Weis Markets, a prominent Mid-Atlantic food retailer, continues its strategic expansion in Pennsylvania with the announced acquisition of Saylor’s Market in Newville. This acquisition marks Weis Markets’ third store purchase in 2024, underscoring the company’s commitment to growth and strengthening its regional presence. The deal, expected to close in Q1 2025, will see the Saylor’s Market location transition into a Weis Markets store after a brief closure for renovations.
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Weis Markets Continues Growth Trajectory with Strategic Acquisitions
This latest acquisition aligns with Weis Markets’ broader growth strategy, which has seen the company actively pursue expansion opportunities throughout 2024. Prior to the Saylor’s Market announcement, Weis Markets successfully acquired two Franklin County stores in October, swiftly rebranding and reopening them as Weis Markets locations by November 1st. This rapid integration demonstrates the company’s operational efficiency and commitment to seamless transitions. The acquisition of Saylor’s Market reinforces this trend.
Jonathan Weis, Chairman and CEO of Weis Markets, emphasized the shared values between the two companies, stating, “Saylor’s has served the Newville community with a strong focus on customer service and a commitment to its community. We share these values and look forward to interviewing Saylors’ associates for employment with our company.” This commitment to retaining local talent highlights Weis Markets’ dedication to community integration. The Food Partners served as strategic and financial advisor to Saylor’s Market during the transaction. Craig and Curt Saylor, co-owners of Saylor’s Market, expressed gratitude to their community for their support over the past 47 years.
Weis Markets Demonstrates Strong Financial Performance
Beyond acquisitions, Weis Markets boasts robust financial health. The company reported strong financial results for the 13 weeks ending September 28, 2024, with net sales of $1.19 billion, a 2.2% increase compared to the same period in 2023. Comparable store sales, excluding fuel, saw a 3% year-over-year increase and a more impressive 4.1% increase on a two-year stacked basis. Net income reached $25.84 million, including a $4.58 million gain from fixed asset dispositions, resulting in earnings per share (EPS) of $0.96, exceeding the $0.86 EPS reported in Q3 2023.
Further solidifying its presence in Pennsylvania, Weis Markets entered into an asset purchase agreement with Sunnyway Foods in September 2024, acquiring supermarket assets in Chambersburg and Greencastle. This strategic move expanded Weis Markets’ reach into additional key markets within the state. This consistent growth trajectory, fueled by both organic sales growth and strategic acquisitions, positions Weis Markets for continued success in the competitive grocery retail landscape.
Conclusion: A Promising Future for Weis Markets in Pennsylvania
The acquisition of Saylor’s Market represents another successful step in Weis Markets’ ongoing expansion strategy. Combined with strong financial performance and a commitment to customer service and community engagement, Weis Markets is well-positioned for continued growth in the Pennsylvania market and beyond. The company’s focus on strategic acquisitions, operational efficiency, and financial strength suggests a promising future for this regional grocery powerhouse.
