Weis Markets commits $90 million toward growth initiatives
SUNBURY, Pa. — Weis Markets on Friday announced plans to invest $90 million in 2017 toward growth, including investments in new stores, remodels, supply chain improvements and continued information technology upgrades.
"Our budget includes 14 remodels, a new unit in Brunswick, Md., two fuel centers and the continued expansion of our distribution center in Milton, Pa.," Jonathan Weis, chairman and CEO Weis Markets, told shareholders attending the company's annual meeting. "We also have seven new stores in the active planning stages and expect most of them to open in 2018."
Weis also discussed the company's recent acquisition and conversion of 44 stores and its 2016 results.
"Last year was one of tremendous growth and opportunity for our company. In 2016, we acquired 44 stores and converted them in just three months' time, growing our store base by more than 20%," Weis said. "As a result of our acquisition, we now operate 204 stores and expanded operations into two new states, adding Delaware and Virginia to our now seven state territory throughout the Mid-Atlantic region."
Weis reported the company's legacy stores continued to perform at a high level in 2016, which was a 53-week year compared to 52-weeks in 2015. Adjusting for the extra week, the company's 2016 sales increased 6.9% to $3.1 billion while comparable store sales increased 2.9%.