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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/weis-markets-announces-2023-growth-plan-at-annual-shareholder-meeting-301810306.html
SOURCE Weis Markets, Inc.
