Weis Markets has announced in a news statement that it will invest US$125m in its 2012 growth programme, up 25 per cent on the retailer’s budget for 2011.
At the company's annual shareholder meeting, Weis Markets vice-chairman Jonathan Weis and president and CEO David J. Hepfinger updated shareholders on the company’s 2011 results and its 2012 plans.
Weis said the budget includes two new stores and 18 major remodels.
In addition, the retailer expects to soon complete the purchase of three Genuardi’s units near Philadelphia, which it hopes to reopen later this summer.
During the meeting Weis also reviewed the company’s performance last year.
“In 2011, our company continued to prosper in a competitive market place where our customers are still impacted by the poor economy,” said Weis.
“Despite these challenges, our 2011 net income increased 10.7 per cent while our comparable store sales increased 4.2 per cent.”
In his remarks to shareholders, Hepfinger added, that for the third consecutive year, Weis has posted strong net income and operating income increases.
“We attribute these results to our record cap ex investments in our store base, improved efficiencies and operating discipline in the overall management of our stores, strong increases in our sales per customer and more comprehensive sales building programs during key holiday periods, particularly in the fourth quarter,” Hepfinger explained.
Hepfinger added the company has upgraded two-thirds of its store base over the past three years.
Weis Markets currently operates 159 stores in Pennsylvania, Maryland, New York, New Jersey and West Virginia.
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