Company plans to invest more than $160 million in Cap-Ex program
SUNBURY,
Pa., April 27, 2023 /PRNewswire/ -- Weis
Markets, Inc. (NYSE:WMK) Chairman, President and Chief Executive
Officer Jonathan H. Weis today
updated shareholders on the company's plans to invest more than
$160 million in its growth in
2023.
At the company's annual shareholder meeting in Sunbury, Pennsylvania, Mr. Weis said the
company continues to make record investments in new stores,
remodels, fuel centers, information technology upgrades and
thousands of smaller store improvement projects.
"In 2023, we plan to invest more than $160 million in our capital expenditure program,"
said Mr. Weis. "Our budget includes 20 remodels, six fuel centers,
one addition and one new store, which will open in 2024. We have
five new stores in active planning stages. Our budget also includes
thousands of store improvement projects which improve efficiencies
and drive sales."
Mr. Weis discussed the impact of inflation in fiscal year
2022.
"In fiscal year 2022, inflation hit a 40-year high. While
inflation was helpful to our sales, higher energy, fuel and product
costs put considerable pressure on our profits," said Mr. Weis.
"Record inflation also put an enormous strain on our customers'
budgets. In response, we continued to expand our Low, Low Price
program in 2022. It now includes more than 9,000 of our
best-selling grocery, frozen and produce items. This price
investment helped our customers and our business. Customers saved
more than $10 million while we
competed effectively in our seven-state market area."
During the meeting, Mr. Weis reviewed the Company's results. In
the 53-week fiscal year ended December 31,
2022, sales totaled $4.7
billion, up 11.2 percent. Adjusted for an additional week in
2022, comparable store sales increased 8.8 percent on an individual
year-over-year basis and increased 10.5 percent on a two-year
stacked basis. In fiscal year 2022, net income increased 15 percent
to $125.2 million.
Mr. Weis also praised associates at every level of the
company.
"Our continued success is due to the hard work and commitment of
our associates," said Mr. Weis. "Over the past three years, they've
faced extraordinary challenges and helped us move forward in a
highly competitive market. We are truly grateful for all they
do."
About Weis Markets
Founded in 1912, Weis Markets, Inc.
is a Mid Atlantic food retailer operating 197 stores in
Pennsylvania, Maryland, Delaware, New
Jersey, New York,
West Virginia and Virginia. For more information, please visit:
WeisMarkets.com or Facebook.com/WeisMarkets.
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SOURCE Weis Markets, Inc.
