Weis Markets Chairman, President and CEO Jonathan H. Weis updated shareholders April 27 on the company’s plans to invest more than $160 million in its growth in 2023.
At the company’s annual shareholder meeting in Sunbury, Pennsylvania, Weis said the company continues to make record investments in 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,” Weis said.
“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.”
Weis discussed the impact of inflation in fiscal year 2022.
“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,” 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. 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 reviewed the company’s growth results. In the 53-week fiscal year ended Dec. 31, 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.
Weis also praised employees at every level of the company.
“Our continued success is due to the hard work and commitment of our associates,” Weis said. “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.”
For more information, visit WeisMarkets.com.
