reputation with its customers, employees, and vendors, as well as the Company’s financial condition, results of operations, and liquidity with potential litigation against the Company or the imposition of penalties.
The Company uses a combination of insurance and self-insurance to provide for potential liabilities for workers’ compensation, general liability, vehicle accident, property and associate medical benefit claims.
The Company uses a combination of insurance and self-insurance to provide for potential liabilities for workers’ compensation, general liability, vehicle accident, property and employee medical benefit claims.
The following summarizes the number of stores by size categories as of year-end: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2023 2022 2022 Square feet ​ Number of stores ​ % of Total ​ Number of stores ​ % of Total Over 55,000 64 32% ​ 64 32% 45,000 to 54,999 70 36% ​ 70 36% 35,000 to 44,999 46 23% ​ 46 23% 25,000 to 34,999 12 6% ​ 12 6% Under 25,000 5 3% ​ 5 3% Total 197 100% ​ 197 100% ​ The Company believes that opening new stores and remodeling current stores are vital for future Company growth.
The following summarizes the number of stores by size categories as of year-end: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2024 2023 2023 Square feet ​ Number of stores ​ % of Total ​ Number of stores ​ % of Total Over 55,000 64 32% ​ 64 32% 45,000 to 54,999 70 35% ​ 70 36% 35,000 to 44,999 47 24% ​ 46 23% 25,000 to 34,999 12 6% ​ 12 6% Under 25,000 5 3% ​ 5 3% Total 198 100% ​ 197 100% ​ The Company believes that opening new stores and remodeling current stores are vital for future Company growth.
Financial, Investments and Infrastructure Risks The failure to execute expansion plans could have a material adverse effect on the Company’s business and results of its operations. Circumstances outside the Company’s control could negatively impact anticipated capital investments in store, distribution and manufacturing projects, information technology and equipment.
Financial, Investments and Infrastructure Risks The failure to execute expansion plans could have a material adverse effect on the Company’s business and results of its operations. Circumstances outside the Company’s control could negatively impact anticipated capital investments in the Company’s stores, distribution and manufacturing, as well as in information technology and equipment.
The goal of the sustainability strategy is to reduce the Company’s overall carbon footprint by reducing greenhouse gas emissions and reducing the impact on the environment. The Company continues to be a member of the EPA GreenChill program for advancing environmentally beneficial refrigerant management systems.
The goal of the sustainability strategy is to reduce the Company’s overall carbon footprint by reducing greenhouse gas emissions and reducing the impact on the environment, which also serves to increase the Company’s efficiency. The Company continues to be a member of the EPA GreenChill program for advancing environmentally beneficial refrigerant management systems.
The following schedule shows the changes in the number of retail food stores, total square footage and store additions/remodels as of year-end: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 2020 2019 Beginning store count 197 196 196 198 202 New/relocated stores — 2 4 2 1 Closed/relocated stores — (1) (4) (4) (5) Ending store count 197 197 196 196 198 Total square feet (000’s), at year-end 9,710 9,710 9,617 9,568 9,642 Additions/major remodels 4 9 ​ 13 ​ 13 ​ 12 ​ Utilizing its own strategically located distribution center and transportation fleet, Weis Markets self distributes approximately 56% of product supplied to stores with the remaining being supplied by direct store vendors and regional wholesalers.
The following schedule shows the changes in the number of retail food stores, total square footage and store additions/remodels as of year-end: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 2022 2021 2020 Beginning store count 197 197 196 196 198 New/relocated stores (1) 2 — 2 4 2 Closed/relocated stores (1) — (1) (4) (4) Ending store count 198 197 197 196 196 Total square feet (000’s), at year-end 9,757 9,710 9,710 9,617 9,568 Additions/major remodels 12 4 9 ​ 13 ​ 13 (1) In 2024, the Company acquired two former Sunnyway Food stores located in Chambersburg and Greencastle in Pennsylvania from Sunnyway Foods, Inc. ​ Utilizing its own strategically located distribution center and transportation fleet, Weis Markets self distributes approximately 53% of product supplied to stores with the remaining being supplied by direct store vendors and regional wholesalers.
The Company cannot determine with certainty whether its new or acquired stores will meet expected benefits including, among other things, operating efficiencies, procurement savings, innovation, sharing of best practices and increased market share that may allow for future growth.
The Company cannot determine with certainty whether its new or acquired stores will meet expected benefits including, among other things, operating efficiencies, procurement savings, innovation, sharing of best practices and increased market share that may allow for future growth. Achieving the anticipated benefits may be subject to a number of significant challenges and 4 Table of Contents WEIS MARKETS, INC.
The financial results may be adversely impacted by a competitive environment that could cause the Company to reduce retail prices without a reduction in its product cost to maintain market share; thus, reducing sales and gross profit margins. Food safety issues could result in the loss of consumer confidence in the Company.
The introduction of on-line food retail in recent years has augmented competition in industry. The financial results may be adversely impacted by a competitive environment that could cause the Company to reduce retail prices without a reduction in its product cost to maintain market share; thus, reducing sales and gross profit margins.
The Company has invested significantly in the development and protection of “Weis Markets” both as a trade name and a trademark and considers it to be an important asset.
Approximately 94% of Weis Markets employees are paid an hourly wage. Trade Names and Trademarks. The Company has invested significantly in the development and protection of “Weis Markets” both as a trade name and a trademark and considers it to be an important asset.
The Company’s financial performance is potentially affected by increasing wage and benefit costs, a competitive labor market, regulatory wage increases and the risk of unionized labor disruptions of its non-union workforce. The Company’s profit is particularly sensitive to the cost of oil. Oil prices directly affect the Company’s product transportation costs, as well as its utility and petroleum-based supply costs.
Employee expenses contribute to the majority of the Company’s operating costs. The Company’s financial performance is potentially affected by increasing wage and benefit costs, a competitive labor market, regulatory wage increases and the risk of unionized labor disruptions of its non-union workforce. The Company’s profit is particularly sensitive to the cost of oil.
Achieving the anticipated benefits may be subject to a number of significant challenges and uncertainties, including, without limitation, the possibility of imprecise assumptions underlying expectations regarding potential 4 Table of Contents WEIS MARKETS, INC. Item 1a. Risk Factors: (continued) synergies and the integration process, unforeseen expenses and delays diverting Management’s time and attention and competitive factors in the marketplace.
Item 1a. Risk Factors: (continued) uncertainties, including, without limitation, the possibility of imprecise assumptions underlying expectations regarding potential synergies and the integration process, unforeseen expenses and delays diverting Management’s time and attention and competitive factors in the marketplace.
The Company also faces substantial competition from convenience stores, membership warehouse clubs, specialty retailers, supercenters and large-scale drug and pharmaceutical chains. This competition is augmented by the food retail industry’s expansion into the online market in recent years. The Company continues to effectively compete by offering a strong combination of value, quality and service.
The Company’s principal competition consists of international, national, regional and local food chains, as well as independent food stores. The Company also faces substantial competition from convenience stores, membership warehouse clubs, specialty retailers, supercenters and large-scale drug and pharmaceutical chains. This competition is augmented by the food retail industry’s expansion into the online market in recent years.
The Company currently has thirteen stores certified under this program and plans to expand this program to more stores. Since 2017, the Company has replaced 96% of its stores fluorescent lighting with more energy efficient and environmentally friendly LED lighting.
The Company currently has fifteen stores certified under this program and plans to expand this program to more stores. Since 2017, the Company has replaced 96% of its stores fluorescent lighting with more energy efficient and environmentally friendly LED lighting. The Company continues to emphasize recycling in all areas, diverting approximately 40 thousand tons of waste from landfills annually.
Significant labor and supply chain disruptions in 2022 and 2023 resulted in multiple store development and construction projects (new, relocated, addition, major remodel) to be carried over for completion in 2024 and 2025 as supply chain conditions stabilize.
Although supply chain conditions relating to labor and materials needed for opening and remodeling stores are stabilizing, labor and supply chain disruptions resulted in multiple store development and construction projects (new, relocated, addition, major remodel) to be carried over for completion in 2025 and 2026.
Customers count on the Company to provide them with safe and wholesome food products.
Food safety issues could result in the loss of consumer confidence in the Company. Customers count on the Company to provide them with safe and wholesome food products.
The operating environment continues to be characterized by aggressive expansion, entry of non-traditional competitors, market consolidation and increasing fragmentation of retail and online formats. The introduction of on-line food retail in recent years has augmented competition in industry.
The retail food industry is intensely price competitive, and the competition the Company encounters may have a negative impact on product retail prices. The operating environment continues to be characterized by aggressive expansion, entry of non-traditional competitors, market consolidation and increasing fragmentation of retail and online formats.
These materials include the Corporate Governance Guidelines; the Charters of the Audit, Compensation and Disclosure Committees; and both the Code of Business Conduct and Ethics and the Code of Ethics for the CEO and CFO. A copy of the foregoing corporate governance materials is available upon written request to the Company’s principal executive offices. ​ Item 1a.
These materials include the Corporate Governance Guidelines; the Charters of the Audit, Compensation and Disclosure Committees; both the Code of Business Conduct and Ethics and the Code of Ethics for the CEO and CFO; the Policy Relating to Recovery (Clawback) of erroneously Awarded Compensation; and the Securities Trading Policy.
Supply Chain and Third-Party Risks The Company is affected by certain operating costs which could increase or fluctuate considerably, and other potential disruptions. Associate expenses contribute to the majority of the Company’s operating costs.
The techniques and sophistication used in breach information technology systems and the rapid evolution and increased adoption of artificial intelligence technologies may intensify the Company’s cyber security risks. Supply Chain and Third-Party Risks The Company is affected by certain operating costs which could increase or fluctuate considerably, and other potential disruptions.
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.
“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. The Company also currently offers home delivery to customers at all 198 of its locations via multiple grocery delivery partners. Human Capital.
Risk Factors: Competitive and Reputational Risks The Company’s industry is highly competitive. If the Company is unable to compete effectively, the Company’s financial condition and results of operations could be materially affected. The retail food industry is intensely price competitive, and the competition the Company encounters may have a negative impact on product retail prices.
A copy of the foregoing corporate governance materials is available upon written request to the Company’s principal executive offices. ​ Item 1a. Risk Factors: Competitive and Reputational Risks The Company’s industry is highly competitive. If the Company is unable to compete effectively, the Company’s financial condition and results of operations could be materially affected.
It also affects the costs of its suppliers, which impacts its cost of goods. Additionally, disruptions to the Company’s distribution of food products pose significant risks to the Company's operations. Various factors such as adverse weather conditions, food safety, and civil unrest could all contribute to such disruptions. 5 Table of Contents WEIS MARKETS, INC.
Various factors such as extreme weather conditions, food and drug safety, health epidemics or pandemics, and civil unrest could all contribute to such disruptions. 5 Table of Contents WEIS MARKETS, INC.
The Company continues to grow leaders at every level throughout the organization by creating a culture of mentoring, coaching and leveraging on-the-job assignments for continued development. The Company believes that a strong employment brand is necessary to attract and retain top talent and affects its ability to compete and execute strategic plans.
Improvements in the Company’s talent management and development will help drive business impact while providing internal career opportunities. The Company continues to grow leaders at every level throughout the organization by creating a culture of mentoring, coaching and leveraging on-the-job assignments for continued development.
Management’s Discussion and Analysis of Financial Condition and Results of Operations. The Company operates in a highly competitive marketplace. The number and the variety of competitors vary by market. The Company’s principal competition consists of international, national, regional and local food chains, as well as independent food stores.
These statistics and more can be found in the Company’s most recently published sustainability report, linked below in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. The Company operates in a highly competitive marketplace. The number and the variety of competitors vary by market.
The Company will continue to assess and upgrade underlying technologies to support human capital development as a strategic imperative for future growth. The Company currently employs approximately 23,000 full-time and part-time associates. Approximately 95% of Weis Markets associates are paid an hourly wage. Trade Names and Trademarks.
The Company believes that a strong employment brand is necessary to attract and retain top talent and affects its ability to compete and execute strategic plans. The Company will continue to assess and upgrade underlying technologies to support human capital development as a strategic imperative for future growth. The Company currently employs approximately 22,000 full-time and part-time employees.
Removed
The Company continues to emphasize recycling in all areas, most recently noting a decrease in store waste where the Company has diverted approximately 43 thousand tons of waste from landfills. These statistics and more can be found in the Company’s most recently published sustainability report, linked below in Item 7.
Added
The Company continues to effectively compete by offering a strong combination of value, quality and service. The Company has provided additional product offerings and customer conveniences such as “Weis 2 Go Online,” currently offered at 190 store locations.
Removed
The Company also currently offers home delivery to customers in all 197 of its locations via multiple grocery delivery partners. Human Capital. The Company believes that talent is a business differentiator and is committed to creating a sustainable competitive advantage through the selection, development and promotion of talented, highly motivated people.
Added
Oil prices directly affect the Company’s product transportation costs, as well as its utility and petroleum-based supply costs. It also affects the costs of its suppliers, which impacts its cost of goods. Additionally, disruptions to the Company’s distribution of food products pose significant risks to the Company's operations.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

3 edited+0 added−2 removed10 unchanged
Biggest changeCurrently, one of the Company’s five directors is a member of the Weis family. 6 Table of Contents WEIS MARKETS, INC. Item 1a. Risk Factors: (continued) The Company’s business and operations, and the operations of the Company’s suppliers, have been, and may in the future be adversely affected by epidemics or pandemics such as the novel Coronavirus (COVID-19) pandemic outbreak.
Biggest changeCurrently, one of the Company’s five directors is a member of the Weis family. 6 Table of Contents WEIS MARKETS, INC.
Changes in economic and social conditions in the Company’s operating regions, including fluctuations in the inflation rate along with changes in population and employment and job growth rates and changes in government benefits such as SNAP/EBT or child care credits, affect customer shopping habits. Business disruptions due to weather and catastrophic events may also affect our business.
Changes in economic and social conditions in the Company’s operating regions, including fluctuations in the inflation rate along with changes in population and employment and job growth rates and changes in government benefits such as SNAP/EBT or child care credits, affect customer shopping habits. Business disruptions due to extreme weather and catastrophic events may also affect our business.
Currently, the Company benefits from a combination of its corporate structure and certain state tax laws. The Company is a controlled Company due to the common stock holdings of the Weis family. The Weis family’s share ownership represents approximately 65% of the combined voting power of the Company’s common stock as of December 30, 2023.
Currently, the Company benefits from a combination of its corporate structure and certain state tax laws. The Company is a controlled Company due to the common stock holdings of the Weis family. The Weis family’s share ownership represents approximately 65% of the combined voting power of the Company’s common stock as of December 28, 2024.
Removed
The Company may face risks related to health epidemics and pandemics or other outbreaks of communicable diseases. The global spread of COVID-19 created significant volatility, uncertainty and economic disruption. The Company’s business was deemed essential during the novel coronavirus pandemic and the Company is committed to maintaining a safe work and shopping environment.
Removed
Management cannot assess the ultimate economic impact to the Company, which will be determined by, among other things, the length of time that such circumstances occur, nor can the Company predict the effects of governmental and public responses to changing conditions. The risks and uncertainties surrounding the coronavirus pandemic, as well as any future pandemics, are broad.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

3 edited+1 added−1 removed7 unchanged
Biggest changeThe Company engages with a range of third-party experts, including cybersecurity assessors, consultants, and auditors in evaluating and testing its risk management systems. These relationships enable Management to leverage specialized knowledge and insights with respect to the Company’s cybersecurity strategies and processes.
Biggest changeIn order to manage the risks associated with cybersecurity threats, the Company has implemented an Information Security Incident Response Plan. The Company engages with a range of third-party experts, including cybersecurity assessors, consultants, and auditors in evaluating and testing its risk management systems.
The Company's Information Security Incident Response Plan includes detailed processes and controls related to cybersecurity awareness training for employees, phishing simulations, backup and recovery, response planning, vulnerability management and endpoint protection as well as ongoing cybersecurity requirements for third-party service providers. The framework is regularly reviewed, assessed, and updated.
Cybersecurity: (continued) ​ The Company's Information Security Incident Response Plan includes detailed processes and controls related to cybersecurity awareness training for employees, phishing simulations, backup and recovery, response planning, vulnerability management and endpoint protection as well as ongoing cybersecurity requirements for third-party service providers. The framework is regularly reviewed, assessed, and updated.
On a quarterly basis cybersecurity incidents are summarized and reported to the Audit Committee of the Board of Directors which cover any identified cybersecurity incidents, results of third-party vulnerability testing, and key developments in policies. 7 Table of Contents WEIS MARKETS, INC. Item 1c.
On a quarterly basis cybersecurity incidents are summarized and reported to the Audit Committee of the Board of Directors which cover any identified cybersecurity incidents, results of third-party vulnerability testing, and key developments in policies. Management’s Role in Managing Risk The Company’s cybersecurity risk management is part of the Company's Information Security Office, led by the Chief Information Officer.
Removed
Cybersecurity: (continued) Management’s Role Managing Risk The Company’s cybersecurity risk management is part of the Company's Information Security Office, led by the Chief Information Officer. In order to manage the risks associated with cybersecurity threats, the Company has implemented an Information Security Incident Response Plan.
Added
These relationships enable Management to leverage specialized knowledge and insights with respect to the Company’s cybersecurity strategies and processes. ​ ​ ​ ​ 7 Table of Contents WEIS MARKETS, INC. Item1c.

Item 2. Properties

Properties — owned and leased real estate

2 edited+0 added−0 removed1 unchanged
Biggest changeItem 2. Properties: As of December 30, 2023, the Company owned and operated 101 of its retail food stores and leased and operated 96 stores under operating leases that expire at various dates through 2036.
Biggest changeItem 2. Properties: As of December 28, 2024, the Company owned and operated 105 of its retail food stores and leased and operated 93 stores under operating leases that expire at various dates through 2038.
The Company also owns one warehouse complex in Sunbury, Pennsylvania totaling approximately 535 thousand square feet. The Company utilizes 258 thousand square feet of its Sunbury location to operate its three manufacturing facilities which process milk, ice cream and fresh meat products. ​
The Company also owns one warehouse complex in Sunbury, Pennsylvania totaling approximately 535 thousand square feet. The Company utilizes 258 thousand square feet of its Sunbury location to operate its three manufacturing facilities which process milk, water, ice, ice cream and fresh meat products. ​

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

13 edited+1 added−5 removed2 unchanged
Biggest changeGose was Senior Director and Regional General Manager of Walmart Ohio, a retail store Supercenter, from February 2010 until May 2014. Walmart Ohio consisted of 92 stores that geographically included all stores south of Toledo, Cleveland, Akron and Youngstown. (c) Harold G. Graber. Mr. Graber joined the Company in October 1989 as the Director of Real Estate. Mr.
Biggest changeGose II. Mr. Gose joined the Company in May 2014 as Senior Vice President of Operations. Prior to joining the Company, Mr. Gose was Senior Director and Regional General Manager of Walmart Ohio, a retail store Supercenter, from February 2010 until May 2014.
Zeh joined the Company in September 2016 as Chief Information Officer. In February 2021, Mr. Zeh was promoted to Senior Vice President, Chief Information Officer. Prior to joining the Company, Mr. Zeh was Chief Financial Officer of Mazzone Management Group. During his career, Mr.
Mr. Zeh joined the Company in September 2016 as Chief Information Officer. In February 2021, Mr. Zeh was promoted to Senior Vice President, Chief Information Officer. Prior to joining the Company, Mr. Zeh was Chief Financial Officer of Mazzone Management Group. During his career, Mr.
Information about Our Executive Officers The following sets forth the names and ages of the Company’s executive officers as of February 28, 2024, indicating all positions held during the past five years: ​ ​ ​ ​ Name Age Title ​ ​ ​ Robert G. Gleeson (a) 58 Senior Vice President of Merchandising and Marketing David W.
Information about Our Executive Officers The following sets forth the names and ages of the Company’s executive officers as of February 26, 2025, indicating all positions held during the past five years: ​ ​ ​ ​ Name Age Current Title ​ ​ ​ Robert G. Gleeson (a) 59 Chief Operating Officer David W.
Marcil was promoted to Senior Vice President of Human Resources. Prior to joining the Company, Mr. Marcil held senior level Human Resources positions with CVS and General Electric. (f) John F. O’Hara. Mr. O’Hara joined the Company in January 2006 as Real Estate Manager. In June 2012, Mr. O’Hara was promoted to Vice President of Legal Affairs and Real Estate.
Marcil joined the Company in September 2002 as Vice President of Human Resources. In February 2010, Mr. Marcil was promoted to Senior Vice President of Human Resources. Prior to joining the Company, Mr. Marcil held senior level Human Resources positions with CVS and General Electric. (e) John F. O’Hara. Mr.
K-VA-T Food Stores, Inc. is a self-distributing regional supermarket chain operating in Kentucky, Virginia, Tennessee, Georgia and Alabama. Prior to 2012, Mr. Lockard held various financial management positions with Walmart and UPS. (e) James E. Marcil. Mr. Marcil joined the Company in September 2002 as Vice President of Human Resources. In February 2010, Mr.
Lockard was Senior Vice President and Chief Financial Officer of K-VA-T Food Stores, Inc. from March 2012 until January 2021. K-VA-T Food Stores, Inc. is a self-distributing regional supermarket chain operating in Kentucky, Virginia, Tennessee, Georgia and Alabama. Prior to 2012, Mr. Lockard held various financial management positions with Walmart and UPS. (d) James E. Marcil. Mr.
Gose II (b) 57 Senior Vice President of Operations Harold G. Graber (c) 68 Senior Vice President of Real Estate and Development, Secretary Michael T. Lockard (d) 54 Senior Vice President, Chief Financial Officer and Treasurer James E. Marcil (e) 65 Senior Vice President of Human Resources John F.
Gose II (b) 58 Senior Vice President of Operations Michael T. Lockard (c) 55 Senior Vice President, Chief Financial Officer and Treasurer James E. Marcil (d) 66 Senior Vice President of Human Resources John F. O'Hara (e) 65 Senior Vice President of Legal Affairs & Real Estate, Secretary Jeanette R.
Gleeson held senior level merchandising positions, including Vice President of Center Store for Shoppers and Senior Vice President of Merchandising and Division President for Supervalu. (b) David W. Gose II. Mr. Gose joined the Company in May 2014 as Senior Vice President of Operations. Prior to joining the Company, Mr.
In March 2021, Mr. Gleeson was promoted to Senior Vice President of Merchandising and Marketing. In January 2025, Mr. Gleeson was promoted to Chief Operating Officer. Prior to joining the Company, Mr. Gleeson held senior level merchandising positions, including Vice President of Center Store for Shoppers and Senior Vice President of Merchandising and Division President for Supervalu. (b) David W.
In January of 2004, the Board appointed Mr. Weis as Vice Chairman and Secretary. Mr. Weis became the Company’s interim President and Chief Executive Officer in September 2013 and was appointed as President and Chief Executive Officer in February 2014. The Board elected Mr. Weis as Chairman of the Board in April 2015. (j) Richard G. Zeh, Jr. Mr.
Weis became the Company’s interim President and Chief Executive Officer in September 2013 and was appointed as President and Chief Executive Officer in February 2014. The Board elected Mr. Weis as Chairman of the Board in April 2015. Additionally, Mr. Weis assumed the duties of interim Chief Operating Officer from October 2024 to January 2025. (h) R. Gregory Zeh, Jr.
Schertle was elected as Secretary of the Company upon Harold G. Graber’s retirement effective February 29, 2024. (i) Jonathan H. Weis. Mr. Weis joined the Company in 1989. Mr. Weis served the Company as Vice President of Property Management and Development from 1996 until April 2002, at which time he was appointed as Vice President and Secretary.
Weis served the Company as Vice President of Property Management and Development from 1996 until April 2002, at which time he was appointed as Vice President and Secretary. In January of 2004, the Board appointed Mr. Weis as Vice Chairman and Secretary. Mr.
Mr. O’Hara was elected as Assistant 9 Table of Contents WEIS MARKETS, INC. Secretary of the Company in February 2014. In February 2024, Mr. O’Hara was promoted to Senior Vice President of Legal Affairs and Real Estate, Assistant Secretary. (g) Jeanette R. Rogers. Ms. Rogers joined the Company in November 2013 as Corporate Controller. Ms.
O’Hara joined the Company in January 2006 as Real Estate Manager. In June 2012, Mr. O’Hara was promoted to Vice President of Legal Affairs and Real Estate. Mr. O’Hara was elected as Assistant Secretary of the Company in February 2014. In February 2024, Mr. O’Hara was promoted to Senior Vice President of Legal Affairs and Real Estate, Assistant Secretary.
Lockard joined the Company in January 2021 as Senior Vice President and also became Chief Financial Officer and Treasurer effective March 12, 2021. Prior to joining the Company, Mr. Lockard was Senior Vice President and Chief Financial Officer of K-VA-T Food Stores, Inc. from March 2012 until January 2021.
Walmart Ohio consisted of 92 stores that geographically included all stores south of Toledo, Cleveland, Akron and Youngstown. (c) Michael T. Lockard. Mr. Lockard joined the Company in January 2021 as Senior Vice President and also became Chief Financial Officer and Treasurer effective March 12, 2021. Prior to joining the Company, Mr.
(j) 51 Senior Vice President, Chief Information Officer ​ (a) Robert G. Gleeson. Mr. Gleeson joined the Company in October 2018 and was promoted to Vice President of Fresh Merchandising in July 2019. In March 2021, Mr. Gleeson was promoted to Senior Vice President of Merchandising and Marketing. Prior to joining the Company, Mr.
Rogers (f) 50 Vice President, Corporate Controller, Assistant Secretary Jonathan H. Weis (g) 57 Chairman of the Board, President and Chief Executive Officer R. Gregory Zeh Jr. (h) 52 Senior Vice President, Chief Information Officer ​ (a) Robert G. Gleeson. Mr. Gleeson joined the Company in October 2018 and was promoted to Vice President of Fresh Merchandising in July 2019.
Rogers was appointed as Assistant Treasurer of the Company in February 2014. In August 2016, Ms. Rogers was promoted to Vice President, Corporate Controller, Assistant Treasurer. Prior to joining the Company, Ms. Rogers held various financial management positions with Foot Locker, Inc. (h) Kurt A. Schertle. Mr.
In February 2025, Mr. O’Hara was appointed Secretary. (f) Jeanette R. Rogers. Ms. Rogers joined the Company in November 2013 as Corporate Controller. Ms. Rogers was appointed as Assistant Treasurer of the Company in February 2014. In August 2016, Ms. Rogers was promoted to Vice President, Corporate Controller, Assistant Treasurer. In February 2025, Ms. Rogers was appointed Assistant Secretary.
Removed
O'Hara (f) 64 Senior Vice President of Legal Affairs & Real Estate, Assistant Secretary Jeanette R. Rogers (g) 49 Vice President, Corporate Controller, Assistant Treasurer Kurt A. Schertle (h) 52 Chief Operating Officer Jonathan H. Weis (i) 56 Chairman of the Board, President and Chief Executive Officer Richard G. Zeh Jr.
Added
Prior to joining the Company, Ms. Rogers held various financial management positions with Foot Locker, Inc. 9 Table of Contents WEIS MARKETS, INC. Information about Our Executive Officers: (continued) (g) Jonathan H. Weis. Mr. Weis joined the Company in 1989. Mr.
Removed
Graber, who served the Company as Vice President for Real Estate since 1996, was promoted to Senior Vice President of Real Estate and Development in February 2010. Mr. Graber was elected as Secretary of the Company in February 2014. In February 2024, Mr. Graber announced his intention to retire from the Company, effective February 29, 2024. Upon Mr.
Removed
Graber’s retirement announcement, John F. O’Hara is promoted to Senior Vice President of Legal Affairs and Real Estate, Assistant Secretary and Kurt A. Schertle was elected as Secretary of the Company upon Mr. Graber’s retirement effective February 29, 2024. Mr. Graber will continue to serve on the Board of Directors upon his retirement. (d) Michael T. Lockard. Mr.
Removed
Schertle joined the Company in March 2009 as its Vice President of Sales and Merchandising, which included the responsibility of overseeing the Marketing Department. In February 2010, Mr. Schertle was promoted to Senior Vice President of Sales and Merchandising. In July 2012, Mr.
Removed
Schertle was promoted to Executive Vice President of Sales and Merchandising at which time, he assumed the additional responsibility of overseeing the Company’s Supply Chain. In September 2013, Mr. Schertle assumed the additional responsibility of overseeing Store Operations and Mr. Schertle was promoted to Chief Operating Officer in March 2014. In February 2024, Mr.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

3 edited+3 added−2 removed1 unchanged
Biggest change(included through June 20, 2019 when it was acquired by Apollo Global Management, LLC); Sprouts Farmers Market, Inc. and The Kroger Company. The graph depicts $100 invested at the close of trading on the last trading day preceding the first day of the fifth preceding year in Weis Markets, Inc. common stock, S&P 500, and the Peer Group.
Biggest changeThe graph depicts $100 invested at the close of trading on the last trading day preceding the first day of the fifth preceding year in Weis Markets, Inc. common stock, S&P 500, and the Peer Group. The cumulative total return assumes reinvestment of dividends.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities: The Company’s stock is traded on the New York Stock Exchange (ticker symbol WMK). The approximate number of shareholders, including individual participants in security position listings on February 28, 2024 was 11,987.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities: The Company’s stock is traded on the New York Stock Exchange (ticker symbol WMK). The approximate number of shareholders, including individual participants in security position listings on February 26, 2025 was 12,475.
The Peer group is made up of five retail grocers that the Company feels most closely relate to its size and business profile, including one national grocer the Company believes to be an industry market leader. The companies making up the Peer Group, in no particular order, are, Ingles Markets, Inc.; Village Super Market, Inc.; Smart & Final Stores, Inc.
The updated Peer group is made up of six retail grocers that the Company feels most closely relate to its size and business profile, including one national grocer the Company believes to be an industry market leader.
Removed
The cumulative total return assumes reinvestment of dividends.
Added
The companies making up the Peer Group, in no particular order, are, Ingles Markets, Inc.; Koninklijke Ahold Delhaize N.V., added for the year ending December 28, 2024; Village Super Market, Inc.; SpartanNash Co., added for the year ending December 28, 2024; Sprouts Farmers Market, Inc. and The Kroger Company.
Removed
Comparative Five-Year Total Returns ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 2019 2020 2021 2022 2023 Weis Markets, Inc. 100.00 88.30 107.20 149.67 193.49 153.42 S&P 500 100.00 130.34 148.97 190.12 154.46 191.89 Peer Group 100.00 119.55 118.05 172.79 186.76 198.26 ​ ​ ​
Added
Smart & Final Stores has been removed from the peer group due to the acquisition of the company by Apollo Global Management, LLC in June 2019.
Added
Comparative Five-Year Total Returns ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2020 2021 2022 2023 2024 Weis Markets, Inc. 100.00 121.26 ​ 170.83 ​ 217.12 ​ 172.16 ​ 189.16 S&P 500 100.00 116.26 ​ 147.52 ​ 118.84 ​ 147.64 ​ 182.05 Updated Peer Group 100.00 113.33 153.85 147.22 157.20 226.45 Prior Peer Group 100.00 110.27 162.03 165.30 179.25 282.28 ​ ​ ​

Item 6. [Reserved]

Selected Financial Data — reserved (removed by SEC in 2021)

8 edited+0 added−1 removed24 unchanged
Biggest changeThe following table provides the two-year stacked comparable store sales, excluding fuel and adjusted for an additional week in 2022 for the fiscal years ended December 30, 2023, and December 31, 2022, as well as fiscal years ended December 31, 2022, and December 25, 2021, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage Change ​ ​ Year Ended ​ ​ ​ 2023 vs. 2022 ​ ​ 2022 vs. 2021 ​ Comparable store sales, adjusted for an additional week in 2022, excluding fuel (individual year) ​ ​ 2.3 % ​ 7.5 % Comparable store sales, adjusted for an additional week in 2022, excluding fuel (two-year stacked) ​ ​ 9.8 ​ ​ ​ ​ Comparable store sales, adjusted for an additional week in 2022 (individual year) ​ ​ 1.7 ​ ​ 8.8 ​ Comparable store sales, adjusted for an additional week in 2022 (two-year stacked) ​ ​ 10.5 ​ ​ ​ ​ Comparable store sales, excluding fuel (individual year) ​ ​ 0.3 ​ ​ 9.5 ​ Comparable store sales, excluding fuel (two-year stacked) ​ ​ 9.8 ​ ​ ​ ​ Comparable store sales (individual year) ​ ​ (0.2) ​ ​ 10.9 % Comparable store sales (two-year stacked) ​ ​ 10.7 % ​ ​ ​ The 2023 and 2021 years were comprised of 52 weeks, whereas the 2022 year was comprised of 53 weeks. 14 Table of Contents WEIS MARKETS, INC.
Biggest changeThe following table provides the two-year stacked comparable store sales, excluding fuel and adjusted for an additional week in 2022 for the fiscal years ended December 28, 2024, and December 30, 2023, as well as fiscal years ended December 30, 2023, and December 31, 2022, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage Change ​ ​ Year Ended ​ ​ ​ 2024 vs. 2023 ​ ​ 2023 vs. 2022 ​ Comparable store sales, adjusted for an additional week in 2022, excluding fuel (individual year) ​ ​ 1.9 % ​ 2.3 % Comparable store sales, adjusted for an additional week in 2022, excluding fuel (two-year stacked) ​ ​ 4.2 ​ ​ ​ ​ Comparable store sales, adjusted for an additional week in 2022 (individual year) ​ ​ 1.7 ​ ​ 1.7 ​ Comparable store sales, adjusted for an additional week in 2022 (two-year stacked) ​ ​ 3.4 ​ ​ ​ ​ Comparable store sales, excluding fuel (individual year) ​ ​ 1.9 ​ ​ 0.3 ​ Comparable store sales, excluding fuel (two-year stacked) ​ ​ 2.2 ​ ​ ​ ​ Comparable store sales (individual year) ​ ​ 1.7 ​ ​ (0.2) % Comparable store sales (two-year stacked) ​ ​ 1.5 % ​ ​ ​ The 2024 and 2023 years were comprised of 52 weeks, whereas the 2022 year was comprised of 53 weeks. 14 Table of Contents WEIS MARKETS, INC.
Management's Discussion and Analysis of Financial Condition and Results of Operations: (continued) Company Overview (continued) 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.
Management's Discussion and Analysis of Financial Condition and Results of Operations: (continued) Company Overview (continued) The Company has provided additional product offerings and customer conveniences such as “Weis 2 Go Online,” currently offered at 190 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.
Utilizing its own strategically located distribution center and transportation fleet, Weis Markets self distributes approximately 56% of product supplied to stores with the remaining being supplied by direct store vendors and regional wholesalers. In addition, the Company has three manufacturing facilities which process milk, water, ice, ice cream and fresh meat products.
Utilizing its own strategically located distribution center and transportation fleet, Weis Markets self distributes approximately 53% of product supplied to stores with the remaining being supplied by direct store vendors and regional wholesalers. In addition, the Company has three manufacturing facilities which process milk, water, ice, ice cream and fresh meat products.
The Company believes that establishing a learning culture supports its commitment to be an employer of choice and helps drive customer engagement with its associates. Improvements in the Company’s talent management and development will help drive business impact while providing internal career opportunities.
The Company believes that establishing a learning culture supports its commitment to be an employer of choice and helps drive customer engagement with its employees. Improvements in the Company’s talent management and development will help drive business impact while providing internal career opportunities.
The Company will align business functions and processes to enhance key capabilities and to support scalability of operations. Continued investments in information technology systems to improve associate engagement, increase productivity, and provide valuable insight into customer behavior/shopping trends will remain a focus of the Company.
The Company will align business functions and processes to enhance key capabilities and to support scalability of operations. Continued investments in information technology systems to improve employee engagement, increase productivity, and provide valuable insight into customer behavior/shopping trends will remain a focus of the Company.
Company Overview General Weis Markets is a conventional supermarket chain that operates 197 retail stores with approximately 23 thousand associates located in Pennsylvania and six surrounding states: Delaware, Maryland, New Jersey, New York, Virginia, and West Virginia. Approximately 95% of Weis Markets associates are paid an hourly wage.
Company Overview General Weis Markets is a conventional supermarket chain that operates 198 retail stores with approximately 22 thousand employees located in Pennsylvania and six surrounding states: Delaware, Maryland, New Jersey, New York, Virginia, and West Virginia. Approximately 94% of Weis Markets employees are paid an hourly wage.
The Company also currently offers home delivery to customers in all 197 of its locations via multiple grocery delivery partners.
The Company also currently offers home delivery to customers at all 198 of its locations via multiple grocery delivery partners.
Results of Operations Two-Year Stacked Comparable Store Sales Analysis Management is providing Comparable Store Sales Two-Year Stacked analysis, a non-GAAP measure, because Management believes this metric is useful to investors and analysts.
Results of Operations Two-Year Stacked Comparable Store Sales Analysis Management is providing Comparable Store Sales Two-Year Stacked analysis, a non-GAAP measure, because Management believes this metric is useful to investors and analysts. Information presented in the tables below is not intended for use as an alternative to any other measure of performance.
Removed
A Comparable Store Sales Two-Year Stacked analysis presents a comparison of results and trends over a longer period of time to demonstrate the effect of the novel coronavirus pandemic on the operating results of the Company. Information presented in the tables below is not intended for use as an alternative to any other measure of performance.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

28 edited+4 added−4 removed36 unchanged
Biggest changeThe Company only includes retail food stores in the calculation. ​ ​ Analysis of Consolidated Statements of Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage Change ​ (amounts in thousands except per share amounts) ​ 2023 ​ 2022 ​ 2021 ​ 2023 vs. ​ 2022 vs. ​ For the Fiscal Years Ended December 30, 2023, December 31, 2022 and December 25, 2021 (52 Weeks) (53 Weeks) (52 Weeks) 2022 2021 ​ Net sales ​ $ 4,696,950 ​ $ 4,695,943 ​ $ 4,224,417 ​ 0.0 % 11.2 % Cost of sales, including advertising, warehousing and distribution expenses ​ ​ 3,535,009 ​ ​ 3,514,029 ​ ​ 3,108,710 ​ 0.6 ​ 13.0 ​ Gross profit on sales ​ ​ 1,161,941 ​ ​ 1,181,914 ​ ​ 1,115,707 ​ (1.7) ​ 5.9 ​ Gross profit margin ​ ​ 24.7 % ​ 25.2 % ​ 26.4 % ​ ​ ​ ​ Operating, general and administrative expenses ​ ​ 1,024,755 ​ ​ 1,024,862 ​ ​ 968,996 ​ (0.0) ​ 5.8 ​ O, G & A, percent of net sales ​ ​ 21.8 % ​ 21.8 % ​ 22.9 % ​ ​ ​ ​ Income from operations ​ ​ 137,186 ​ ​ 157,052 ​ ​ 146,711 ​ (12.6) ​ 7.0 ​ Operating margin ​ ​ 2.9 % ​ 3.3 % ​ 3.5 % ​ ​ ​ ​ Investment income (loss) and interest expense ​ ​ 13,162 ​ ​ (82) ​ ​ 5,007 ​ 16151.2 ​ (101.6) ​ Investment income (loss) and interest expense, percent of net sales ​ ​ 0.3 % ​ 0.0 % ​ 0.1 % ​ ​ ​ ​ Other income (expense) ​ ​ (3,652) ​ ​ 3,807 ​ ​ (3,411) ​ (195.9) ​ 211.6 ​ Other income (expense), percent of net sales ​ ​ (0.1) % ​ 0.1 % ​ (0.1) % ​ ​ ​ ​ Income before provision for income taxes ​ ​ 146,696 ​ ​ 160,777 ​ ​ 148,307 ​ (8.8) ​ 8.4 ​ Income before provision for income taxes, percent of net sales ​ ​ 3.1 % ​ 3.4 % ​ 3.5 % ​ ​ ​ ​ Provision for income taxes ​ ​ 42,868 ​ ​ 35,581 ​ ​ 39,458 ​ 20.5 ​ (9.8) ​ Effective income tax rate ​ ​ 29.2 % ​ 22.1 % ​ 26.6 % ​ ​ ​ ​ Net income ​ $ 103,828 ​ $ 125,196 ​ $ 108,849 ​ (17.1) % 15.0 % Net income, percent of net sales ​ ​ 2.2 % ​ 2.7 % ​ 2.6 % ​ ​ ​ ​ Basic and diluted earnings per share ​ $ 3.86 ​ $ 4.65 ​ $ 4.05 ​ (17.0) % 14.8 % ​ Net Sales Individual Year-Over-Year Analysis of Sales ​ ​ ​ ​ ​ ​ ​ Percentage Change ​ ​ 2023 vs. ​ 2022 vs. ​ ​ 2022 2021 ​ Net sales, adjusted for an additional week in 2022, excluding fuel ​ 2.6 % 7.5 % Net sales, adjusted for an additional week in 2022 ​ 1.9 ​ 8.8 ​ Net sales, excluding fuel ​ 0.6 ​ 9.6 ​ Net sales 0.0 ​ 11.2 ​ Comparable store sales excluding fuel ​ 0.3 ​ 9.5 ​ Comparable store sales ​ (0.2) % 10.9 % The 2023 and 2021 years were comprised of 52 weeks, whereas the 2022 year was comprised of 53 weeks. ​ When calculating the percentage change in comparable store sales, the Company defines a new store to be comparable when it has been in operation after five full fiscal quarters.
Biggest changeThe Company only includes retail food stores in the calculation. ​ ​ Analysis of Consolidated Statements of Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage Change ​ (amounts in thousands except per share amounts) ​ 2024 ​ 2023 ​ 2022 ​ 2024 vs. ​ 2023 vs. ​ For the Fiscal Years Ended December 28, 2024, December 30, 2023 and December 31, 2022 (52 Weeks) (52 Weeks) (53 Weeks) 2023 2022 ​ Net sales ​ $ 4,773,880 ​ $ 4,696,950 ​ $ 4,695,943 ​ 1.6 % 0.0 % Other revenue ​ ​ 17,850 ​ ​ 17,623 ​ ​ 18,043 ​ 1.3 ​ (2.3) ​ Total revenue ​ ​ 4,791,730 ​ ​ 4,714,573 ​ ​ 4,713,986 ​ 1.6 ​ 0.0 ​ Cost of sales, including advertising, warehousing and distribution expenses ​ ​ 3,587,651 ​ ​ 3,535,009 ​ ​ 3,514,029 ​ 1.5 ​ 0.6 ​ Gross profit ​ ​ 1,204,079 ​ ​ 1,179,564 ​ ​ 1,199,957 ​ 2.1 ​ (1.7) ​ Gross profit margin ​ ​ 25.2 % ​ 25.1 % ​ 25.6 % ​ ​ ​ ​ Operating, general and administrative expenses ​ ​ 1,072,364 ​ ​ 1,042,378 ​ ​ 1,042,905 ​ 2.9 ​ (0.1) ​ O, G & A, percent of net sales ​ ​ 22.5 % ​ 22.2 % ​ 22.2 % ​ ​ ​ ​ Income from operations ​ ​ 131,715 ​ ​ 137,186 ​ ​ 157,052 ​ (4.0) ​ (12.6) ​ Operating margin ​ ​ 2.8 % ​ 2.9 % ​ 3.3 % ​ ​ ​ ​ Investment income (loss) and interest expense ​ ​ 21,970 ​ ​ 13,162 ​ ​ (82) ​ 66.9 ​ 16151.2 ​ Investment income (loss) and interest expense, percent of net sales ​ ​ 0.5 % ​ 0.3 % ​ 0.0 % ​ ​ ​ ​ Other income (expense) ​ ​ (3,409) ​ ​ (3,652) ​ ​ 3,807 ​ 6.7 ​ (195.9) ​ Other income (expense), percent of net sales ​ ​ (0.1) % ​ (0.1) % ​ 0.1 % ​ ​ ​ ​ Income before provision for income taxes ​ ​ 150,275 ​ ​ 146,696 ​ ​ 160,777 ​ 2.4 ​ (8.8) ​ Income before provision for income taxes, percent of net sales ​ ​ 3.1 % ​ 3.1 % ​ 3.4 % ​ ​ ​ ​ Provision for income taxes ​ ​ 40,334 ​ ​ 42,868 ​ ​ 35,581 ​ (5.9) ​ 20.5 ​ Effective income tax rate ​ ​ 26.8 % ​ 29.2 % ​ 22.1 % ​ ​ ​ ​ Net income ​ $ 109,941 ​ $ 103,828 ​ $ 125,196 ​ 5.9 % (17.1) % Net income, percent of net sales ​ ​ 2.3 % ​ 2.2 % ​ 2.7 % ​ ​ ​ ​ Basic and diluted earnings per share ​ $ 4.09 ​ $ 3.86 ​ $ 4.65 ​ 6.0 % (17.0) % ​ Net Sales Individual Year-Over-Year Analysis of Sales ​ ​ ​ ​ ​ ​ ​ Percentage Change ​ ​ 2024 vs. ​ 2023 vs. ​ ​ 2023 2022 ​ Net sales, adjusted for an additional week in 2022, excluding fuel ​ 1.8 % 2.6 % Net sales, adjusted for an additional week in 2022 ​ 1.6 ​ 1.9 ​ Net sales, excluding fuel ​ 1.8 ​ 0.6 ​ Net sales 1.6 ​ 0.0 ​ Comparable store sales excluding fuel ​ 1.9 ​ 0.3 ​ Comparable store sales ​ 1.7 % (0.2) % The 2024 and 2023 years were comprised of 52 weeks, whereas the 2022 year was comprised of 53 weeks. ​ When calculating the percentage change in comparable store sales, the Company defines a new store to be comparable when it has been in operation after five full fiscal quarters.
The Company is self-insured for certain healthcare claims and stop-loss coverage is maintained for individual annual claim occurrences exceeding a $500 thousand specific deductible. The Company is liable for workers’ compensation claims ranging from $1.0 million to $2.0 million per claim.
The Company is self-insured for certain healthcare claims and stop-loss coverage is maintained for individual annual claim occurrences exceeding a $600 thousand specific deductible. The Company is liable for workers’ compensation claims ranging from $1.0 million to $2.0 million per claim.
Rental income is recorded when earned as a component of “Operating, general and administrative expenses.” Self-Insurance The Company is self-insured for a majority of its workers’ compensation, general liability, vehicle accident and associate medical benefit claims.
Rental income is recorded when earned as a component of “Operating, general and administrative expenses.” Self-Insurance The Company is self-insured for a majority of its workers’ compensation, general liability, vehicle accident and employee medical benefit claims.
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. Quarterly Cash Dividends Total cash dividend payments on common stock, on a per share basis, amounted to $1.36 in 2023, $1.30 in 2022 and $1.25 in 2021.
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. Quarterly Cash Dividends Total cash dividend payments on common stock, on a per share basis, amounted to $1.36 in 2024, $1.36 in 2023 and $1.30 in 2022.
Management's Discussion and Analysis of Financial Condition and Results of Operations: (continued) Results of Operations (continued) Provision for Income Taxes The effective income tax rate was 29.2%, 22.1% and 26.6% in 2023, 2022, and 2021, respectively. 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.
Management's Discussion and Analysis of Financial Condition and Results of Operations: (continued) Results of Operations (continued) Provision for Income Taxes The effective income tax rate was 26.8%, 29.2% and 22.1% in 2024, 2023, and 2022, respectively. 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’s investment portfolio consists of high-grade bonds with maturity dates between one and 30 years and four high yield, large capitalized public company equity securities. The portfolio totaled $226.0 million as of December 30, 2023. Management anticipates maintaining the investment portfolio but has the ability to liquidate if needed. See “Item 7a.
The Company’s investment portfolio consists of high-grade bonds with maturity dates between one and 30 years and four high yield, large capitalized public company equity securities. The portfolio totaled $192.0 million as of December 28, 2024. Management anticipates maintaining the investment portfolio but has the ability to liquidate if needed. See “Item 7a.
Management's Discussion and Analysis of Financial Condition and Results of Operations: (continued) Critical Accounting Policies and Estimates (continued) Leases The Company leases approximately 49% of its open store facilities under operating leases that expire at various dates through 2036, with the remaining store facilities being owned.
Management's Discussion and Analysis of Financial Condition and Results of Operations: (continued) Critical Accounting Policies and Estimates (continued) Leases The Company leases approximately 47% of its open store facilities under operating leases that expire at various dates through 2038, with the remaining store facilities being owned.
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.
Depreciation and amortization expense charged to “Operating, general and administrative expenses” was $102.8 million, or 2.2% of net sales, for 2024 compared to $98.0 million, or 2.2% of net sales, for 2023 compared to $94.6 million, or 2.0% of net sales, for 2022. See the Liquidity and Capital Resources section for further information regarding the Company’s capital expenditure program.
Bureau of Labor Statistics’ index rates may be reflective of a trend, it will not necessarily be indicative of the Company’s actual results. According to the U.S. 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.
Bureau of Labor Statistics’ index rates may be reflective of a trend, it will not necessarily be indicative of the Company’s actual results. According to the U.S. Department of Energy, the 52-week average price of gasoline in the Central Atlantic States decreased 5.1%, or $0.19 cents per gallon, in 2024 compared to the 52-week average in 2023.
Management's Discussion and Analysis of Financial Condition and Results of Operations: (continued) Results of Operations (continued) Net Sales (continued) According to the latest U.S. 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.
Management's Discussion and Analysis of Financial Condition and Results of Operations: (continued) Results of Operations (continued) Net Sales (continued) According to the latest U.S. Bureau of Labor Statistics’ report, the annual Food-at-Home Price Index increased 1.8% in 2024, adjusted, 5.0% in 2023 and 11.4% in 2022. Even though the U.S.
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.
The Company experienced unfavorable non-cash LIFO inventory valuation adjustments, decreasing gross profit by $608 thousand, $6.7 million and $29.2 million in 2024, 2023 and 2022, respectively. The Company has experienced retail inflation and deflation in various commodities for the periods presented.
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.
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 28, 2024, the availability under the revolving credit agreement was $14.5 million with $15.5 million of letters of credit outstanding.
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.
Employee-related costs such as wages, employer paid taxes, health care benefits and retirement plans, comprise approximately 55.7% of the total “Operating, general and administrative expenses.” As a percent of sales, direct store labor increased by 0.2% in 2024 compared to 2023 and increased 0.1% in 2023 compared to 2022.
Contractual Obligations The following table represents scheduled maturities of the Company’s long-term contractual obligations as of December 30, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments due by period ​ ​ ​ ​ ​ Less than ​ ​ ​ ​ ​ ​ ​ More than (dollars in thousands) Total 1 year 1-3 years 3-5 years 5 years Operating leases ​ $ 209,042 ​ $ 47,918 ​ $ 80,001 ​ $ 47,902 ​ $ 33,220 Total ​ $ 209,042 ​ $ 47,918 ​ $ 80,001 ​ $ 47,902 ​ $ 33,220 ​ Off-Balance Sheet Arrangements The Company is not a party to any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on the Company’s financial condition, results of operations or cash flows. 19 Table of Contents WEIS MARKETS, INC.
Contractual Obligations The following table represents scheduled maturities of the Company’s long-term contractual obligations as of December 28, 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments due by period ​ ​ ​ ​ ​ Less than ​ ​ ​ ​ ​ ​ ​ More than (dollars in thousands) Total 1 year 1-3 years 3-5 years 5 years Operating leases ​ $ 202,996 ​ $ 47,184 ​ $ 76,339 ​ $ 45,813 ​ $ 33,660 Total ​ $ 202,996 ​ $ 47,184 ​ $ 76,339 ​ $ 45,813 ​ $ 33,660 ​ Off-Balance Sheet Arrangements The Company is not a party to any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on the Company’s financial condition, results of operations or cash flows. 19 Table of Contents WEIS MARKETS, INC.
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. Comparable store sales, excluding fuel and adjusted for the 53rd week in 2022, increased for all years presented. Comparable store sales, including fuel, decreased year over year.
The 52-week average price of gasoline in the Central Atlantic States, according to the U.S. Department of Energy, decreased 10.1%, or $0.42 per gallon, in 2023 compared to the 53-week average in 2022. Comparable store sales, excluding fuel and adjusted for the 53rd week in 2022, increased for all years presented.
The Company previously increased its quarterly dividend from 31 cents per share to 32 cents per share in the fourth quarter of 2021.
The Company increased its quarterly dividend from 32 cents per share to 34 cents per share in the fourth quarter of 2022.
Management's Discussion and Analysis of Financial Condition and Results of Operations: (continued) Results of Operations (continued) Cash Flow Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended December 30, 2023, ​ 2023 ​ 2022 ​ 2021 ​ 2023 vs. ​ 2022 vs. ​ December 31, 2022 and December 25, 2021 (52 weeks) ​ (53 Weeks) ​ (52 weeks) ​ 2022 ​ 2021 ​ Net cash provided by (used in): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating activities ​ $ 201,602 ​ $ 218,024 ​ $ 227,709 ​ $ (16,422) ​ $ (9,685) ​ Investing activities ​ ​ (138,800) ​ ​ (111,107) ​ ​ (244,650) ​ ​ (27,693) ​ ​ 133,543 ​ Financing activities ​ ​ (36,582) ​ ​ (34,968) ​ ​ (33,623) ​ ​ (1,614) ​ ​ (1,345) ​ ​ Operating Cash flows from operating activities decreased in 2023 as compared to 2022 and 2021, respectively.
Management's Discussion and Analysis of Financial Condition and Results of Operations: (continued) Results of Operations (continued) Cash Flow Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (amounts in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended December 28, 2024, ​ 2024 ​ 2023 ​ 2022 ​ 2024 vs. ​ 2023 vs. ​ December 30, 2023 and December 31, 2022 (52 weeks) ​ (52 Weeks) ​ (53 weeks) ​ 2023 ​ 2022 ​ Net cash provided by (used in): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating activities ​ $ 187,467 ​ $ 201,602 ​ $ 218,024 ​ $ (14,135) ​ $ (16,422) ​ Investing activities ​ ​ (144,779) ​ ​ (138,800) ​ ​ (111,107) ​ ​ (5,979) ​ ​ (27,693) ​ Financing activities ​ ​ (36,582) ​ ​ (36,582) ​ ​ (34,968) ​ ​ — ​ ​ (1,614) ​ ​ Operating Cash flows from operating activities decreased in 2024 as compared to 2023 and 2022.
Liquidity and Capital Resources The primary source of cash is cash flows generated from operations. In addition, the Company has access to a revolving credit agreement entered into on September 1, 2016, and amended on September 29, 2023, with Wells Fargo Bank, N.A. (the “Credit Agreement”).
In addition, the Company has access to a revolving credit agreement entered into on September 1, 2016, and amended on September 29, 2023, with Wells Fargo Bank, N.A. (the “Credit Agreement”).
Management continues to monitor store labor efficiencies and develop labor standards to reduce costs while maintaining the Company’s customer service expectations. 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.
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.
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. 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.
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.
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.
The Company also currently offers home delivery to customers in all 198 of its locations via multiple grocery delivery partners. 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.
A breakdown of the material increases (decreases) as a percent of sales in "Operating, general and administrative expenses" is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 vs. 2022 ​ (amounts in thousands) ​ Increase ​ Increase (Decrease) ​ December 30, 2023 (Decrease) as a % of sales ​ Associate insurance benefits expense ​ $ (6,338) ​ (0.1) % Fixed expense (amortization, depreciation, insurance expenses, and occupancy costs) ​ ​ 3,999 ​ 0.1 ​ Repairs and maintenance expense ​ ​ 3,563 ​ 0.1 ​ Other expenses (Employee expense, utilities, technology, asset disposals and insurance proceeds) ​ ​ (1,324) ​ (0.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 vs. 2021 ​ (amounts in thousands) ​ Increase ​ Increase (Decrease) ​ December 31, 2022 (Decrease) as a % of sales ​ Employee expense ​ $ 18,910 ​ (1.0) % Utilities expense ​ ​ 12,375 ​ 0.2 ​ Fixed expense (amortization, depreciation, insurance expenses, and occupancy costs) ​ ​ 5,389 ​ (0.3) ​ Other expenses (financial service fees, technology, repairs and maintenance, supplies) ​ ​ 21,209 ​ 0.1 ​ ​ 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.
A breakdown of the material increases (decreases) as a percent of sales in "Operating, general and administrative expenses" is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 vs. 2023 ​ (amounts in thousands) ​ Increase ​ Increase (Decrease) ​ December 28, 2024 (Decrease) as a % of sales ​ Employee expense ​ $ 12,498 ​ 0.1 % Employee insurance benefits expense ​ ​ 4,684 ​ 0.1 ​ Third party fees (information technology, consulting, and financial service fees) ​ ​ 9,769 ​ 0.2 ​ Supplies expense ​ ​ 2,999 ​ 0.0 ​ Other expenses (utilities, asset disposals, and deferred compensation plan liability) ​ ​ 36 ​ (0.1) ​ ​ The net increase in other expenses to 2024 from 2023 included a gain from the asset disposal on the sale of business assets and the change in the Company’s deferred compensation plan liability. ​ Employee insurance benefit expense increased in 2024 from 2023 due to more high dollar claims. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 vs. 2022 ​ (amounts in thousands) ​ Increase ​ Increase (Decrease) ​ December 30, 2023 (Decrease) as a % of sales ​ Employee insurance benefits expense ​ $ (6,338) ​ (0.1) % Fixed expense (amortization, depreciation, insurance expenses, and occupancy costs) ​ ​ 3,999 ​ 0.1 ​ Repairs and maintenance expense ​ ​ 3,563 ​ 0.1 ​ Other expenses (employee expense, utilities, technology, asset disposals and insurance proceeds) ​ ​ (1,751) ​ (0.1) ​ ​ The majority of the decrease in other expenses to 2023 from 2022 were technology expenses due to more third-party information technology subscription and consulting services offset by less asset disposals and insurance proceeds.
Gross profit rate was 24.7% in 2023, 25.2% in 2022, 26.4% in 2021. 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.
Gross profit rate was 25.2% in 2024, 25.1% in 2023, and 25.6% in 2022. The increase in gross profit rate is attributable to increased grocery sales, which have a higher gross profit margin than pharmacy and fuel sales.
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.
The Company completed the purchase of a store located in Newville, Pennsylvania in the first quarter of 2025. Management continues to reinvest in its long-term capital expenditure program including plans to complete multiple carryover projects from prior years that were delayed due to labor and supply chain disruptions.
The decrease in 2023 from 2022 is due to lower net income and in 2022 from 2021 is due to increases in inventory. Investing 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.
The decrease in 2024 from 2023 is due to increased value of inventory on hand due to timing of New Year’s selling period and in 2023 from 2022 is due to lower net income. Investing Property and equipment purchases totaled $168.5 million in 2024, $104.0 million in 2023 and $122.2 million in 2022.
On a comparable store sales basis pharmacy services increased in sales. 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.
The Company has provided additional product offerings and customer conveniences such as “Weis 2 Go Online,” currently offered at 190 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.
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.
As a percentage of sales, capital expenditures totaled 3.5% in 2024, 2.2% in 2023 and 2.5% in 2022. The Company decreased its marketable securities holdings in 2024 by $34.0 million to fund the increase in capital expenditures and increased its marketable securities holdings in 2023 by approximately $39.5 million and in 2022 the Company maintained its marketable securities portfolio.
Direct store labor expenses increased slightly in 2023 compared to 2022 due to flat net sales results for the same period. 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.
Direct store labor expenses increased in 2024 compared to 2023 due to increased wage expenses for hourly employees. Direct store labor increased slightly in 2023 compared to 2022 due to flat net sales results for the same period. Management continues to monitor store labor efficiencies and develop labor standards to reduce costs while maintaining the Company’s customer service expectations.
Removed
“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. The Company also currently offers home delivery to customers in all 197 of its locations via multiple grocery delivery partners. During 2023, the Company’s net sales were negatively impacted by declining government benefits.
Added
Comparable store sales, including fuel, increased in 2024 compared to 2023, which decreased when compared to 2022. On a comparable store sales basis pharmacy services increased in sales driven by the increased number of filled prescriptions. Comparable store sales increased 1.9% excluding fuel and 1.7% including fuel for 2024 compared to 2023.
Removed
The Company’s self-insured health care benefit expenses decreased by 18.0% and 8.5% in 2023 and 2022, respectively. 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
Employee insurance benefits expense decreased to 2023 from 2022 due to a dependent audit which resulted in fewer claims. ​ 17 Table of Contents WEIS MARKETS, INC. Item 7.
Removed
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. 17 Table of Contents WEIS MARKETS, INC. Item 7.
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, offset by taxable income changes, inclusive of, updating market sourcing rules, and codifying the economic nexus standard. Liquidity and Capital Resources The primary source of cash is cash flows generated from operations.
Removed
Financing The Company paid dividends of $36.6 million in 2023, $35.0 million in 2022 and $33.6 million in 2021. The Company increased its quarterly dividend from 32 cents per share to 34 cents per share in the fourth quarter of 2022.
Added
In 2024, the Company purchased two previously leased store locations. The Company also completed a business acquisition in 2024, for which cash consideration totaled $16.2 million. Financing The Company paid dividends of $36.6 million in 2024, $36.6 million in 2023 and $35.0 million in 2022.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

2 edited+0 added−0 removed2 unchanged
Biggest changeQuantitative and Qualitative Disclosures about Market Risk: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) ​ Expected Maturity Dates ​ Fair Value December 30, 2023 2024 2025 2026 2027 2028 Thereafter Total Dec. 30, 2023 Rate sensitive assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed interest rate securities ​ $ 96,870 ​ $ 31,450 ​ $ 16,000 ​ $ 13,459 ​ $ 14,090 ​ $ 48,280 ​ $ 220,149 ​ $ 221,080 Average interest rate ​ ​ 4.39 % ​ 4.19 % ​ 3.55 % ​ 3.43 % ​ 3.58 % ​ 3.70 % ​ 3.80 % ​ ​ ​ Other Relevant Market Risks The Company’s equity securities at December 30, 2023 had a fair value of $4.9 million.
Biggest changeQuantitative and Qualitative Disclosures about Market Risk: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (dollars in thousands) ​ Expected Maturity Dates ​ Fair Value December 28, 2024 2025 2026 2027 2028 2029 Thereafter Total Dec. 28, 2024 Rate sensitive assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed interest rate securities ​ $ 69,729 ​ $ 26,000 ​ $ 13,459 ​ $ 13,995 ​ $ 6,410 ​ $ 55,135 ​ $ 184,728 ​ $ 186,041 Average interest rate ​ ​ 3.39 % ​ 2.37 % ​ 3.50 % ​ 2.80 % ​ 3.09 % ​ 2.63 % ​ 2.88 % ​ ​ ​ Other Relevant Market Risks The Company’s equity securities at December 28, 2024 had a fair value of $5.9 million.
The dividend yield realized on these equity investments was 6.2% in 2023. By their nature, both the fixed interest rate securities and the equity investments inherently expose the holders to market risk.
The dividend yield realized on these equity investments was 5.2% in 2024. By their nature, both the fixed interest rate securities and the equity investments inherently expose the holders to market risk.

Other WMK 10-K year-over-year comparisons