Weis Markets Allocates $125M for Cap Ex Purse
Weis Markets will invest $125 million in its 2012 growth program to fund two new stores and 18 major remodels, in addition to the completing the purchase of three Philadelphia-area Genuardi’s stores from Safeway that are expected to reopen in the coming months.
The news of the Sunbury, Pa.-based retailer’s capital expenditures budget, which represents a 25 percent increase vs. 2011, was revealed at its annual shareholder’s meeting, during which time Weis Markets’ top officials, including vice chairman Jonathan Weis and president/CEO David J. Hepfinger, updated shareholders on the company’s 2011 results and its 2012 plans.
“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 percent while our comparable store sales increased 4.2 percent.”
Hepfinger followed with an update on the highlights of the regional retailer’s recent related accomplishments. “For the third consecutive year, we 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.”
In addition, Hepfinger said Weis Markets -- which operates 159 stores in Pennsylvania, Maryland, New York, New Jersey and West Virginia -- has upgraded two-thirds of its store base over the past three years.