Weis Markets (WMK -20%) is trading at a eight-year low after the company reported third quarter results late on Friday.
Third quarter earnings fell 60% year-over-year to $0.16/share. Sales grew 15% to $854 million while comparable store sales rose 1.5%.
The Company's comparable store sales have now increased 14 consecutive quarters. However, the 1.5% comp gain is a slow-down from +2.7% in the second quarter. Year-to-date comps are up 1.6% after growing 2.9% last year.
The company did not disclose its gross margins and there is no Wall Street coverage of this stock.
Sentiment around grocery stocks has been poor. Concerns around competition (creating pressure on traffic, sales and margins) were exacerbated when Amazon acquired Whole Foods earlier this year.
Weis Markets is a mid-Atlantic food retailer operating 204 stores in Pennsylvania, Maryland, Delaware, New Jersey, New York, Virginia and West Virginia. Weis has a market cap just under $900 million and the stock is down ~50% year-to-date.