Weis Markets chairman, president and CEO Jonathan Weis said that the retailer will invest more than $160 million in cap-ex funding in 2023, a record amount for the merchant which was founded in 1912. Weis made his remarks at the regional chain’s annual shareholders meeting held at its corporate headquarters in Sunbury, PA on April 27. Last year, Weis invested about $150 million on new projects and internal improvements.
Weis noted the company continues to make record investments in areas such as new stores, remodels, fuel centers, information technology upgrades and thousands of smaller store improvement projects.
“In 2023, we plan to invest more than $160 million in our capital expenditure program,” said the 55-year old chief executive. “Our budget includes 20 remodels, six fuel centers, one addition and one new store, which will open in 2024. We have five new stores in active planning stages. Our budget also includes thousands of store improvement projects which improve efficiencies and drive sales.”
The first new store set to open is located in the Lake Linganore area of New Market, MD.
The other new units are also “from the ground up” projects and all five supermarkets are reportedly located south of the Mason-Dixon line. Thus far in 2023, Weis has remodeled two Western Maryland stores – in Thurmont and on Shank Farm Way in Hagerstown. A new Gas N’ Go fuel center was also added to the Thurmont upgrade.
During the shareholder meeting, Weis addressed the impact of inflation at the company and its customers.
“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,” said Weis. “Record inflation also put an enormous strain on our customers’ budgets. In response, we continued to expand our ‘Low, Low Price’ program in 2022. 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.”
During the meeting, Weis also reviewed the company’s financial results. In the 53-week fiscal year ended December 31, 2022, sales totaled $4.7 billion, up 11.2 percent. Adjusted for an additional week in 2022, comparable store sales increased 8.8 percent on an individual year-over-year basis and increased 10.5 percent on a two-year stacked basis. In fiscal year 2022, net income increased 15 percent to $125.2 million.
As he has done in the past, Weis praised the company’s employees at every level of the organization.
“Our continued success is due to the hard work and commitment of our associates. Over the past three years, they’ve faced extraordinary challenges and helped us move forward in a highly competitive market. We are truly grateful for all they do.”
Weis currently operates 197 supermarkets in Pennsylvania, Maryland, New Jersey, New York, Delaware, Virginia and West Virginia.
