WMK - Weis Markets stock slips over 9% after earnings

Weis Markets ( NYSE: WMK ) shares moved over 9% to the downside on Tuesday after earnings showed only slight growth from 2021.

For the third quarter, net sales reached $1.15B and the chain notched $1.07 in earnings per share. Both figures were modest increases from the prior year. Meanwhile, same store sales rose 7.9% from 2021 and 12.5% from 2020. However, income from operations declined 13.6% from the prior year quarter.

"As customers look for more ways to save, the Weis Gas Rewards Program, Weis Quality private label products, and our Low, Low Price Programs offer strong value,” CEO Jonathan H. Weis said.

Shares of the Pennsylvania-based grocery chain fell 9.2% in afternoon trading on Tuesday. Through the first 10 months of the year the stock had been a significant outperformer, rising nearly 40% in contrast to sharp declines in major indices.

Read more on the details of the earnings result .

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