Quarterly financials continue to roll in, and DoorDash and Weis Markets have both reported strong Q1s.
DoorDash, headquartered in San Francisco, Calif., had the bigger bang. The online delivery service announced a 40% year-over-year increase in revenue at $2 billion. The expectation was $1.9 billion. Net revenue margin was up 12.8% vs. 11.8% in first quarter 2022. Total orders were up 27% year-over-year at 512 million.
Revenue for DoorDash continues to grow at a steady pace. Over the past seven quarters the company has put up increases between 30% and 45%.
Weis Markets’ net sales stood at $1.14 billion during the first quarter of 2023, a 3.7% increase vs. 2022. First quarter comparable store sales increased 3.1% in an individual year-over-year basis and spiked 12.5% on a two-year stacked basis.
"Our first quarter sales and income results are in line with our expectations in an inflationary environment," said Weis Markets Inc.'s Chairman, President and Chief Executive Officer Jonathan Weis. "Higher product, supply chain, and operating costs had a significant impact on our income results compared to last year. We are grateful to our associates who helped us navigate these challenges and serve our customers. In addition, record inflation continues to be a major challenge for our customers. In response, we expanded our Low, Low Price program which offers strong, everyday savings and values on more than 9,000 products."
First quarter net income, however, was down for the Sunbury, Pa.-based Weis Markets compared to a year ago. That number was almost 26 million during the first three months of this year, which is almost 18% less than in 2022 when it was just over $31.3 million.
