Weis Markets Announces $135 Million Cap-Ex Program

Rhea-AI Summary

Weis Markets, Inc. (NYSE:WMK) plans to invest $135 million in growth initiatives throughout 2021, as announced by CEO Jonathan H. Weis during the annual shareholder meeting in Sunbury, PA. The investment will focus on new stores, remodels, fuel centers, and IT upgrades. Recent achievements include a new store opening in Martinsburg, WV and the remodeling of a store in Gap, PA. The company's FY 2020 results showed a 16.1% increase in sales to $4.1 billion and a 74.9% surge in net income to $118.9 million.

Positive

• Plans to invest $135 million in growth initiatives.
• 16.1% increase in sales to $4.1 billion in FY 2020.
• Net income surged 74.9% to $118.9 million.

Negative

• None.

SUNBURY, Pa., April 29, 2021 /PRNewswire/ -- Weis Markets, Inc. (NYSE:WMK) Chairman, President and Chief Executive Officer Jonathan H. Weis today announced the company's plans to invest $135 million in its growth during 2021.

Mr. Weis made the announcement during the company's annual shareholder meeting in Sunbury, PA. He said the company continues to invest in new stores, remodels, fuel centers, information technology upgrades and more than a thousand smaller store improvement projects.

"Already this year, we've opened a new store in Martinsburg, West Virginia and a remodeled store in Gap, Pennsylvania, which was closed for 18 months due to a fire," said Mr. Weis. "We are currently finishing up work on two stores in the Lehigh Valley, Pennsylvania, which will open later this spring, and have started work on a new store in Warminster, Pennsylvania, our second in Bucks County."

The Company also plans eight remodels and eight fuel centers in 2021. While all of these projects will begin in 2021, some may not be completed until 2022.

Mr. Weis also spoke about the pandemic's impact.

"We are awed by the efforts of those who work in retail, most especially our Weis associates who took care of our customers during challenging times," said Mr. Weis. "They are among the unsung heroes of the past year."

Mr. Weis also praised the Company's pharmacy team which has vaccinated more than 145,000 people in Pennsylvania, New York, West Virginia and New Jersey since late January.

Mr. Weis and the Chief Operating Officer Kurt Schertle also briefed shareholders on the Company's results. In FY 2020, the Company generated $4.1 billion in sales—up 16.1 percent while comparable store sales increased 16.4 percent. Net income increased 74.9 percent to $118.9 million.

About Weis Markets
Founded in 1912, Weis Markets, Inc. is a Mid Atlantic food retailer operating 198 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.

FAQ

What is Weis Markets' planned investment for 2021?

Weis Markets plans to invest $135 million in growth initiatives during 2021.

What were Weis Markets' sales figures for FY 2020?

In FY 2020, Weis Markets generated $4.1 billion in sales, reflecting a 16.1% increase.

How did Weis Markets' net income change in FY 2020?

Net income for Weis Markets increased by 74.9% to $118.9 million in FY 2020.

What projects is Weis Markets undertaking in 2021?

Weis Markets is focusing on new store openings, remodels, fuel center constructions, and IT upgrades.