Weis Allocates $103 Million for Cap Ex Purse
Weis Markets, Inc. has increased its 2010 capital expenditure budget to $102.8 million, a 27 percent increase compared to 2009, the majority of which will be invested in expanding and enhancing the Sunbury, Pa.-based grocer’s store base with 27 projects in 2010, including as many as three new stores, two expansions, 17 major remodels and six store renovations.
Jonathan H. Weis, vice chairman of the eponymous regional chain, revealed details of the capital budget plans at the company’s annual shareholders meeting on Thursday.
"For our company and our organization, 2009 was a year of growth and considerable progress," said Weis. "At a time of deep recession and the highest sustained unemployment rate in our country since the Great Depression, we had a strong year."
In terms of the company's financial performance, Weis Markets’ president and CEO David J. Hepfinger relayed that operating income increased 43 percent in 2009 vs. the previous year amid achieving six consecutive quarters of strong solid operating results through the first quarter of 2010.
The 164-store grocery chain’s 2010 cap ex budget also includes an increased investment in its information technology infrastructure. "We have significantly increased our IT investments over the past two years," said Hepfinger, adding that, "Our success as a company will depend on our ability to develop and incorporate rigorous analytics that give us better insight into our business and helps us increase our sales and profits."
Weis Markets currently operates 164 stores in its home state of Pennsylvania and in Maryland, New York, New Jersey and West Virginia.
Jonathan H. Weis, vice chairman of the eponymous regional chain, revealed details of the capital budget plans at the company’s annual shareholders meeting on Thursday.
"For our company and our organization, 2009 was a year of growth and considerable progress," said Weis. "At a time of deep recession and the highest sustained unemployment rate in our country since the Great Depression, we had a strong year."
In terms of the company's financial performance, Weis Markets’ president and CEO David J. Hepfinger relayed that operating income increased 43 percent in 2009 vs. the previous year amid achieving six consecutive quarters of strong solid operating results through the first quarter of 2010.
The 164-store grocery chain’s 2010 cap ex budget also includes an increased investment in its information technology infrastructure. "We have significantly increased our IT investments over the past two years," said Hepfinger, adding that, "Our success as a company will depend on our ability to develop and incorporate rigorous analytics that give us better insight into our business and helps us increase our sales and profits."
Weis Markets currently operates 164 stores in its home state of Pennsylvania and in Maryland, New York, New Jersey and West Virginia.