ADDED
(the Company ) is filing this Annual Report on Form 10-K for the fiscal year ended December 27, 2025.
The Company has restated the consolidated financial statements for the years ended December 28, 2024 and December 30, 2023, as well as the condensed consolidated interim financial statements for the thirteen and thirty-nine weeks ended September 27, 2025 and September 28, 2024, the thirteen and twenty-six weeks ended June 28, 2025 and June 29, 2024, and the thirteen weeks ended March 29, 2025 and March 30, 2024.
As disclosed, the Company became aware of errors related to the overstatement of inventory and the understatement of cost of goods sold at a single meat product manufacturing plant.
Restatement of Previously Issued Financial Statements of this Form 10-K, the errors resulted from the misconduct of a single former non-executive employee and accumulated over multiple fiscal periods, impacting previously reported interim and annual periods through September 27, 2025.
The Company has determined the amount of the errors for the impacted periods, including the income tax provision effects, and has concluded the consolidated financial statements for the years ended December 28, 2024 and December 30, 2023, as well as the condensed consolidated interim financial statements for the thirteen and thirty-nine weeks ended September 27, 2025 and September 28, 2024, the thirteen and twenty-six weeks ended June 28, 2025 and June 29, 2024, and the thirteen weeks ended March 29, 2025 and March 30, 2024, should be restated.
Additionally, we have restated our retained earnings as of December 31, 2022 in the amount of $5.5 million net of taxes.
For additional information and a detailed discussion of the restatement, see Note 1 and Note 12 in the notes to our consolidated financial statements included in this Annual Report on Form 10-K.
Controls and Procedures In connection with the restatement of the financial statements and related disclosures for the year ended December 27, 2025, management re-evaluated the effectiveness of the Company s internal control over financial reporting and identified material weaknesses in the Company s internal control over financial reporting as of December 27, 2025, described in Part II, Item 9a.
The Weis family currently owns approximately 61% of the outstanding shares.
The Company promotes competitive pricing by using Everyday Lower Price; Low Price Guarantee; Low, Low Price; Weekly Hot Buys; senior and military discounts; and Loyalty programs.
REMOVED
The Weis family currently owns approximately 65% of the outstanding shares.
The Company promotes competitive pricing by using Everyday Lower Price; Low Price Guarantee; Low, Low Price; 3 Day Sale; senior and military discounts; and Loyalty programs.
The Company owns and operates 198 retail food stores many of which have on-line order customer service.
The following table provides additional detail on the percentage of consolidated net sales contributed by product category for fiscal years 2024, 2023 and 2022, respectively: 2024 2023 2022 Center Store (1) 53.7 % 54.4 % 54.7 % Fresh (2) 28.6 29.1 30.0 Pharmacy Services 12.5 11.2 9.4 Fuel 4.9 5.1 5.6 Other 0.3 0.2 0.3 Consolidated net sales 100.0 % 100.0 % 100.0 % (1) Consists primarily of groceries, dairy products, frozen foods, beer and wine, and general merchandise items, such as health and beauty care and household products.
Since the end of 2024, the Company acquired one store location in Pennsylvania and closed one store location in Pennsylvania, so the current total store count remains at 198.
The Company s store fleet includes a variety of sizes with a few locations in operation since the 1950s; all stores are branded Weis Markets and provide the same basic offerings scaled to the size of each store.
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.
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.
Generally, another fifteen to twenty percent of the capital expenditure budget is dedicated to store remodels while the remainder is attributable to supply chain, technology, smaller in-store sales-driven projects, store maintenance and store support function expenditures.
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.