Weis Markets is going big for the rest of 2023. During the company’s shareholder meeting, Chairman, President and CEO Jonathan H. Weis shared plans for record investments in new stores, remodels, information technology upgrades, smaller store improvements and more.
The capital expenditure program specifically calls for 20 store remodels, six fuel centers, one addition and one new store, which is set to open next year, Mr. Weis said. An additional five new stores are in the active planning stages, and the grocer will also undertake thousands of store improvement projects in an effort to improve efficiencies and drive sales.
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During the meeting, Mr. Weis also reviewed the company’s financial results for the 53-week fiscal year ended Dec. 31, 2022. Sales totaled $4.7 billion, up 11.2%, while comparable store sales increased 8.8% on an individual year-over-year basis. In FY22, net income increased 15% to $125.2 million.
"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," Mr. Weis said. "Record inflation also put an enormous strain on our customers' budgets. In response, we continued to expand our Low, Low Price program in 2022.”
Continued Mr. Weis: “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."
Sunbury, Pa.-based Weis Markets operates 197 stores in Pennsylvania, Delaware, Maryland, New Jersey, New York, Virginia and West Virginia. The company is No. 61 on The PG 100, Progressive Grocer’s 2022 list of the top food and consumables retailers in North America. PG also named it as one of the Top 10 Regional Operators to Watch in 2022.