Weis Markets Delays Form 10-K After $22 Million Inventory Overstatement
Weis Markets delayed the 2025 Form 10-K to restate financials after identifying $22 million of overstated inventory, about 6.7% of inventories and 1.1% of total assets as of Q3. The company expects to file by March 12, 2026; preliminary net sales reached $4.96 billion, up 3.5%, and comparable store sales excluding fuel rose 2.1%.
1. Delay Announcement and Reasons
Weis Markets announced a delay in filing its Annual Report on Form 10-K for the fiscal year ended December 27, 2025 to allow additional time for review and restatement procedures related to inventory accounting errors. The company now expects to file the report, including restated statements, by March 12, 2026, but cannot guarantee that date as work remains ongoing.
2. Inventory Overstatement Details
Management estimates the incorrect recording of inventory totals up to $22 million as of the quarter ended September 27, 2025. This error represents approximately 6.7% of inventories and 1.1% of total assets on the consolidated balance sheet, and final adjustment figures may differ materially from these preliminary estimates.
3. Preliminary Sales Results
In a preliminary unaudited disclosure, Weis Markets reported net sales of $4.96 billion for the 52-week fiscal year ended December 27, 2025, a 3.5% increase over the prior year. Comparable store sales excluding fuel rose 2.1% on a year-over-year basis and 4.0% on a two-year stacked basis.